Crescent Point Releases 2021 Sustainability Report
"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
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.
Forward-Looking Statements
Any "financial outlook" or "future oriented financial information" in this press release, as defined by applicable securities legislation has been approved by management of Crescent Point. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and "forward-looking information" for the purposes of Canadian securities regulation (collectively, "forward-looking statements"). The Company has tried to identify such forward-looking statements by use of such words as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "intend", "projected", "sustain", "continues", "strategy", "potential", "projects", "grow", "take advantage", "estimate", "well-positioned" and other similar expressions, but these words are not the exclusive means of identifying such statements.
In particular, this press release contains forward-looking statements pertaining, among other things, to the following: continued environmental improvement; strategy and purpose; ESG priorities; risk management; reducing GHG emissions intensity by 50 percent by 2025, from 2017 levels, including a 70 percent reduction in absolute methane emissions by 2025 and the ways in which these targets will be achieved; dedicated funding of 3-5 percent of annual maintenance capital to support environmental stewardship initiatives, that will support the responsible development of our assets; opportunities to position the Company for further success, increased shareholder value and mitigating risks; reducing inactive well inventory by 30 percent over the next ten years; retiring approximately 400 wells in 2021; targets for water use and timing of release thereof; expanding Indigenous engagement in connection with the recent acquisition of
All forward-looking statements are based on Crescent Point's beliefs and assumptions based on information available at the time the assumption was made. Crescent Point believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company's Annual Information Form for the year ended
Additional information on these and other factors that could affect Crescent Point's operations or financial results are included in Crescent Point's reports on file with Canadian and
FOR MORE INFORMATION ON CRESCENT POINT ENERGY, PLEASE CONTACT:
Telephone: (403) 693-0020 Toll-free (US and
Address:
Crescent Point shares are traded on the
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