Chesapeake Energy and Project Canary Announce Multi-Basin Responsibly Sourced Gas Partnership

Rhea-AI Summary

Chesapeake Energy Corporation (CHK) and Project Canary have initiated a pilot partnership to produce responsibly sourced natural gas (RSG) from well pads in the Marcellus and Haynesville shales. Using Project Canary's continuous emissions monitoring technology, the partnership aims to ensure high environmental standards and validate the market for RSG products. This collaboration aligns with Chesapeake's commitment to ESG excellence and aims to generate shareholder value while enhancing sustainability efforts. The project may expand based on initial findings and market conditions.

Positive

• Partnership with Project Canary enhances Chesapeake's commitment to ESG standards.
• Utilization of advanced emissions monitoring technology may improve operational efficiency.
• Potential market for differentiated RSG products could increase revenue opportunities.

Negative

• None.

DENVER and OKLAHOMA CITY, April 13, 2021 /PRNewswire/ -- Project Canary and Chesapeake Energy Corporation (NASDAQ: CHK) launched a pilot partnership to produce certified responsibly sourced natural gas (RSG) at select well pads in the Marcellus and Haynesville shales, the companies announced today.

Chesapeake Energy will produce RSG using Project Canary's continuous on-site emissions monitoring technology and TrustWell™ certification process, which provides third party verification that the operator has utilized the highest standards and practices in all phases of their operations.

"Leading a responsible energy future is foundational to Chesapeake's success," said Chesapeake's Chief Executive Officer Doug Lawler. "Through this two-basin partnership, we will be able to further demonstrate our commitment to generating shareholder value and ESG excellence. We are excited to work with Project Canary as we continue to expand our sustainability efforts and deliver top operating performance."

The initial agreement between Chesapeake and Project Canary includes select well pads in northeast Pennsylvania and northwest Louisiana, though the partnership may be expanded based on initial findings and market conditions. Using real-time, continuous emissions monitoring at well pads, the pilot project aims to validate the high environmental standards by which natural gas is produced and that a market exists for differentiated RSG products.

A Denver-based B-Corp, Project Canary provides emissions monitoring data and related technologies, and has developed a unique wellhead to burner-tip pilot that can be used across the energy value chain – from the production, transmission and marketing of RSG.

"With our innovative technology and independent certification process, Project Canary aims to meet the market demand for sustainably developed resources and real-time emissions monitoring," said Project Canary co-founder & CEO Chris Romer. "Chesapeake is an industry pioneer and top producer, and we're proud to help them reach the highest environmental standards."

This project marks more than two-dozen agreements Project Canary has entered with exploration and production companies, reflecting the strong and growing demand for the company's innovative environmental performance solution based on trusted, independent data.

Project Canary Contact:
Brian Miller
Vice President, Growth and Policy
Brian.Miller@ProjectCanary.com

Chesapeake Energy Contact:
Gordon Pennoyer
Director – Communications & Investor Relations
Media@chk.com

About the Pilot Participants  

Project Canary, an International Environmental Standards company based in Denver, Colorado, is a mission-driven B-Corporation accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that "does well and does good." Project Canary's goal is to mitigate climate change by helping the oil and gas industry operate on a cleaner, more efficient, more sustainable basis. Project Canary partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. To learn more, visit projectcanary.com.

Headquartered in Oklahoma City, Chesapeake Energy Corporation's (NASDAQ: CHK) operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States.

View original content:http://www.prnewswire.com/news-releases/chesapeake-energy-and-project-canary-announce-multi-basin-responsibly-sourced-gas-partnership-301267619.html

SOURCE Project Canary

FAQ

What is the partnership between Chesapeake Energy and Project Canary about?

The partnership focuses on producing responsibly sourced natural gas using advanced emissions monitoring technology.

Where will the responsibly sourced natural gas be produced?

Production will take place at select well pads in the Marcellus and Haynesville shales.

What is Chesapeake Energy's stock symbol?

Chesapeake Energy's stock symbol is CHK.

When was the partnership between Chesapeake Energy and Project Canary announced?

The partnership was announced on April 13, 2021.

What are the benefits of responsibly sourced natural gas?

RSG provides environmental benefits and meets market demand for sustainably developed resources.