We know that strong environmental performance is essential to protecting the communities in which we live and operate, managing risk, and generating long-term value for stakeholders. Devon has established aggressive environmental performance targets focused on reducing the carbon intensity of our operations, minimizing freshwater use, and engaging constructively with our value chain. These targets reflect our dedication and commitment to achieving meaningful emissions reductions while pursuing our ultimate goal of net zero GHG emissions.
Net Zero GHG Emissions
- Devon’s history of using advanced technologies to improve efficiencies across the business will be key to delivering on our ambition of achieving net zero GHG emissions for Scope 1 and 2 by 2050.
- In pursuit of continued transparency, we expect to refresh our Climate Change Assessment Report by year-end 2021, outlining our approach to proactively address climate-related risks and opportunities.
GHG and Methane Emissions Reductions
- To demonstrate our progress in achieving our longer-term net zero ambition, Devon is targeting reductions of our Scope 1 and 2 GHG emissions intensity by 50% and methane emissions intensity by 65% by 2030 from a 2019 baseline.
- Devon’s emission reduction strategy will involve a range of potential actions including expanding our leak detection and repair program; implementing advanced leak detection technologies; reducing the volume of natural gas that is flared; electrifying facilities to reduce the use of natural gas and diesel consumed onsite, including transitioning from gas-driven to air-driven pneumatic controllers; and optimizing facility design to minimize leaks and eliminate common equipment failures.
- A key component of Devon’s broader emissions reduction strategy is to focus on reducing flared volumes to protect the environment.
- We are establishing a two-pronged approach to improve our flaring performance — targeting a flaring intensity of 0.5% of gross natural gas produced by 2025 and eliminating routine flaring, as defined by the World Bank, by 2030.
- We expect to drive results by continuing to engage in pre-production planning, optimize facility design and operating conditions, assess and deploy beneficial reuse technologies, and collaborate with service providers to prevent and mitigate midstream and downstream constraints.
- Devon is committed to conserving and reusing water. We’ve set a target to advance our recycled water rate and use 90% or more non-freshwater for completions activities in our most active operating areas within the Delaware Basin.
- To minimize freshwater use, the company employs economically and operationally feasible freshwater alternatives wherever possible and has a dozen water recycling facilities throughout the Delaware Basin.
Value Chain Engagement
- Devon will continue evaluating how we can constructively engage stakeholders upstream and downstream of our operations to improve ESG performance across our value chain.
- By 2023, Devon contractors, who perform work on the company’s locations, will begin undergoing annual evaluations to assess their ESG performance in key areas.