Leading Shale Operators Share ESG Secrets

U.S. shale producers CNX Resources, Devon Energy and Laredo Petroleum set environmental goals and paths for success.

Laredo Petroleum has set out to achieve 12.5 mtCO2e/Mboe Scope 1 and Scope 2 intensity by 2025. (Source: Laredo Petroleum)

The oil and gas industry has moved well past the period of simply understanding and acknowledging the need for ESG endeavors in their operations and structure. The industry is now fully entrenched in the stages of not only implementing ESG efforts, but also setting achievable standards and establishing pathways to achieve those goals. 

Whether it be to appease the sentiments of the investment community, compliance with regulations or simply pure altruism, the oil and gas industry is now at the point where ESG is a top priority rather than a box to be checked. 

“You have to understand what ESG means to you as a company,” said Yemi Akinkugbe, chief excellence officer with CNX. “Then you have to understand the value that it brings to you as a company, to your stakeholders and to all of the employees in your company. Once you have that solid foundation, I think it creates a very clear path for any operation, for any company, to be successful as it relates to their ESG journey.”

Among the ESG leaders in the upstream operating industry have been CNX, Laredo Petroleum and Devon Energy. Each one has defined ambitious emission reductions goals to achieve over the next two decades. 

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Brian Walzel

Brian Walzel is senior editor for Hart Energy’s E&P Plus.