Crescent Energy Company announced the publication of its inaugural Environmental, Social and Governance (“ESG”) Report. The report provides an initial baseline to measure the Company’s performance and establishes Crescent’s immediate ESG priorities.
Highlights of the Inaugural 2020 ESG Report
Establishes Crescent Energy’s ESG priorities:
- Climate Change – Work to reduce greenhouse gas emissions
- Environmental, Health and Safety – Aspire to be a zero incident workplace
- Water Management – Manage and reduce fresh water use
- Community Engagement – Listen and respond to community and stakeholder concerns
- Diversity, Equity and Inclusion – Develop a diverse and inclusive workforce
- Reports key ESG performance metrics according to the Value Reporting Foundation’s SASB Standard for Oil & Gas – Exploration & Production
- Commitment to report on ESG performance annually
- In 2022, the Company plans to publish a report covering ESG performance for calendar year 2021 and provide additional details on its short and long term ESG targets
- Announces formation of ESG Advisory Council to advance the Company’s ESG strategy and efforts
- Supported by the network of the broader KKR platform
David Rockecharlie, CEO, commented: “The release of our inaugural ESG report marks an important milestone for Crescent Energy as a newly formed company. It allows us to set a vision for what we are aiming to achieve, while establishing a common starting point and baseline from our legacy companies, Independence Energy and Contango Oil and Gas Company. It also reflects our commitment to transparency by outlining the priorities we have for the new company going forward.”
He continued, “We consider ourselves as stewards of others’ assets: our investors’ capital, the environment and the communities in which we operate. Our success hinges on our ability to align with our stakeholders, including our employees, investors, customers, suppliers and society at large. As we build the company, we see an opportunity to continuously improve ESG performance – creating a net-benefit for society and the environment, as well as driving returns for our investors.”
ESG Advisory Council
Crescent aims to build a company where ESG is integrated into governance, strategy and decision making. In order to continuously improve and to pursue a leadership position in terms of ESG performance, the Company believes it is important to seek outside expertise and advice. As part of this approach, Crescent established an ESG Advisory Council (“the Council”) to advise management and Crescent’s board of directors on ESG-related issues. The Council is intended as a forum for candid, internal advice to Crescent Energy. Further information on the Council and its members is included in the report.
Leveraging KKR Relationship to Build Leading ESG Program
With over 45 years of leadership, innovation and investment excellence, KKR, a leading global investment firm, provides management and executive leadership to Crescent. Crescent is focused on developing industry leading ESG programs with the support of KKR’s experience helping portfolio companies to develop and implement ESG best practices. Leveraging the network of the broader KKR platform, Crescent Energy is partnering with thought leaders to establish thorough ESG-related benchmarks and key performance indicators in order to track, measure and report ESG performance to the company’s stakeholders.