US shale firm Devon sets emissions target
Oklahoma-based Devon Energy said June 21 that, while oil and gas will be required for the foreseeable future, it can take steps to be a better environmental steward.
Devon outlined new environmental performance targets as it joins other major oil and gas companies in the energy transition.
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“Devon is setting aggressive goals to lower its carbon impact, while continuing to return value to shareholders,” CEO Rick Muncrief said. “We know the need for oil and gas will remain for decades, but as good stewards, it is incumbent on us to improve how we produce and deliver it.”
Broadly speaking, the company said it aimed to cut its scopes 1 and 2 greenhouse gas emissions by 50%, relatively to a 2019 baseline, by 2030 and achieve net-zero emissions by 2050.
By focusing on leak detection and pipeline repair, Devon said it aimed to cut its methane emissions intensity by 65% by 2030. It aims to eliminate routing flaring, meanwhile, completely by 2030.
Shareholders at US shale companies Devon Energy and WPX Energy approved an all-stock merger in December. The merger represented an enterprise value of roughly $12bn. The tie-up created one of the biggest US unconventional producers, with an output of around 535,000 barrels of oil equivalent/day.