APA Corporation Reduces Methane Emissions by Converting More Than 2,000 Pneumatic Devices in the U.S. to Lower Emitting Technologies
October 03 2023 - 4:28PM
APA Corporation (Nasdaq: APA) today announced the achievement of an
environmental, social and governance (ESG) goal to convert more
than 2,000 pneumatic devices to instrument air or through-valve
retrofit in its U.S. operations. The goal was reached three months
ahead of schedule, and results in an estimated annualized methane
reduction of 1,000 tonnes or 25,000 tonnes of carbon dioxide
equivalents.
“Our commitment to ESG is not merely a promise; it's reflected
in our actions towards continuous improvement,” said John J.
Christmann IV, APA’s CEO and president. “By setting intentionally
challenging goals that are linked to compensation and integrating
fit-for-purpose solutions, we are forging a path that harmonizes
energy production with environmental stewardship. We are committed
to progressing environmental goals, enriching our communities and
securing a sustainable energy future for generations to come.”
The company's field-focused teams adopted a bottom-up approach,
starting with an updated inventory assessment and incorporating
feedback from key vendors regarding successful solutions trialed
within the industry. They collaborated to identify champions in the
field to trial different techniques before implementing them across
the U.S. onshore operation. Depending on the situation, they either
removed devices entirely, converted methane-driven devices to
compressed air, or replaced methane-driven devices with non-vent
devices.
About APAAPA Corporation owns consolidated
subsidiaries that explore for and produce oil and natural gas in
the United States, Egypt and the United Kingdom and that explore
for oil and natural gas offshore Suriname and in the Dominican
Republic. APA posts announcements, operational updates, investor
information and press releases on its website, www.apacorp.com.
Additional details regarding Suriname, ESG performance and other
investor-related topics are posted at investor.apacorp.com.
Forward-looking Statements This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements can be identified
by words such as “anticipates,” “intends,” “plans,” “seeks,”
“believes,” “continues,” “could,” “estimates,” “expects,” “goals,”
“guidance,” “may,” “might,” “outlook,” “possibly,” “potential,”
“projects,” “prospects,” “should,” “will,” “would,” and similar
references to future periods, but the absence of these words does
not mean that a statement is not forward-looking. These statements
include, but are not limited to, statements about future plans,
expectations, and objectives for operations, including statements
about our capital plans, drilling plans, production expectations,
asset sales, and monetizations. While forward-looking statements
are based on assumptions and analyses made by us that we believe to
be reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. See “Risk Factors” in APA’s Form 10-K for
the year ended December 31, 2022, and in our quarterly reports on
Form 10-Q, filed with the Securities and Exchange Commission for a
discussion of risk factors that affect our business. Any
forward-looking statement made in this news release speaks only as
of the date on which it is made. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. APA and its
subsidiaries undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future development or otherwise, except as may be required by
law.
Contacts
Investor: (281) 302-2286 Gary ClarkMedia: (713) 296-7276
Alexandra
Franceschi Website: www.apacorp.com
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