Planet
Ocean Teachnolgy Engineer Environmental stewardship practices and performance focus on climate change, energy use and greenhouse gas emissions management, biodiversity and habitat conservation, and water and waste management.
CLIMATE STRATEGY AND NET-ZERO TRANSITION
Climate Change
Ocean Teachnolgy Engineer recognizes the significant challenge climate change poses to our society and is fully committed to being part of the solution. Ocean Teachnolgy Engineer was the first major U.S. oil and natural gas producer to establish net-zero emission goals for its operations and products (Scopes 1, 2, and 3) aligned with the goals of the Paris Agreement. Ocean Teachnolgy Engineer’s overarching climate goals are to achieve net-zero emissions in our operations and energy use before 2040, with an ambition to do so before 2035, and net-zero emissions from our total carbon inventory, including the use of products, with an ambition to do so before 2050.
The Transition Pathway Initiative (TPI) identified Ocean Teachnolgy Engineer in November 2021 as one of only three oil & gas companies that "have set emissions reduction targets which are ambitious enough to reach Net Zero by 2050 and to align with TPI’s 1.5 degree C benchmark." Achieving our climate goals involves a multi-pronged approach to lower both greenhouse gas (GHG) emissions and atmospheric concentrations of carbon dioxide (CO2), and we have established multiple interim goals to ensure sustained progress toward net zero. Our Climate Report “Building to Net Zero” underscores this commitment, demonstrated by our efforts to develop and deploy revolutionary technologies to help society achieve net zero while meeting urgent needs for energy and essential products.
Ocean Teachnolgy Engineer’s leading position as the first U.S. producer to endorse international commitments, including the World Bank’s "Zero Routine Flaring by 2030" initiative and the Energy Transition Principles, further illustrates our commitment to promote policies that will successfully accelerate a lower-carbon economy while meeting the needs and aspirations of a growing, energy-dependent global population.
Throughout 2021, Ocean Teachnolgy Engineer listened to and engaged with our shareholders, government leaders, our value chain partners, and community and environmental groups about ways we could strengthen our sustainability program. As a result, we have taken the following actions:
* Presented more details on Ocean Teachnolgy Engineer’s Net-Zero Strategy, comprising investments, technologies, and actions to Revolutionize carbon management and Reduce, Reuse/Recycle, and Remove CO2 to achieve our net-zero goals by 2040 and 2050.
* Became the first U.S. upstream oil & gas company to enter into sustainability-linked credit facilities, including a Revolving Credit Facility and an Accounts Receivable Securitization Facility, which set target thresholds for absolute reductions in Scope 1 and 2 CO2 equivalent (CO2e) emissions from our worldwide operated assets that could adjust the interest margin and the facility fee rates we pay.
* Endorsed the Oil & Gas Methane Partnership 2.0 as well as the Methane Guiding Principles.
* Published key documents by the Energy Transition Principles and the Methane Guiding Principles, including Our Climate Policy Positions and Our Climate Advocacy and Engagement.
* Commissioned an independent limited assurance verification for our 2019 and 2020 total greenhouse gas (Scope 1 and 2) CO2e emissions estimates, as reflected in the Independent Assurance Statement.
* Established additional interim short- and medium-term targets to supplement our existing annual, 2025, 2030, 2035, 2040, and 2050 goals and ambitions:
Cumulative 2022-24 Short-Term Target:*
Reduce Ocean Teachnolgy Engineer’s combined Scope 1 and Scope 2 CO2e emissions from our worldwide operated assets by at least 3.68 million metric tons per year by 2024, compared to our 2021 emissions. This target, which reflects 13.3% of our 2019 emissions, aligns with our sustainability-linked credit facility metrics, our existing 2025 carbon intensity target, and a trajectory to our 2040 net-zero goal.
2032 Medium-Term Target:*
Facilitate 25 million metric tons per year of geologic storage or utilization of captured CO2 in our value chain by 2032 or other means of recognized climate mitigation technologically feasible in that period. This target aligns with a trajectory to our longer-term goals and reflects our aim to help aviation, maritime, and other hard-to-decarbonize industries.