Houston, TX (GLOBE NEWSWIRE) - APA Corporation (Nasdaq: APA) today announced its subsidiary, Apache Corporation, has ended routine flaring in its U.S. onshore operations, achieving one of its 2021 ESG goals three months ahead of schedule.
“In early 2021, we set out to eliminate routine flaring in U.S. onshore operations as part of our broader efforts to continuously reduce our environmental footprint. We established an aggressive goal, and I am proud to announce we have achieved the goal ahead of schedule,” said John J. Christmann IV, APA’s CEO and president. “I’m grateful for our dedicated team, who has been working diligently to make this happen. We attained the goal through a concentrated effort, which included communicating clear objectives along with adding compression and optimizing facilities so more gas could enter the gathering system for sale. Future wells in the U.S. onshore will not be brought online without adequate gas takeaway capacity.”
Prior to 2021, Apache’s majority-owned midstream company, Altus Midstream, invested more than $850 million in two new natural gas pipelines, and Apache made firm transportation commitments on both pipelines to help underwrite and ensure construction of that infrastructure. APA believes this capacity investment was an important and necessary element to move gas to market, thus significantly reducing the practice of flaring for operators throughout the Permian Basin.
“Our collective challenge as an industry is reducing emissions while continuing to deliver the abundant, reliable energy the world needs. We are committed to the responsible production of natural gas and oil and helping to elevate people around the globe to higher standards of living,” concluded Christmann.
In 2021, APA announced new environmental, social and governance (ESG) goals that tie directly to incentive compensation for all employees and are aligned with the company’s ESG focus areas of air, water, communities and people. A cornerstone of the 2021 ESG goals was the elimination of routine flaring in U.S. onshore operations by the end of 2021. APA is also tracking ahead of other U.S. onshore environmental goals this year, including overall flaring intensity of less than 1% of gas produced and limiting freshwater consumption to less than 20% of total water use.
APA Corporation owns consolidated subsidiaries that explore for and produces oil and gas in the United States, Egypt and the United Kingdom and that explore for oil and gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.
This news release contains 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. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in Apache’s Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 25, 2021, and in our quarterly reports on Form 10-Q for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
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