Pioneer Natural Resources Releases 2022 Sustainability Report

Source: 7/25/2022, Location: North America

Pioneer Natural Resources Company announced the publication of its 2022 Sustainability Report, highlighting the Company’s focus and significant progress on environmental, social and governance (ESG) initiatives. The comprehensive report details the Company’s strong leadership position on ESG metrics and targets through 2021, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion (DEI), board of director governance and community engagement.

Highlights from Pioneer’s 2022 Sustainability Report include:
Continued progress toward emission reduction targets – Following the successful integration of two acquisitions in 2021, Pioneer has invested capital to bring the acquired assets in line with the Company’s environmental targets. With these assets included in Pioneer’s 2021 reported metrics, the Company has achieved a 22% reduction in greenhouse gas (GHG) emissions intensity and a 50% reduction in methane emissions intensity from its 2019 baseline.

Joined the Oil and Gas Methane Partnership (OGMP) 2.0 Initiative – Pioneer has joined OGMP 2.0, which is considered the gold standard on methane emission measurement and reporting for the upstream energy industry. Pioneer is focused on increasing transparency in its methane reporting and measurement, combined with having industry-leading environmental standards throughout its operations.

Accelerated zero routine flaring target – Pioneer plans to end routine flaring by 2025, five years earlier than the Company’s previous 2030 target. This commitment is in accordance with World Bank standards and demonstrates Pioneer’s focus on environmental stewardship.

Strengthened freshwater reduction goal – Pioneer has strengthened the Company’s target to reduce the freshwater used in completions to 20% or less by 2026. This enhanced target reflects Pioneer’s dedication to expanding the use of alternative water sources. The Company continues to increase its recycling capabilities and utilize reclaimed water from the cities of Midland and Odessa to achieve this goal.

Continued Board refreshment and expanded oversight – Pioneer has appointed three new directors to the Company’s Board of Directors (“Board”) with combined expertise in DEI, ESG and alternative energy, in addition to outstanding business experience. The appointments of Lori George Billingsley, Maria Jelescu Dreyfus and Jacinto Hernandez in the past year have expanded the diverse backgrounds of the Company’s Board. In addition, the Company further defined and expanded the responsibilities of the Board’s Sustainability and Climate Oversight Committee, which monitors ESG trends, risks and opportunities; provides input on ESG goals and targets; and provides oversight of climate-related risk and mitigation plans.

Committed to local communities – Pioneer and its employees donated more than $9.5 million to numerous charitable organizations in 2021 and has committed more than $20 million towards humanitarian aid to the people of Ukraine in 2022. Pioneer continues to maintain a leadership role in the Permian Strategic Partnership (PSP), an organization that has participated, along with other stakeholders, in funding over $950 million of collaborative investments in the Permian Basin.

Chief Executive Officer Scott D. Sheffield stated, “Pioneer continues to demonstrate our leadership position in environmental, social and governance policies and accomplishments, which we are proud to outline in our 2022 Sustainability Report. In addition, we continue to further strengthen our commitments as illustrated by our recent joining of the OGMP 2.0 initiative, which strives to reduce methane emissions and increase reporting transparency.”

Chairman of the Board, J. Kenneth Thompson, stated, “Pioneer is committed to sustainable practices while concurrently delivering low-cost energy to the world. The Company's work on its strong ESG strategy is a top priority and key area of oversight for the Board, and we are pleased with Pioneer's progress and continued success.”

Additional information on Pioneer’s strategy and performance on ESG and HSE initiatives can be found in the Sustainability Report, which is accessible on the Company’s website listed below. This year’s report references the following reporting standards, terminology and performance metrics: Task Force on Climate-related Financial Disclosure (TCFD), Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs).

ERM Certification and Verification Services Inc. (ERM CVS) has provided limited assurance of Pioneer’s 2021 emissions (Scope 1 and Scope 2) and flaring data. Additional information on the scope of this assurance can be found in the Sustainability Report.

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