APA Corporation Joins United Nations Environment Programme’s Oil and Gas Methane Partnership 2.0

Rhea-AI Summary

APA Corporation (Nasdaq: APA) has joined the Oil and Gas Methane Partnership 2.0, a United Nations initiative aimed at reducing methane emissions in the oil and gas sector. This partnership enhances transparency and accuracy in emissions reporting. CEO John J. Christmann IV highlighted the company's commitment to a cleaner energy future and noted significant progress in reducing emissions over the past five years. Key achievements include eliminating routine flaring in U.S. operations since 2021 and a 40% reduction in flaring in Egypt in 2022. APA aims to eliminate 1 million tonnes of CO2e emissions by the end of 2024, with ongoing efforts to upgrade pneumatic devices.

Positive

• Joined the Oil and Gas Methane Partnership 2.0 to improve methane emissions reporting.
• Eliminated routine flaring in U.S. onshore operations since 2021.
• Achieved a 40% reduction in upstream routine flaring in Egypt in 2022.
• Set a goal to eliminate 1 million tonnes of CO2e emissions by year-end 2024.

Negative

• None.

HOUSTON, March 01, 2023 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) announced today that the company has joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), the United Nations’ Environment Programme’s flagship oil and gas reporting and mitigation program. OGMP 2.0 engages with oil and gas companies on methane emissions reduction and helps improve the accuracy and transparency of methane emissions reporting. It is the only comprehensive, measurement-based international reporting framework for the sector.

“APA is contributing to a cleaner, more abundant energy future. We accomplish this by both supporting and engaging in efforts to reduce methane emissions across the entire oil and gas industry,” said APA president and CEO John J. Christmann IV. “Over the past five years, we have made meaningful progress toward reducing methane emissions across our global operations and look forward to working with the partnership as we continue to responsibly produce oil and gas.”

Reducing methane emissions is a fundamental component of APA’s strategy. In 2022, the company engaged with GHD, a third-party emissions verification firm, to better analyze and utilize emissions data to inform and improve future reduction efforts. Joining OGMP 2.0 is an important next step in the company’s holistic approach to methane emissions reduction.

“We are delighted that APA is taking action to reduce methane emissions by joining OGMP 2.0,” said Giulia Ferrini, OGMP 2.0 Project Manager, UNEP. “Oil and gas companies must be part of the methane solution if we are to keep global warming to 1.5°C.”

APA has taken significant steps toward reducing emissions across global operations, including the elimination of routine flaring in U.S. onshore operations in 2021 and reducing upstream routine flaring in Egypt by 40% in 2022. The company also set a goal to eliminate 1 million tonnes of global carbon dioxide equivalent (CO2e) emissions from its operations by year-end 2024 compared to year-end 2021. In 2023, one of APA's goals is to convert more than 2,000 pneumatic devices in U.S. operations by year-end with new, cleaner technology.

About APA
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.

About OGMP 2.0  
The Oil and Gas Methane Partnership 2.0 (OGMP 2.0) is a multi-stakeholder initiative launched by the United Nations Environment Programme (UNEP) and the Climate and Clean Air Coalition. OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector. Nearly 100 companies with assets on five continents, representing over 35% of the world's oil and gas production, have joined the partnership. OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and LNG terminals. For more information, please visit ogmpartnership.com.

Forward-looking Statements
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.

Contacts

Investor: (281) 302-2286 Gary Clark
Media: (713) 296-7276 Alexandra Franceschi                        
Website: www.apacorp.com

Kamilia Lahrichi
Communications Lead
United Nations Environment Programme’s International Methane Emissions Observatory  
kamilia.lahrichi@un.org

APA-G

FAQ

What is the significance of APA joining OGMP 2.0?

Joining OGMP 2.0 enhances APA's commitment to reducing methane emissions and improves the accuracy of emissions reporting in the oil and gas sector.

What are APA's goals regarding methane emissions reduction?

APA aims to eliminate 1 million tonnes of CO2e emissions from its operations by the end of 2024 compared to 2021 levels.

What progress has APA made in reducing emissions?

APA has eliminated routine flaring in U.S. operations since 2021 and reduced routine flaring in Egypt by 40% in 2022.

Who is the CEO of APA Corporation?

The CEO of APA Corporation is John J. Christmann IV.

What actions is APA taking in 2023 to reduce emissions?

In 2023, APA plans to convert over 2,000 pneumatic devices in U.S. operations to cleaner technology.