Pioneer Natural Resources Releases 2021 Sustainability Report, Announcing Net Zero Ambition and Enhanced Emissions Reduction Targets

By Editor On Sep 15, 2021

DALLAS – (BUSINESS WIRE) – Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or “the Company”) today announced the release of its 2021 Sustainability Report, which outlines the company’s focus and significant advances in environmental, social and governance programs (ESG). The comprehensive report highlights the company’s net zero ambitions through 2050 and improved emissions reduction targets for greenhouse gases (GHG) and methane. In addition, the report details the company’s performance in 2020, including improved disclosures on air emissions, water management practices, diversity, equity and inclusion, board leadership and community engagement.

Highlights from Pioneer’s 2021 Sustainability Report include:

Adopting a Path to Net Zero – Building on the company’s significant advances in reducing emissions intensity, Pioneer has set the goal of Net Zero by 2050 for both Scope 1 and Scope 2 emissions. As stated in the report, many important initiatives are already underway showing tangible progress on the company’s path to achieving Net Zero.

Reducing greenhouse gas (GHG) and methane emission intensity and strengthening reduction targets – Pioneer achieved a reduction in greenhouse gas emission intensity of 27% and a reduction in methane intensity by 50% in 2020, exceeding the company’s previously set targets. With this achievement, the company has increased its targets for 2030 to a 50% reduction in greenhouse gas intensity and a 75% reduction in methane intensity from the 2019 baseline.

Further Minimize Flaring and Commitment to End Routine Flaring – In 2020, Pioneer achieved a flaring intensity 79% below its goal of limiting flaring to 1% of natural gas produced. The assets acquired through the Parsley and DoublePoint transactions will flow into this goal in 2021, in line with Pioneer’s high environmental standards. As previously announced, Pioneer plans to end routine flaring (as defined by the World Bank) by 2030, with the goal of achieving this by 2025.

Reducing Fresh Water Consumption – Pioneer aims to reduce fresh water consumption to less than 25% upon completions by 2026. The company expects to achieve this goal through the expansion of its recycling capabilities and through its unique partnerships with the cities of Midland and Odessa for the use of treated water. Compared to the completions in 2015, the company has already achieved a 50% reduction in freshwater consumption.

Promoting Diversity, Equality and Inclusion – Pioneer promotes a respectful environment in the workplace by promoting diversity, equality and inclusion. The company’s management team is currently 47% female or ethnically diverse. The company aims to increase the diversity representation of executives to more than 50% over time.

Demonstrating continued commitment to local communities – In addition to Pioneer and its employees who are donating more than $ 4 million to numerous charities in 2020, Pioneer continues to be a leader in the Permian Strategic Partnership, a consortium of Permian oil- and gas company driving improvements in the region in education, health care, human resource development, housing and road safety.

Implementation of the Task Force on Climate-related Financial Disclosure (TCFD) by the end of 2022 – Pioneer will publish an initial climate risk report in the fourth quarter of 2021. The report will detail the company’s progress in fully implementing the TCFD principles in its business strategy, risk management, scenario planning, and goal and goal setting processes. This implementation is expected to be completed by the end of 2022, a year earlier than the company previously expected. As part of this ongoing effort, Pioneer’s Board of Directors expanded the responsibilities of its Sustainability and Climate Oversight Committee to provide additional oversight and strategic direction related to corporate sustainability and climate issues.

CEO Scott D. Sheffield stated, “Our board of directors, our management team and our employees are committed to ensuring that Pioneer continues to be a leading ESG leader. We strive to reduce our emissions intensities, are proactive and transparent in our engagement with stakeholders and the communities in which we operate, and ensure that our governance guidelines and performance metrics are in line with our ESG goals. These efforts, combined with Pioneer’s low break-even costs, low emissions intensity, strong balance sheet and highly skilled and diverse workforce, position the company for continued long-term success. ”

CEO J. Kenneth Thompson stated, “In addition to the information contained in the sustainability report, Pioneer will publish its first climate risk report later this year. Pioneer’s goals and strategies will further strengthen our ESG leadership and enable us to deliver reliable, affordable, low-emission oil and gas products to the world. Pioneer’s world-class assets and people, coupled with our commitment to environmental protection, position the company in a position to remain a sustainable supplier of global energy needs for decades to come. ”

For more information on Pioneer’s strategy and performance in ESG and HSE initiatives, please refer to the Sustainability Report available on the company’s website listed above. This year’s report refers to the following reporting standards, terminology and performance metrics: TCFD, Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Carbon Disclosure Standards Board (CDSB), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs).

Pioneer is a large independent oil and gas exploration and production company headquartered in Dallas, Texas with offices in the United States. For more information, please visit the Pioneer website at www.pxd.com.

Cautionary Statement Regarding Forward-Looking Information

Except for the historical information contained herein, the statements in this press release and Pioneer’s 2021 Sustainability Report are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Pioneer’s business prospects are subject to a number of risks and uncertainties that result in them Pioneer’s actual results could differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of raw material prices; Product supply and demand; the impact of a widespread disease outbreak such as the COVID-19 pandemic on the global and US economies; the ability to obtain environmental and other permits and their timing; the impact of future regulatory or legislative action on Pioneer or the industry in which it operates; the ability to obtain approval from third parties and negotiate agreements with third parties on mutually acceptable terms; Litigation; the costs and results of drilling and operations; Availability of equipment, services, resources and personnel; Access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer’s ability to execute its business plans; Access to and cost of capital; the company’s ability to meet its emissions reduction, flare and other ESG goals; the assumptions underlying the forecasts; Funding sources; Tax rates; Quality of technical data; Environmental and weather risks, including the possible effects of climate change; Cybersecurity risks; and acts of war or terrorism. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended December 31, 2020, in its quarterly reports on Form 10-Q filed thereafter, and in other filings with the SEC. In addition, the company may currently be exposed to unforeseen risks that could have a material adverse effect on it. Accordingly, no assurance can be given that actual events and results will not differ materially from the expected results described in the forward-looking statements. Pioneer undertakes no obligation to publicly update these statements unless required by law.

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