September 30, 2021 – 4:20 p.m. ET
Initiates Continuous Emissions Monitoring Pilot and Responsibly Sourced Gas Certification
TULSA, OK, Sep 30, 2021 (GLOBE NEWSWIRE via COMTEX) — TULSA, OK, Sept. 30, 2021 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today published its 2021 ESG and Climate Risk Report, disclosing key performance data for 2020 operations. The report significantly enhances the Company’s prior disclosures with the inclusion of Scope 3 emissions estimates, insight into the integration of climate risk scenarios into its financial and business planning, and third-party limited assurance data verification. The report and data tables are available on the “Sustainability” page of the Company’s website at www.laredopetro.com.
Additionally, Laredo announced it is implementing a pilot project for continuous on-site emissions monitoring of selected facilities in Howard County and initiating the responsibly sourced gas (“RSG”) certification process for all horizontal wells in Laredo’s western Glasscock and Howard County development areas, through an agreement with Project Canary.
2021 ESG and Climate Risk Report Highlights
- Reduced flared volumes by 56% versus 2019 levels, demonstrating further progress toward previously announced 2025 emissions reduction targets
- Reduced produced fluid spill intensity by 48% versus 2019 levels, including a 63% reduction in the Company’s oil spill rate
- Conducted a Task Force on Climate-related Financial Disclosures (TCFD)-aligned scenario analysis to demonstrate the resilience and economic viability of the Company’s development plans in an aggressive low-carbon scenario
- Increased transparency with disclosure of Scope 3 emissions estimates using International Petroleum Industry Environmental Conservation Association (IPIECA) methodology
- Decreased the Company’s combined Total Recordable Incident Rate (TRIR) by 14% versus 2019
- Demonstrated continued commitment to diversity and inclusion throughout the organization, with women and minorities representing of 56% of the Company’s Board of Directors and 47% of all Laredo employees
- Increased disclosure of workforce data and transparency with release of Equal Employment Opportunity (EEO-1) Data for 2020
“We are pleased to share the significant progress Laredo has made across our environmental, safety and diversity and inclusion initiatives,” stated Jason Pigott, President and Chief Executive Officer. “As we continue to consolidate acreage in the Midland Basin, we view our ESG performance as a competitive advantage. Stakeholders are increasingly interested in the sustainability practices of asset buyers and we are committed to being a leader in ESG performance. Doing the right thing is ingrained in our Company culture, benefiting our employees, communities and investors.”
Continuous Emissions Monitoring and RSG Certification Details:
- Implementing a continuous emissions monitoring pilot on select production sites in Howard County for measurement of greenhouse gasses (GHG)
- Pursuing RSG certification for Laredo’s horizontal wells in the Company’s Howard and western Glasscock County development areas through Project Canary’s TrustWellTM certification process, providing third-party verification of Laredo’s operating standards and practices
“I am proud to announce our implementation of continuous emissions monitoring and our pursuit of responsibly sourced gas certification,” continued Mr. Pigott. “As the first public company in the Permian Basin to engage with Project Canary’s monitoring and RSG certification process, we are further demonstrating our commitment to ESG leadership.”
Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.
Additional information about Laredo may be found on its website at www.laredopetro.com.