Diamondback Energy Inc. unveiled plans on Sept. 23 to end routine flaring by 2025 alongside several other initiatives aimed at elevating the Permian Basin producer’s environmental performance.
The new target follows the company’s previously announced “Net-zero Now” initiative whereby all hydrocarbon molecules produced by Diamondback starting Jan. 1, 2021 forward will be produced with zero net Scope 1 emissions, accomplished through the purchase of carbon offsets while continuing to reduce the company’s Scope 1 emissions footprint
“Diamondback has continued to make significant progress on our environmental performance, improving our track record while also making significant commitments to reduce our emissions footprint quickly and materially,” CEO Travis Stice commented in a company release.
Diamondback Energy is an independent oil and natural gas company headquartered in Midland, Texas, with a market cap of nearly $14 billion. The company focuses on the acquisition, development, exploration and exploitation of unconventional resources in the Permian Basin where it operates roughly 414,000 net acres.
In the Sept. 23 release, Diamondback said it has already reduced flared volumes on its Permian position by approximately 58% from 2019 to 2020. In addition to its goal to eliminate routine flaring as defined by the World Bank, Diamondback announced a long-term target to use more than 65% recycled water for completion operations by 2025.
“We will continue to strive to meet progressively higher expectations for environmental sustainability, on-the-job safety, transparent governance and diversity and inclusion in our company,” Stice continued. “Our social and environmental license to operate as a public oil and gas company based in the United States is predicated on our ability to execute on these higher expectations.”
Diamondback also highlighted several of its sustainability targets and 2021 initiatives in its 2021 Corporate Sustainability Report, which the company released on Sept. 23.
Notable achievements by Diamondback within the past year included the reduction from 2019 to 2020 of methane intensity by approximately 43% and Scope 1 greenhouse-gas (GHG) intensity by approximately 37%. The company previously announced long-term targets to reduce Scope 1 GHG intensity by at least 50% and methane intensity by at least 70% from 2019 levels by 2024.
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