Seneca Resources Achieves Top Emissions Performance Certification of its Natural Gas Production under the MiQ Standard

Rhea-AI Summary

Seneca Resources, the Exploration and Production segment of National Fuel Gas Company (NFG), announced that 100% of its natural gas production has received an 'A' certification under the MiQ Standard for Methane Emissions Performance. This certification reflects a commitment to reducing methane emissions, with over 1 billion cubic feet of daily gross production meeting high environmental standards. The MiQ Standard, developed by independent auditors, assesses methane emissions practices, demonstrating Seneca's proactive measures in sustainability and technology deployment to prevent methane leaks.

Positive

• Achieved 'A' certification under the MiQ Standard for Methane Emissions Performance, the highest certification level.
• 100% of natural gas production aligns with high environmental standards, indicating strong emissions management.
• Recognition of commitment to sustainability may enhance market reputation and attract buyers focused on low methane emissions.

Negative

• None.

WILLIAMSVILLE, N.Y., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Today, Seneca Resources Company, LLC (Seneca), the Exploration and Production segment of National Fuel Gas Company (NYSE: NFG) (National Fuel or the Company), announced that 100% of its natural gas production, over 1 billion cubic feet of daily gross production, has achieved an “A” certification grade under the MiQ Standard for Methane Emissions Performance (MiQ Standard), the highest available certification level.

The MiQ Standard is an independent framework for assessing methane emissions and practices for oil and gas facilities, and is a trusted and credible way to differentiate natural gas production based on methane emissions. The standard scores production, using an A – F letter grade, based on how well operators deploy integrated technologies to detect, measure, and abate emissions while also including a detailed assessment of policies and workpractices that evaluate an operator’s preparedness to prevent future methane emissions. As part of the certification process, a team of accredited third-party auditors from Geosyntec conducted an independent audit of Seneca’s natural gas operations, to assess its alignment with the MiQ Standard.

“Through its achievement of an MiQ ‘A’ grade, Seneca can credibly demonstrate to its customers and stakeholders the low methane intensity of its production. This certification also shows Seneca’s commitment to high standards of technology deployment and operational management to prevent methane leaks. MiQ is now certifying 17% of U.S. gas production, and we’re seeing significant demand from buyers for low methane emissions natural gas,” said Georges Tijbosch, CEO, MiQ.

“Seneca’s MiQ certification, in addition to its Equitable Origin certification attained in December 2021, is a testament to the strong emissions management we have deployed across all of our natural gas operations,” said Justin Loweth, President of Seneca Resources. “Seneca continues to evaluate and pilot methane emissions monitoring technologies in order to continually improve our detection and measurement practices and remain on the leading edge of the industry’s sustainability initiatives.”  

Seneca-produced gas certificates are currently available on the MiQ Digital Registry, which is where MiQ and joint MiQ-EO100^TM Certificates are held throughout their full life cycle from issuance through retirement. Certificates can be traded bundled (combined with natural gas delivery) or unbundled.

About National Fuel Gas Company:
National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across four business segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

About MiQ:
MiQ is a not-for–profit Foundation established by RMI (formerly the Rocky Mountain Institute), and global sustainability consultancy SYSTEMIQ. MiQ is pioneering a market-based approach to rapidly reduce methane emissions across the global natural gas sector.

MiQ Certification will, for the first time, credibly differentiate gas based on its methane emissions performance to provide a market mechanism that incentivizes methane reduction. MiQ’s vision is to create a market where certified natural gas can be traded like other historical commodities ultimately creating incentives to drive down methane emissions across the board.

Cautionary Statements
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “believes,” “will,” “may,” and similar expressions, and statements other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. While National Fuel’s expectations, beliefs, and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: (1) National Fuel’s ability to estimate accurately the time and resources necessary to implement new practices; (2) governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; and (3) the other risks and uncertainties described in (i) National Fuel’s most recent Annual Report on Form 10-K at Item 7, MD&A, and Quarterly Reports on Form 10-Q at Item 2, MD&A, under the heading “Safe Harbor for Forward-Looking Statements,” and (ii) the “Risk Factors” included in National Fuel’s most recent Annual Report on Form 10-K at Item 1A. National Fuel disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements or use them for anything other than their intended purpose.

FAQ

What is the significance of Seneca Resources achieving an 'A' certification under the MiQ Standard for NFG?

The 'A' certification indicates that Seneca’s natural gas production is aligned with the highest methane emissions performance standards, reflecting a strong commitment to sustainability.

How much natural gas production has achieved the MiQ certification grade for NFG?

Over 1 billion cubic feet of daily gross production has achieved the 'A' certification grade under the MiQ Standard.

What does the MiQ Standard assess for natural gas producers like NFG?

The MiQ Standard assesses methane emissions practices, using an A-F grade scale based on detection, measurement, abatement technologies, and operational practices.

How does the MiQ certification benefit Seneca Resources and NFG in the market?

It demonstrates their low methane intensity production, potentially attracting environmentally conscious customers and enhancing market competitiveness.