Oilsands specialist Suncor Energy Inc. committed Wednesday to cut 10 million tons (mt) or 34% of its 29 mt/year greenhouse gas emissions by 2030 as a step toward the Canadian government’s target of national net zero in 2050. The move coincides with investor enthusiasm for operators around the world to move toward net-zero emissions. It…
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Vine Energy CEO Says Haynesville Primed for ‘Improving Natural Gas Fundamentals,’ Exports
As U.S. natural gas demand improves, Vine Energy Inc. expects its production in Northwest Louisiana to increasingly be sourced for overseas exports, the company’s CEO said Monday. The Plano, TX-based independent in the spring of 2021 took the company public to secure more investor interest in its 227,000 net acre stronghold in the Haynesville and…
Appalachia’s Northeast Natural Aiming to Certify Natural Gas as Responsibly Sourced
Privately held Northeast Natural Energy (NNE) plans to have natural gas production across its entire operating area in West Virginia environmentally certified by two companies. Certification would be based on separate standards developed by Equitable Origin (EO) and MiQ to validate it is producing what the industry has coined as “responsibly” sourced gas production. If…
EQT Looking to Lead in Certifying U.S. Natural Gas Supply
EQT Corp., the nation’s largest natural gas producer, is pushing to ensure most of its Appalachian Basin supply is responsibly sourced and marketed as the globe transitions from fossil fuels. The pilot program, set to be launched this month, is designed to certify around 4 Bcf/d gross from 200-plus well pads in Pennsylvania’s Greene and…
Permian-Focused Solaris Issues ‘Landmark’ Sustainability Bonds for Produced Water Infrastructure
Permian Basin-focused Solaris Midstream Holdings Inc. said it has completed offering $400 million in senior unsecured notes for the first sustainability linked bond (SLB) in the produced water infrastructure industry. The Houston-based operator, parent company to Solaris Water Midstream LLC, said the notes were a “landmark issuance.” SLBs, which are used for general corporate purposes,…
CME to Launch Global Emissions Offset Futures Contract
CME Group plans to launch a futures contract in March that would provide a regulated, market-based solution to manage global emissions risk. The Global Emissions Offset (GEO) futures contract, which is pending relevant regulatory reviews before a launch on March 1, was jointly developed with Xpansiv CBL Holding Group, a data and technology firm focused…
New York City Pension Funds OK Cutting Fossil Fuel Investments Within Five Years
New York City’s largest pension funds on Monday voted to pull their money from fossil fuel investments within five years, portfolios that hold an estimated $4 billion in securities. Mayor Bill de Blasio, Comptroller Scott M. Stringer and trustees of two of the city’s pension funds said the plan is to cut off money for…
Ovintiv Ties Employee Incentives to Cutting Oil, Gas Methane Intensity by 33% in Four Years
Denver-based independent Ovintiv Inc. is setting its sights on sharply reducing the methane intensity of its North American onshore operations by one-third over the next four years, and it wants the entire workforce to buy in. The board-approved 33% reduction in methane intensity, to be met by 2025, would be tied to the annual incentive…
Pioneer Natural Eyeing 10-Year Goal to Sharply Cut Methane, GHG Emissions in Permian
Permian Basin giant Pioneer Natural Resources Co. has formally adopted targets by 2030 to sharply cut emissions across its Lower 48 operations, and it plans to tie executive incentive compensation to the goals. The strategy, to cut greenhouse gas (GHG) emissions by 25%, with methane emission intensities by 40%, was laid out in the Dallas-based…
Cheniere Doubling Down to Cut LNG Environmental Footprint as Stakeholder Pressure Grows
Cheniere Energy Inc., the largest liquefied natural gas (LNG) exporter in the United States and one of the largest gas consumers, is “methodically reviewing” its business to further cut its environmental footprint as it faces questions about its role in the global energy transition. The management team spent considerable time during last week’s third quarter…