APA Announces 2022 ESG Goals
APA Corporation (Nasdaq: APA) today announced both short and long-term ESG goals directly tied to employee incentive compensation. The goals encompass a broad ESG strategy to address some of the most important environmental and social focus areas for APA including emissions, workforce safety, workplace engagement, and supplier resilience and diversity.
“We are committed to producing the energy the world needs in a responsible manner, which drives us to set aggressive ESG targets,” said John J. Christmann IV, APA’s CEO and president. “Our goals are intentionally challenging and focused on near-term actions so we can drive immediate and impactful results. Looking ahead, oil and natural gas will continue to play a significant role in our daily lives, and we will continue to meet energy demands in an innovative and sustainable way.”
Short-Term Incentive Compensation Goals
Building upon the successful achievement of our ESG goals set in 2021, APA is introducing the following new short-term ESG goals for this year.
- By the end of 2022, the company will reduce upstream routine flaring in Egypt by 40%. In an effort to build upon existing Environment, Health and Safety (EH&S) measures, the company seeks to improve indicators tracking the Total Recordable Incident Rate (TRIR) and Severe Incidents and Fatality Rate (SIF) targets for 2022.
- In 2022, APA will establish a supplier diversity program aimed at capturing a wider array of industry vendors representing underserved or underrepresented groups. Additionally, the company will enhance external transparency by reporting Tier 1 spend by category at year-end.
- APA is developing and implementing a future of work strategy that includes a working model with workplace and technology enhancements.
Long Term Incentive Compensation Goal
APA is committed to leading by example when taking on the challenges of environmental, social and governance goals. For the first time, APA is setting an ambitious goal directly tied to long-term incentive compensation. Specifically, by the end of 2024, the company will deliver capital and operational projects that collectively will eliminate at least 1M tonnes of annualized CO2 emissions. The emissions eliminated will be verified by a third party.
For more information on APA’s ESG efforts, please visit www.apacorp.com/sustainability.
APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.
This news release 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. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in our Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
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