APA Corporation Reduces Methane Emissions by Converting More Than 2,000 Pneumatic Devices in the U.S. to Lower Emitting Technologies
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HOUSTON, Oct. 03, 2023 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced the achievement of an environmental, social and governance (ESG) goal to convert more than 2,000 pneumatic devices to instrument air or through-valve retrofit in its U.S. operations. The goal was reached three months ahead of schedule, and results in an estimated annualized methane reduction of 1,000 tonnes or 25,000 tonnes of carbon dioxide equivalents.
“Our commitment to ESG is not merely a promise; it's reflected in our actions towards continuous improvement,” said John J. Christmann IV, APA’s CEO and president. “By setting intentionally challenging goals that are linked to compensation and integrating fit-for-purpose solutions, we are forging a path that harmonizes energy production with environmental stewardship. We are committed to progressing environmental goals, enriching our communities and securing a sustainable energy future for generations to come.”
The company's field-focused teams adopted a bottom-up approach, starting with an updated inventory assessment and incorporating feedback from key vendors regarding successful solutions trialed within the industry. They collaborated to identify champions in the field to trial different techniques before implementing them across the U.S. onshore operation. Depending on the situation, they either removed devices entirely, converted methane-driven devices to compressed air, or replaced methane-driven devices with non-vent devices.
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.
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
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