During the past year, an increasing number of oil and gas companies committed to reducing emissions with many aiming to achieve net zero in the next two or three decades.

But is the goal achievable? And how are companies measuring progress?

“We think about it in two ways: leading and lagging indicators,” Cabada said.

“We have tightened our controls in measuring our emissions, which are lagging indicators. More importantly, monitoring leading indicators like the pace of capital deployment into new technologies that are going to move the needle in driving down reducing emissions is important.”

Cabada also talked about key ESG trends that will dominate the OFS sector over the next few years.

He foresees a high level of collaboration across the service sector to better define ESG standards in addition to effective action in converting decarbonization goals to meaningful action.

He also expects more collaboration between operators and service companies on areas other than emissions management such as localization of supply chains, biodiversity and water management.