Devon Energy Releases 2023 Sustainability and Climate Change Assessment Reports

Oklahoma City-based Devon Energy Corp. recently announced the release of its 2023 Sustainability Report and 2023 Climate Change Assessment Report.

“Pursuing excellence in ESG is a component of our disciplined business model designed to deliver sustainable results,” said Rick Muncrief, President and CEO. “We continue to enhance the transparency of our disclosures to demonstrate our efforts to protect the environment, provide for others, operate ethically, and generate long-term value for our stakeholders.”

“Devon made great progress strengthening our ESG performance in 2022, but there is always more work to do. We are focused on the future and committed to finding new and innovative ways to produce energy the world needs—reliably, responsibly, and sustainably,” said Muncrief.

The 2023 Sustainability Report spotlights the company’s efforts to deliver industry-leading results while being a responsible environmental steward, committed advocate for safety, valued and effective community partner, and supportive employer. Publication of this year’s report was shifted to earlier in the year to provide stakeholders with more current information and highlight the company’s progress toward its net zero ambition for Scope 1 and 2 GHG emissions by 2050 and other performance targets announced in 2021.

The report also reflects Devon’s level of alignment with voluntary frameworks and standards established by IPIECA, TCFD, SASB, United Nations Sustainable Development Goals, American Petroleum Institute, and American Exploration and Production Council.

The company’s 2023 Climate Change Assessment Report continues the progression in Devon’s climate reporting with the inclusion of IEA’s World Energy Outlook Net Zero Emissions (NZE) by 2050 Scenario, highlighting Devon’s commitment to stress testing its portfolio across a range of scenarios, including the consideration of Paris-aligned, carbon-constrained scenarios. Additionally, the company for the first time has included in the report a comprehensive physical risk assessment providing a review of exposure and sensitivity to the physical impacts of climate change for each of Devon’s major assets.

Both reports can be found by clicking here.