CALGARY, AB – Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) (NYSE: CPG) is pleased to announce the release of its 2021 Sustainability Report (the “Report”). The Report is highlighted by the Company’s increased target for emissions intensity reduction, an increase from 30 to 50 percent by 2025, including a 70 percent reduction in absolute methane emissions. The Report also outlines the Company’s latest progress and commitment to strong environmental, social and governance (“ESG”) performance throughout its operations. In addition, the Company also released updated disclosure in reference to the Task Force on Climate-related Financial Disclosures (“TCFD”) underlining its effective risk management practices.
“Our 2021 Sustainability Report highlights the progress we have made to enhance Crescent Point’s social impact, governance oversight, and environmental stewardship. By making progress in these key areas, we are able to achieve our purpose of ‘Bringing Energy To Our World – The Right Way’,” said Craig Bryksa, President and CEO of Crescent Point. “As part of our commitment to strong ESG performance, we will be dedicating between three to five percent of our go-forward annual maintenance capital budget to environmental stewardship projects. By continuing to integrate sustainability practices into our capital allocation process and business operations, we are effectively mitigating risks and capitalizing on opportunities to position the Company for further success and enhanced shareholder value.”
KEY HIGHLIGHTS – ENVIRONMENTAL
- Increasing the Company’s targeted emissions intensity reduction to 50 percent by 2025, and increasing its absolute methane emissions reduction target to 70 percent, in each case relative to a 2017 baseline.
- Setting a target to reduce inactive well inventory by 30 percent over the next ten years, including approximately 400 wells planned for safe retirement in 2021, far exceeding regulatory compliance obligations.
- Developing freshwater use targets, which are anticipated to be released later this year. These targets are expected to reflect, and build upon, the significant success the Company had in reducing its freshwater use intensity in 2020.
KEY HIGHLIGHTS – SOCIAL
- Achieving five-year best in safety performance for lost time incident frequency and serious incident frequency in 2020 as a direct result of engagement with employees and contractors to promote safety across the Company’s operations.
- Enhancing engagement with Indigenous contractors and suppliers, in particular in the Company’s recently acquired Kaybob area, to build capacity and share in the skills, traditional knowledge and expertise of the Company’s Indigenous partners.
- Continuing to support the communities in which the Company operates by providing over $1.7 million in funding support for more than 315 local charities and community organizations, including a renewed multi-year commitment to STARS Air Ambulance.
KEY HIGHLIGHTS – GOVERNANCE
- Furthering the Company’s commitment to gender diversity, including increasing and achieving its Board diversity target of at least 30 percent of independent director positions on the Board being held by women.
- Revising Board Committee mandates to ensure strong ESG oversight and accountability, further evidencing the Company’s commitment to effective governance and risk management.
- Strengthening the link between executive and employee compensation and ESG performance through the Company’s short-term incentive plan scorecard, which includes an increased weighting of 30 percent on ESG metrics.
The Report is Crescent Point’s third sustainability report and builds upon the inaugural report released in 2019 and the second report released in 2020. The full Report, including a downloadable PDF and data tables, is available on Crescent Point’s website at www.crescentpointenergy.com. The TCFD disclosure is also available on the Company’s website.