American Oil and Gas Reporter - July 2021 - 43

SpecialReport: Devon Energy
Embracing ESG Discussions
Despite concerns about policy and regulatory impacts from
the climate change debate, Devon is embracing the ESG
discussion, he says. On June 21, the company announced new
environmental performance targets to reduce the carbon intensity
of its operations and minimize freshwater use.
In addition to its goal of achieving net zero greenhouse
gas emissions for Scopes 1 & 2 and reducing methane
emissions, Devon plans to achieve flaring intensity of 0.5%
or lower by 2025 and eliminate routine flaring by 2030. The
company also plans to continue advancing its water recycling
rate and use 90% or more nonfreshwater for completions in
its most active operating areas of the Delaware Basin, according
to Muncrief.
Under its new targets, Devon will continue to evaluate how to
engage stakeholders upstream and downstream of operations to
improve ESG performance. By 2023, Devon's contractors who
perform work on company locations will begin undergoing annual
evaluations to assess their ESG performances in key areas.
" It is not just energy, but all companies and sectors are
thinking about ESG. We must embrace it and be thoughtful,
strategic and smart about things, " Muncrief says. " We are going
to focus year after year on achieving even better ESG scores
and impacts on emissions and governance as a company. We
are also going to be communicating the great things we are
doing for society. We are not running from the discussion. We
welcome it. Some in the industry may be frustrated, but we are
not. We want to know what people are thinking. The best thing
we can do is stay at the table, keep talking through it and communicate
the value we bring to peoples' lives every day. "
Hager affirms Devon's commitment to be a good environmental
steward and act in the interests of communities, investors and
employees alike. Devon's story will continue to be written not
only in the present and not merely by pausing to reflect on how
far it has come since 1971, but by keeping an eye on where it is
going during the next 50 years, he says.
" There are very few companies in our industry that survive for
50 years, so that is the most fundamental thing, " Hager says. " Not
only have we survived, but we have done it with integrity. We
have done it by being a good neighbor in our community. Any of
our employees can proudly say, 'I work at Devon,' and have it
mean something positive to the community and to our neighbors. "
Muncrief concludes, " Looking back at Devon's last 50 years
gives us a lot to be proud of. I am excited and humbled to lead
the company into its next stage, and am confident that Devon's
culture of integrity, focus on forging strong relationships and
acting courageously will continue yielding strong results for all
of our stakeholders. "
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JULY 2021 43
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American Oil and Gas Reporter - July 2021

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