Crescent Energy Joins the OGMP 2.0 Initiative for Methane Emissions Reporting, Enhancing the Foundation of its Emissions Reduction Program

Rhea-AI Summary

Crescent Energy Company (NYSE: CRGY) has joined the Oil & Gas Methane Partnership (OGMP) 2.0 Initiative to improve its methane emissions reporting. This initiative, backed by the UN Environment Programme, sets a standard for measuring and reducing methane emissions in the industry. CEO David Rockecharlie emphasized the importance of accurate data for managing emissions. The company recently formed an ESG Advisory Council and released its inaugural ESG report, reinforcing its commitment to environmental, social, and governance (ESG) standards.

Positive

• Joined the OGMP 2.0 Initiative to enhance methane emissions reporting.
• Commitment to high-quality data for emissions reduction.
• Formation of ESG Advisory Council supports leadership in ESG performance.

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• None.

HOUSTON--(BUSINESS WIRE)-- Crescent Energy Company (NYSE: CRGY) today announced its membership in the Oil & Gas Methane Partnership (OGMP) 2.0 Initiative to enhance the company’s reporting of methane emissions. The OGMP 2.0 framework is the leading industry standard for methane emissions reporting, allowing a company to assess its emissions footprint by asset and create targeted emissions reduction programs. By adopting this rigorous reporting standard to quantify methane leaks, Crescent Energy is establishing an operational culture focused on emissions reduction.

“Crescent Energy is meeting today’s energy needs while focusing on a cleaner tomorrow,” said David Rockecharlie, CEO of Crescent Energy. “Reducing methane emissions is critical to slowing climate change impacts, but to best manage methane, we must first measure it. That’s why we are building our climate strategy on high-quality data, gathered through the OGMP 2.0 framework, to inform our emissions reduction efforts.”

The OGMP is an initiative launched by the UN Environment Programme and the Climate and Clean Air Coalition. It is the only broad multi-national and multi-stakeholder partnership working on methane emission measurement and reporting protocols. OGMP creates a credible platform to help member companies demonstrate actual methane emission reductions. Comprised of more than 70 companies representing 30% of the world’s oil and gas production, the OGMP also offers a platform to help member companies share learnings and best practices.

Rockecharlie continued, “Since closing the merger with Contango in early December, we issued our inaugural ESG report, formed an ESG Advisory Council and joined the OGMP 2.0 initiative, which highlights our commitment to being a leader in ESG performance as a newly-formed company.”

About Crescent Energy

Crescent Energy is a well‐capitalized U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Our core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy we have employed since 2011. The company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

Cautionary Statement Regarding Forward-Looking Information

This communication 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, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005048/en/

Emily Newport

IR@crescentenergyco.com

Source: Crescent Energy

FAQ

What is Crescent Energy's latest initiative regarding emissions?

Crescent Energy has joined the Oil & Gas Methane Partnership 2.0 Initiative to enhance methane emissions reporting.

What is the significance of the OGMP 2.0 Initiative for CRGY?

The OGMP 2.0 Initiative provides a framework for measuring and reducing methane emissions, helping CRGY strengthen its ESG profile.

Who is the CEO of Crescent Energy?

The CEO of Crescent Energy is David Rockecharlie.

What steps has Crescent Energy taken to improve its ESG performance?

Crescent Energy has formed an ESG Advisory Council and issued its inaugural ESG report.

When did Crescent Energy close its merger with Contango?

Crescent Energy closed its merger with Contango in early December.