National Fuel Gas Co., whose footprint extends across the country, has set a goal to lower its carbon footprint in 2030 by double-digits across the exploration, midstream and utility segments.
The goals were announced recently in the company’s 2020 Corporate Responsibility report, which provided a review of environmental, social and governance (ESG) metrics. The diversified energy company operates an integrated collection of natural gas and oil assets across four business segments: Exploration & Production (E&P), Pipeline & Storage, Gathering and Utility.
“National Fuel is focused on continuous improvement in all aspects of our business, including our ESG initiatives and disclosures,” said CEO David P. Bauer. “Across our footprint in New York, Pennsylvania, California and Texas, our 2,100 employees are committed to our corporate guiding principles of safety, environmental stewardship, community, innovation, satisfaction, and transparency. By embracing these core values each and every day, National Fuel continues to play a meaningful role within our communities.”
In connection with the company’s enhanced climate-focused disclosures and ongoing efforts to lower its carbon footprint, methane intensity reduction targets have been set for each business. National Fuel also has set an absolute greenhouse gas (GHG) emissions reduction target for the consolidated company. The metrics each use a 2020 baseline.
For the E&P segment, operated through Seneca Resources Co. LLC, a 40% reduction in methane intensity is planned by 2030. Seneca explores for natural gas and oil in California and the Appalachian region, specifically the Marcellus and Utica shales. The gathering arm and the utility arms have each set a methane intensity reduction target of 30% by 2030. In the pipeline and storage segment, the plan is to cut in half the intensity target reduction.
For the consolidated company, National Fuel plans to reduce total GHG emissions by 25% by 2030.
The targets are in addition to those established in March for the utility delivery system, which aims to limit GHG emissions from the segment’s mains and services by 75% by 2030, and 90% by 2050, both from 1990 levels.
National Fuel’s new report was completed “in response to discussions with the company’s key stakeholders,” it noted. The report includes “significant additional disclosure related to climate risk,” in line with the Task Force on Climate-Related Financial Disclosure (TCFD) framework. The TCFD framework, which is being adopted by many oil and gas operators, was created in 2015 by the Financial Stability Board. It was developed to help provide consistent climate-related financial risk disclosures for use by companies, banks and investors.
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