A common lament among those in the oil and fuel industry is that the industry isn’t doing a smart job of telling its story, adding how it works to its environmental footprint.
Houston-based Energy US Holdings, a subsidiary of Houston-based Shandong Xinchao Energy, took this complaint to the center and is releasing its first public corporate sustainability report. While this is the company’s third annual sustainability report, it is the first to be made public.
“It is vital for our industry to speak transparently about ESG performance, as significant progress has been made across the industry, i. e. in recent years,” Surge officials told Reporter-Telegram via email.
“Communicating our long-standing functionality and long-term goals further reinforces our commitment to transparency and progress reporting on issues of most concern to our shareholders,” the officials continued. “Surge has been an industry leader on many ESG issues and this report highlights some of the critical ESG projects where the Surge team has made significant progress. We are committed to locating opportunities to lead by example, and while this report is not mandatory, we recognize the importance of being transparent and accountable to our employees, investors, partners, and the community.
• The company has known 4 measures of environmental functionality considered maximum by stakeholders: • Keep scope 1 greenhouse fuel intensity below 10 metric tons of carbon dioxide equivalent consistent with thousands of barrels of oil equivalent • Reduce diesel intake of the fracking fleet by 50% by 2025 compared to the 2019 baseline• Keep methane intensity below 0. 03• Achieve more than 95% use of recycled water for completions by 2023
Surge has also commissioned a momentary electrical substation that will be commissioned until the end of the year, which will allow replacing diesel power generation at the site. This will reduce local costs and emissions for most of the company’s square footage. The company also opened a fourth water recycling plant to increase the use of recycled water produced in completions and reduce the volumes of water sent to drainage wells.
“Our new goals will drive continued functionality and progress in the spaces that are vital and vital to our business. Our 4 objectives focus on environmental functionality for emissions from production operations and the entire activity, as well as water management. That functionality in those spaces is critical to ensuring our own good fortune in Surge, as well as the viability of our industry going forward,” the officials told Reporter-Telegram.
As part of other moves similar to Surge’s ESG (environmental, social and governance) initiatives, the company also makes disclosures in reaction to disclosures advised by the Sustainable Accounting Standards Board for the exploration and production industry and ensures that functional knowledge about the diversity of new workers is aligned with employment equality. Opportunity – 1 categories in race, gender and EEO classifications. The company also marked 40 consecutive months without any recordable incidents in construction.
“Our project at Surge is to power through safe and accountable practices that help others live better lives. We are confident that the oil and fuel industry in general continues to provide a relatively affordable and reliable source of energy and will continue to do so in the future. At the same time, it is imperative that the industry continues to operate responsibly towards a more sustainable future,” officials told Reporter-Telegram.
The Company continues to have an active drilling program at its Moss Creek asset in Howard and Borden counties, and ultimately operates 3 rigs. It is expected to reach this point of activity for the foreseeable future, the officials said.
Surge owns 114,000 acres in the Midland Basin.