EOG Resources Joins UNEP's Oil and Gas Methane Partnership 2.0

Rhea-AI Summary

EOG Resources has joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), a UNEP initiative aimed at enhancing methane emissions reporting in the oil and gas sector. Since 2017, EOG has reduced its methane emissions by 85%. The company is implementing iSense^SM, a continuous methane monitoring system, primarily in the Delaware Basin. This move underscores EOG's commitment to transparency and operational improvement in emissions management, aligning with goals to combat climate change.

Positive

• Joined OGMP 2.0, enhancing credibility in emissions reporting.
• Achieved an 85% reduction in methane emissions since 2017.
• Implementation of iSense for real-time methane monitoring.

Negative

• None.

HOUSTON, Jan. 4, 2023 /PRNewswire/ -- EOG Resources, Inc. (EOG) today announced that the company has joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), UNEP's flagship oil and gas reporting and mitigation program. OGMP 2.0 is the most comprehensive, measurement-based, reporting framework for the oil and gas industry designed to improve the accuracy and transparency of methane emissions reporting.

"The OGMP 2.0 framework aligns with EOG's commitment to continuous improvement by leveraging data to help improve our operations and emissions performance," said President and COO, Lloyd W. "Billy" Helms, Jr. "After the tremendous progress we have made reducing our methane emissions percentage by 85% since 2017, we continue to pilot recent advancements to methane detection technology that show promise to further improve our methane management efforts. We are excited to join OGMP 2.0 to demonstrate our support for accurate and transparent data collection and reporting and encourage industry-wide innovation and progress to reduce methane emissions."

In 2021, EOG piloted iSense^SM, a proprietary continuous methane monitoring solution which uses methane sensing technology to continuously monitor facilities and provide real-time alerts to a central control room. The pilot confirmed that iSense is the most effective solution for the company to detect and accelerate leak repairs while also being scalable and economic. EOG is prioritizing deployment to areas of highest production and potential impact. Initial installations are focused in the Delaware Basin and EOG will continue to rollout iSense in other operating areas this year.

"We are delighted that EOG Resources is 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."

About EOG 
EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.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. Over 80 companies with assets on five continents, representing over 30% 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.

Investor Contacts 
David Streit  713-571-4902 
Neel Panchal  713-571-4884

Media Contact 
Kimberly Ehmer  713-571-4676

Forward-Looking Statements 
This press release includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding EOG's methane emissions management efforts. Although EOG believes the expectations reflected in our forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or that any of such expectations will be achieved (in full or at all) or will prove to have been correct. EOG's forward-looking statements speak only as of the date made, and EOG undertakes no obligation, other than as required by applicable law, to update or revise our forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements are enumerated in the section entitled "Information Regarding Forward-Looking Statements" on pages 53 and 54 of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC and any updates to those factors set forth in EOG's subsequent filings with the SEC. Also, see the section entitled "Risk Factors" on pages 14 through 27 of EOG's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, for a discussion of certain risk factors that affect or may affect EOG's business, operations and performance, and any updates to those factors set forth in EOG's subsequent filings with the SEC.

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SOURCE EOG Resources, Inc.

FAQ

What is OGMP 2.0 and why did EOG join?

OGMP 2.0 is a UNEP initiative to improve methane emissions reporting. EOG joined to enhance transparency and operational improvements.

How much has EOG reduced its methane emissions?

EOG has reduced its methane emissions by 85% since 2017.

What is the iSense monitoring technology?

iSense is EOG's proprietary continuous methane monitoring system, providing real-time alerts for leak detection.

In which area is EOG focusing its iSense installations?

EOG is primarily deploying iSense in the Delaware Basin.

When was the press release announced?

The press release was announced on January 4, 2023.