Company Launches New Sustainability
Website
DENVER, Oct. 6, 2021 /CNW/ - Ovintiv Inc. (NYSE: OVV)
(TSX: OVV) today announced the achievement of several
sustainability milestones related to emissions reductions, social
responsibility and corporate governance. In addition, the Company
has launched a new dynamic sustainability website, highlighting
Ovintiv's data-driven approach to environmental, social and
governance (ESG) performance matters.
"Ovintiv is at the forefront of driving innovation to both
profitably and sustainably produce oil and gas," said Ovintiv
President and CEO Brendan McCracken.
"We are proud to provide the energy the world needs to make modern
life possible. Innovating in pursuit of efficiency is what we do
best, and that includes continuously improving our environmental,
social and governance performance. We are committed to conducting
our business in a manner that is ethically, environmentally and
socially responsible; an approach which we believe delivers strong
financial performance to our shareholders and responsibly-sourced
and affordable energy to consumers today and into the future."
Key highlights of Ovintiv's recent sustainability
achievements:
- Delivering on 33% methane intensity reduction target in 2021,
four years ahead of schedule
- Expect to achieve greater than 20% reduction in scope 1&2
greenhouse gas (GHG) intensity by year end 2021 compared to
2019
- Committed to establishing a Scope 1&2 GHG emission
intensity target tied to 2022 compensation
- As of September 1, 2021, the
company is fully aligned with the World Bank Zero Routine
Flaring by 2030 initiative, nine years ahead of the World
Bank's target
- Established real-time emissions dashboard across all
operations
- Achieved 7th consecutive safest year ever in 2020 with a Total
Recordable Injury Frequency of 0.19
- Established a social commitment leadership team and published
inaugural social commitment framework
- Broadened the diversity of the Company's Board of
Directors
Said Ovintiv Board Chair, Peter
Dea, "We believe that trust starts with transparency, which
is why we strive to be a leader in ESG disclosure, having published
a sustainability report and ESG performance metrics data since
2005. We value honest dialogue with our stakeholders about key
issues and we value making measurable progress on multiple
fronts."
Emissions Reductions
The Company works continuously to
reduce the environmental impact of its operations and in 2020
significantly reduced flaring and venting of natural gas across its
operations. Ovintiv announced today that it expects to achieve its
goal of reducing methane emissions intensity by 33% in 2021 – four
years earlier than originally targeted. The Company expects its
2021 methane intensity to be below 0.10 metric tons of methane per
thousand barrels of oil equivalent (CH4/MBOE). The target is
benchmarked against the Company's 2019 methane intensity of 0.15
metric tons of CH4/MBOE.
In addition, Ovintiv has declared full alignment with the World
Bank Routine Flaring Initiative. Ovintiv does not engage in routine
flaring by ensuring that natural gas gathering infrastructure is in
place for all wells drilled. In 2020, flared and vented natural gas
volumes accounted for less than 0.7% of total natural gas sales
volumes, down significantly from approximately 1.2% in 2019. The
reductions in flaring have continued with year-to-date 2021 flaring
and venting at 0.4% of total natural gas sales volumes,
representing a reduction of 67% from 2019.The Company has also been
working closely with third party midstream providers to reduce
emissions.
In 2021, Ovintiv expects to reduce its scope 1&2 GHG
emissions intensity by greater than 20% compared to 2019 levels. In
2022, the company plans to further formalize its commitment to
emissions reductions by setting a GHG emissions intensity target
which will be tied to compensation for all employees.
Ovintiv has adopted—and continues to adopt—a range of strategies
to help reduce emissions from its operations. These best practices
include innovative techniques, efficiencies and proven technology,
including:
- Established a real-time dashboard to monitor emissions
performance data and drive further improvements
- On-going, comprehensive Leak Detection and Repair (LDAR)
program
- Electrification of operations proximal to existing, reliable
electricity infrastructure and supply
- Adoption of bi-fuel (natural gas and diesel) technology in
drilling and completions operations to reduce emissions and
costs
- Automated gas lift optimization processes to enhance production
and reduce well downtime
- Repair and/or replacement of high-bleed pneumatic devices with
low-bleed alternatives
Social Commitment
Underpinning Ovintiv's
social commitment is an ongoing focus on protecting the health and
safety of its workforce. Despite the challenges presented by
COVID-19, the Company reported its seventh consecutive safest year
ever in 2020, with total recordable incident frequency (TRIF) for
both employees and contractors dropping to 0.19 events times
200,000 per total exposure hours.
