MIDLAND, Texas, Sept. 26, 2022 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today released its 2022 Corporate Sustainability Report . The online report describes Diamondback’s approach to sustainability, its commitment to environmental responsibility, risk management and reduction, governance and business ethics, and our commitment to our employees and communities. The report highlights Diamondback’s performance in these categories through December 31, 2021, discusses Diamondback’s sustainability goals and 2022 initiatives, and is available at www.diamondbackenergy.com/about/sustainability.
HIGHLIGHTS OF THE 2022 SUSTAINABLE DEVELOPMENT REPORT
- Reduction of flared volumes and flare intensity by approximately 8% and 26%, respectively, from 2020 to 2021
- Methane intensity reduction of approximately 24% from 2020 to 2021
- Reduction of Scope 1 GHG intensity by approximately 15% between 2020 and 2021
- Increase in water recycling rate by approximately 70% from 2020 to 2021
- Announced today of a mid-term goal to reduce Scope 1+2 GHG emissions intensity by 50%, below 2020 levels, by 2030
- Previously announced short-term goal to implement Continuous Emissions Monitoring Systems (CEMS) at Diamondback facilities to cover over 90% of exploited oil production by the end of 2023
- Carbon credits withdrawn to offset nearly 1.2 million metric tons of CO2e issued in 2021, resulting in net zero emissions in Scope 1 in 2021
- Disclosed 2021 Equal Employment Opportunity Form (EEO-1)
“As we approach our tenth anniversary as a public company, I couldn’t be more proud of the hundreds of employees whose daily contributions have made Diamondback a leader in ESG performance and disclosure,” said Travis Stice, President and CEO of Diamondback. “In 2021, we made significant progress towards achieving several environmental goals, striving to reduce our carbon footprint in a safe and efficient manner.”
“We continue to raise the bar for our employees, pushing higher expectations for environmental sustainability, workplace safety, transparent governance, and diversity and inclusion within our business. Our social and environmental license to operate as a national oil and gas producer hinges on our ability to meet these higher expectations. I have confidence in our organization and our ability to continue to be best in class, improving the communities in which we live, work and play for decades to come.
To determine the content of this report, we reviewed industry practices, conducted research, undertook benchmarking with peers and consulted with stakeholders. The report has been prepared with content aligned with voluntary frameworks and standards maintained by the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), the International Petroleum Industry Environmental Conservation Association (IPIECA), the Task Force on Climate-Related Financial Disclosures (TCFD) and the American Exploration and Production Council (AXPC).
About Diamondback Energy, Inc.
Diamondback is an independent oil and gas company based in Midland, Texas, focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin of the United States. West Texas. For more information, please visit www.diamondbackenergy.com.
Forward-looking statements
The foregoing release contains forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than of historical fact, that address activities, events or developments that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will occur, should or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including current industry and macroeconomic conditions, the commodity pricing environment , production levels, any future regulatory action affecting Diamondback, the impact and duration of the COVID-19 pandemic, asset acquisitions and sales, drilling and capital expenditure plans, goals and initiatives environmental and other factors deemed appropriate. Forward-looking statements are not guarantees of performance. These forward-looking statements involve certain risks and uncertainties, many of which are beyond Diamondback’s control and could cause actual results or developments to differ materially from those currently anticipated by Diamondback’s management. Information regarding these risks and other factors can be found in Diamondback’s filings with the Securities and Exchange Commission, including its reports on Forms 10-K, 10-Q and 8-K. Diamondback undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
Investor contacts:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
Seale chip
+1 432.247.6218
cseale@diamondbackenergy.com
