Greenhouse Gas Emissions Inventory Statement
Devon Energy Corporation
February 1, 2008
The issue of greenhouse gas emissions and the impact on the earth’s climate is a matter of widespread public concern. We also recognize that there may be business impacts associated with the issue.
At Devon, we remain committed to the highest levels of environmental stewardship and, as a result, have developed a Greenhouse Gas Strategy. Through that effort, we will continue to address public concerns, reduce emissions companywide, mitigate business risks and look for business opportunities associated with climate change.
In implementing our Greenhouse Gas Strategy, we have completed our first greenhouse gas emissions inventory and laid the groundwork for continued reduction efforts. At the foundation of Devon’s inventory is the SANGEA Emissions Estimating System, which is a calculation method developed within the oil and natural gas industry to quantify emissions. The information allows us to determine our greenhouse gas intensity, which represents the quantity of our emissions as it compares to our energy production. The 2007 inventory contains detailed information on emissions from each of Devon’s production sites across the United States. This information allows us to identify opportunities to further implement greenhouse gas reduction initiatives.
Results from our 2007 inventory show our total greenhouse gas emissions from operations based in the United States were 4.17 million metric tons of carbon dioxide equivalent per year. The inventory also reflects a greenhouse gas emissions intensity of 24.28 metric tons per thousand barrels of oil equivalent produced. This intensity measure represents direct emissions from operations as well as indirect emissions from electricity use and the use of motor vehicles. Devon’s intensity level is in line with or below all of North America’s top energy producers. We consider that a good starting point as we seek opportunities for further reductions in the future.
While we believe we have produced a good estimate of total emissions, we will continue to refine our program and enhance our ability to identify and capture additional emissions. Through these efforts, it is our goal to improve on our strong record of environmental stewardship, grow long-term value for our shareholders and provide energy to meet growing demand. In 2008, we look forward to consolidating emissions inventories from our U.S. and Canadian operations as well as from our international division.
Watching out for our neighbors, protecting natural resources and working with communities that surround us are among Devon’s core values. Out of our desire to fulfill those commitments, we believe it is our duty to operate in ways that are environmentally responsible. Our greenhouse gas emissions reduction program is an important component of that effort, and we anticipate continuous improvement through the coming years. We consider our emissions reduction program an integral part of our business, just as we do all of our environmental initiatives, because we believe what counts in business is not only what you do but how you do it.