by Jennifer Leahy
Famed auto executive Lee Iacocca once said, “Every business and every product has risks. You can't get around it.”
Exploring for and producing natural gas and oil is no exception. Minimizing and mitigating those risks is a priority for ConocoPhillips, and the company is proud to be recognized for its efforts to manage methane emissions associated with its operations.
The investor-focused report “Disclosing the Facts 2017: Transparency and Risk in Methane Emissions” is part of an annual survey that assesses how well U.S. and Canadian upstream oil and gas companies manage and disclose risks from operations associated with hydraulic fracturing. The report ranks ConocoPhillips second for its progress in reducing methane emissions, with 11 out of 13 possible points. This score represents the company’s best result since the survey started ranking hydraulic fracturing operators in 2013.
“Disclosing the Facts” also recognized ConocoPhillips as one of six “especially strong performers in implementing and disclosing best methane reduction practices.”
Those efforts include leak detection and repair procedures, removal of more than 300 trucks per day from roads in the Permian Basin, and initiatives to reduce fugitive emissions.