In late 2020, Ovintiv launched a social commitment leadership
team to develop a new social commitment framework for the
organization. Data and feedback were gathered from internal and
external subject matter experts, community representatives and
trade organizations, as well as Ovintiv's executive leadership
team. The resulting framework is rooted in the Company's
foundational values of Trust, Respect, Integrity, Safety and
Sustainability. It focuses on three key accountabilities:
respecting stakeholders, strengthening communities, and fostering a
culture of inclusion.
Ovintiv values and is committed to diversity, equity and
inclusion. The Company's corporate governance framework has been
revised to further reflect Ovintiv's commitment to a diverse and
inclusive workplace. The Company has offered staff training on
unconscious bias, formed an employee resource group to encourage
inclusion and networking, conducted staff surveys on inclusion and
facilitated sessions with guest speakers on diversity, equity and
inclusion at work.
Ovintiv has an active, engaged and independent Board that is
diverse by gender, ethnicity, skills and experiences. Since early
2019, the Company has deepened its board diversity, added five new
directors, appointed a new independent board chairman and refreshed
its committee memberships, including three new committee chairs. In
February of 2021, the Board adopted a requirement that candidates
of gender and racial or ethnic diversity are sought out and
included in its Director search processes, commonly known as the
"Rooney Rule".
Ovintiv's sustainability website can be found on the Company's
website at https://sustainability.ovintiv.com/
ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This
news release contains certain forward-looking statements or
information (collectively, FLS) within the meaning of applicable
securities legislation, including the United States Private
Securities Litigation Reform Act of 1995. All statements that
relate to the anticipated future activities or expectations of the
Company are FLS. FLS in this news release include, but are not
limited to: expectations of plans, strategies and objectives of the
Company, including planned ESG initiatives; the anticipated success
of, and benefits from, technology and innovation; the ability of
the Company to meet and maintain certain targets, including with
respect to emissions-related and ESG performance; timing of
projections and expectation of meeting the targets contained in the
Company's corporate guidance; and statements regarding potential
shareholder returns. FLS involve certain assumptions and are
subject to both known and unknown risks and uncertainties, many of
which are beyond our control. These assumptions include: the
assumptions contained herein; data contained in key modeling
statistics; and expectations and projections made in light of the
Company's historical experience. Risks and uncertainties include:
our ability to generate sufficient cash flow to meet obligations;
commodity price volatility; uncertainties, costs, and risks
involved in our operations, including hazards and risks incidental
to the drilling, completion, production and transportation of oil,
natural gas and natural gas liquids; ability to secure adequate
transportation and storage for oil, natural gas and natural gas
liquids; potential curtailments of gathering, transportation or
refining operations, including resulting storage constraints or
widening price differentials; business interruption, property and
casualty losses or unexpected technical difficulties; impact of
COVID-19 (or other future pandemics or epidemics) to the Company's
operations, including maintaining ordinary staffing levels,
securing operational inputs, executing on portions of its business
and cyber-security risks associated with remote work; counterparty
and credit risk; impact of changes in credit rating and access to
liquidity, including costs thereof; risks in marketing operations;
risks associated with technology; risks associated with lawsuits,
governmental regulations and regulatory actions, including disputes
with partners and our ability to timely obtain environmental or
other necessary permits; our ability to acquire or find additional
reserves; imprecision of reserves estimates and estimates of
recoverable quantities; and other risks and uncertainties as
described in the Company's Annual Report on Form 10- K, Quarterly
Report on Form 10-Q and as described from time to time in its other
periodic filings as filed on EDGAR and SEDAR. The above
assumptions, risks and uncertainties are not exhaustive. Actual
future results may vary materially and adversely from those
expressed or implied in our FLS and such statements may not occur.
Although the Company believes such FLS are reasonable, FLS should
be understood to be only predictions and statements of our current
beliefs; they are not guarantees of performance. FLS are made as of
the date hereof and, except as required by law, the Company
undertakes no obligation to update or revise any FLS.
About Ovintiv Inc.
Ovintiv is one of the largest
producers of oil, condensate and natural gas in North America. Further information on Ovintiv
Inc. is available on the Company's website, www.ovintiv.com, or by
contacting:
Investor
contact: (888)
525-0304
|
Media
contact: (403)
645-2252
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SOURCE Ovintiv Inc.