SM ENERGY ANNOUNCES NEW ENVIRONMENTAL TARGETS -- ZERO ROUTINE FLARING BY 2023

Rhea-AI Summary

SM Energy Company (NYSE: SM) has announced ambitious targets to reduce its Scope 1 and 2 emissions, reflecting its commitment to environmental stewardship. Key targets include:

• Zero routine flaring by 2023 and non-routine flaring not exceeding 1% of natural gas production.
• A 50% reduction in Scope 1 and 2 GHG emissions intensity by 2030 from a 2019 baseline.
• Maintaining a low methane emissions intensity at 0.04 metric tonnes CH4/MBoe or better.

CEO Herb Vogel highlighted the stakeholder feedback on the importance of environmental responsibility in the upstream sector.

Positive

• Commitment to zero routine flaring by 2023 enhances operational sustainability.
• 50% reduction target in Scope 1 and 2 GHG emissions intensity by 2030 signals a strong environmental strategy.
• Maintaining low methane emissions intensity at 2020 levels supports environmental performance.

Negative

• None.

DENVER, Dec. 20, 2021 /PRNewswire/ -- SM Energy Company (NYSE: SM) today announces that targets have been set to reduce Scope 1 and 2 emissions, further demonstrating the Company's commitment to environmental stewardship. Specifically, SM Energy announces the following targets:

• zero routine flaring at all SM Energy operations and non-routine flaring not to exceed 1% of natural gas production, each by 2023 based on the full year average;
• a 50% reduction in Scope 1 and 2 GHG emissions intensity by 2030 with 2019 as the base year; and
• maintaining its already very low methane emissions intensity at the Company's 2020 level of 0.04 (metric tonnes CH4/MBoe) or better going forward.

President and Chief Executive Officer Herb Vogel comments: "Feedback from our stakeholders has emphasized the importance of proper stewardship by the upstream sector, particularly in the important areas of flaring, and methane and GHG emissions. Our environmental strategy incorporates a number of actions, many of which are already underway, and which provide a pathway to the achievement of these targets, positioning SM Energy as a leader in environmental performance."

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of securities laws. The word "targets" and similar expressions are intended to identify forward-looking statements.  Forward-looking statements in this release include, among other things, flaring targets, a Scope 1 and 2 GHG emissions intensity target and a methane emissions intensity target. These statements involve known and unknown risks, which may cause SM Energy's actual results to differ materially from results expressed or implied by the forward-looking statements. Future results may be impacted by the risks discussed in the Risk Factors section of SM Energy's most recent Annual Report on Form 10-K, as such risk factors may be updated from time to time in the Company's other periodic reports filed with the Securities and Exchange Commission (SEC), specifically the most recent Form 10-Q.  The forward-looking statements contained herein speak as of the date of this presentation.  Although SM Energy may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so, except as required by applicable securities laws.

ABOUT THE COMPANY

SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.

SM ENERGY INVESTOR CONTACT

Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507

Jeremy Kline, jkline@sm-energy.com, 303-863-4313

 

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SOURCE SM Energy Company

FAQ

What are SM Energy's emission reduction targets for 2023 and beyond?

SM Energy aims for zero routine flaring by 2023 and non-routine flaring not to exceed 1% of natural gas production.

How much does SM Energy plan to reduce its GHG emissions intensity by 2030?

SM Energy targets a 50% reduction in Scope 1 and 2 GHG emissions intensity by 2030, using 2019 as the base year.

What is SM Energy's methane emissions intensity goal?

SM Energy aims to maintain its methane emissions intensity at or below 0.04 metric tonnes CH4/MBoe.

Who is the CEO of SM Energy?

Herb Vogel is the President and CEO of SM Energy.

When was SM Energy's press release issued?

The press release was issued on December 20, 2021.