Diamondback Energy, Inc. Releases 2021 Corporate Sustainability Report
MIDLAND, Texas, September 23, 2021 (GLOBE NEWSWIRE) – Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today released its 2021 Corporate Sustainability Report. The online report describes Diamondback’s 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, 2020, discusses Diamondback’s sustainability goals and 2021 initiatives, and is available at www.diamondbackenergy.com/about/sustainability.
HIGHLIGHTS OF THE 2021 SUSTAINABLE DEVELOPMENT REPORT
Reduction in flared volumes of around 58% from 2019 to 2020
Reduction of methane intensity by approximately 43% from 2019 to 2020
Reduction of Scope 1 GHG intensity by around 37% from 2019 to 2020
Long-term goal announced today to use more than 65% recycled water for completion operations by 2025
Today announced its intention to end routine flaring (as defined by the World Bank) by 2025
Previously announced long-term goal to reduce Scope 1 GHG intensity by at least 50% from 2019 levels by 2024
Previously announced long-term goal to reduce methane intensity by at least 70% from 2019 levels by 2024
Previously announced Net Zero Now initiative that all hydrocarbon molecules produced by Diamondback from January 1, 2021 will be produced with zero net Scope 1 emissions, achieved through the purchase of carbon offsets while continuing to reduce the footprint of the Company’s Scope 1 emissions
“Diamondback has continued to make significant progress in environmental performance, improving our results while making significant commitments to quickly and materially reduce our emissions footprint. We will continue to strive to meet the increasingly high expectations for environmental sustainability, workplace safety, transparent governance, diversity and inclusion in our business. Our social and environmental license to operate as a US-based public oil and gas company rests on our ability to meet these higher expectations, ”said Travis Stice, CEO of Diamondback.
To determine the content of this report, we examined industry practices, conducted research, performed peer comparisons, and collaborated with stakeholders. The report was prepared with content aligned with the voluntary frameworks and standards maintained by the Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA) and American Exploration and Production Council ( AXPC).
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas, engaged in the acquisition, development, exploration and exploitation of unconventional oil and natural gas reserves onshore in the Permian Basin of West Texas. For more information, please visit www.diamondbackenergy.com.
The foregoing press release contains forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than historical facts, which deal with 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 material price environment. raw materials, production levels, any future regulatory action affecting Diamondback, the impact and duration of the COVID-19 pandemic, asset acquisitions and sales, drilling and capital spending plans, targets and environmental initiatives 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 management. Information regarding these risks and other factors can be found in documents filed by Diamondback with the Securities and Exchange Commission, including its reports on Forms 10-K, 10-Q and 8-K. Diamondback assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.