HOUSTON, Nov. 14, 2022 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced the achievement of a compensation-linked environmental, social and governance (ESG) goal to reduce upstream routine flaring across Egypt operations by 40%. The goal was reached ahead of schedule and is the result of numerous emissions reduction projects executed in Egypt throughout 2022.
“Our approach to ESG is consistent and intentionally challenging, focusing on near-term actions that drive immediate, high-impact results,” said John J. Christmann IV, APA’s CEO and president. “Oil and gas will play a critical role in the global energy mix for decades to come, and we will continue to minimize our environmental impact while meeting rising energy demand. We are confident in the impact of the steps we are taking to reduce our emissions across operating areas.”
To support the achievement of the 40% flare reduction goal, technical teams in Egypt identified a series of emissions reduction initiatives. The projects included the installation of new compressors to move gas from flaring to sales and implementing flare-to-power generation processes that move previously flared gas to power generation which eliminated the need for diesel-based power generation.
“Our dedicated team on the ground relied on their expertise to identify pragmatic solutions to reduce flaring enabling us to help provide energy security for Egyptians by compressing natural gas into sales lines delivering cleaner-burning, affordable energy,” said David Chi, Apache Egypt assets vice president and country manager. “We are pleased to see these efforts come to fruition and look forward to responsibly supporting Egypt’s emergence as a regional energy hub.”
APA 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. Apache Corporation is a direct, wholly owned subsidiary of APA Corporation. 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.
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, 2021, 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.