SM ENERGY PUBLISHES UPDATED ESG DISCLOSURES INCLUDING THE CDP, TCFD AND SASB FRAMEWORKS

Rhea-AI Summary

SM Energy Company has published its updated environmental, social, and governance (ESG) materials, including a letter from the CEO to stakeholders, performance highlights, and reports on sustainability accounting standards, climate change questionnaire, and task force on climate-related disclosures. The company achieved its 2022 ESG targets, such as zero routine and non-routine flaring, beating methane intensity target, and making progress towards a 50% reduction in GHG emissions intensity by 2030. SM Energy also ranked top quartile among AXPC peers for total recordable incident rate.

Positive

• SM Energy achieved its 2022 ESG targets, including zero routine and non-routine flaring.
• The company beat its methane intensity target, reporting a methane intensity of 0.03 mT CH4/MBoe.
• SM Energy made progress towards its medium-term target of a 50% reduction in GHG emissions intensity by 2030, with a reduction of 41% from the base year of 2019.
• The company ranked top quartile among AXPC peers for total recordable incident rate (TRIR), with a TRIR of 0.32 for employees and contract workers.

Negative

• None.

DENVER, July 27, 2023 /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today announced the publication of its updated environmental, social and governance ("ESG") materials, all of which are available on the Company's website at www.sm-energy.com/sustainability/. Updated publications include:

• Letter from our CEO to Stakeholders;
• Performance Highlights and Quick Reference Metrics, which reports 2022 data;
• 2023 Sustainability Accounting Standards Board Report, which reports 2022 data;
• 2023 CDP Climate Change Questionnaire ("CDP Questionnaire"), which reports 2022 data; and
• 2023 Task Force on Climate-related Disclosures ("TCFD") framework mapped to the CDP Questionnaire, which reports 2022 data.

2022 ESG performance and accomplishments included:

• Beat flaring target one year early. The Company reports zero routine flaring and non-routine flaring at 0.4% of total gas produced, achieving the Company's target of zero routine flaring and non-routine flaring not to exceed 1% in 2023.
• Beat methane intensity target. The Company reports methane intensity of 0.03 mT CH₄/MBoe against its target methane intensity of 0.04 mT CH₄/MBoe or lower.
• Made substantial progress toward medium-term target for a 50% reduction in Scope 1 + 2 greenhouse gas ("GHG") emissions intensity by 2030. The Company reports GHG Emissions intensity of 8.23 mT CO₂e/MBoe, which is a reduction of 41% from the base year of 2019.
• Ranked top quartile among AXPC peers for total recordable incident rate ("TRIR"). Safety is our top priority, and the Company reports 0.32 TRIR for our employees and contract workers.

Chief Executive Officer Herb Vogel comments: "At SM Energy, our operations prioritize safety and environmental stewardship; our corporate culture emphasizes integrity and encourages innovation; and the compensation of all employees is tied to ESG objectives. Please enjoy the publication of our updated ESG disclosures, which demonstrate our commitment to stewardship and sustainability."

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 NGLs 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
Lindsay Miller, lmiller@sm-energy.com, 303-830-5860

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SOURCE SM Energy Company

FAQ

What did SM Energy announce?

SM Energy announced the publication of its updated environmental, social, and governance (ESG) materials.

Where can the updated ESG materials be found?

The updated ESG materials can be found on SM Energy's website at www.sm-energy.com/sustainability/.

What were some of SM Energy's achievements in 2022?

In 2022, SM Energy achieved zero routine and non-routine flaring, beat its methane intensity target, and made progress towards a 50% reduction in GHG emissions intensity by 2030.

How did SM Energy rank among AXPC peers?

SM Energy ranked top quartile among AXPC peers for total recordable incident rate (TRIR).

What is the CEO's comment on SM Energy's operations?

The CEO of SM Energy emphasizes the company's prioritization of safety and environmental stewardship, integrity in corporate culture, and tying employee compensation to ESG objectives.