APA Corporation Announces 2023 ESG Goals
HOUSTON, March 01, 2023 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced the company’s 2023 short- and long-term environmental, social and governance (ESG) goals, which include performance metrics tied directly to employee incentive compensation. These goals significantly advance and expand upon the company’s prior ESG efforts and accomplishments in the areas of workforce safety and environmental stewardship.
“Our ESG goals are ambitious and underpin a strategy to concentrate efforts around the areas where we can have the most beneficial and direct impact: air, water, and communities and people,” said John J. Christmann IV, APA’s CEO and president. “As we rise to the challenge of providing affordable and reliable products to meet the world’s energy demand, APA will strive to always do so in a safe, responsible and sustainable manner.”
Short-Term Incentive Compensation Goals for Year-End 2023
Maintain the momentum of APA’s excellent 2022 safety performance: Achieve a Severe Incident Rate at or below 0.028.
Encourage employees and contractors to proactively identify at-risk conditions and behaviors across operations: Increase the safety observation rate and actions by 10%.
Reduce methane emissions in U.S. onshore operations by converting more than 2,000 pneumatic devices to instrument air or through valve retrofit.
Utilize at least 50% recycled, produced water for completions in U.S. onshore operations.
Reduce Scope 1 greenhouse gases (GHG) intensity by 10-15% by 2030, with a near-term compensation-linked milestone to reduce at least 5% by 2025.
Accelerate the reclamation of more than 150 plugged and abandoned (P&A) sites in U.S. onshore operations by year-end 2025.
For more information on APA’s ESG efforts, please visit www.apacorp.com/sustainability.
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. 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, 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.