Company Targets Net Zero GHG Emissions by 2025
FORT WORTH, Texas, Aug. 26, 2020 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) (“Range” or the “Company”) announced the publication of an updated Corporate Sustainability Report today. The 2020 Corporate Sustainability Report covers a broader and deeper set of topics, with a focus on a material set of issues for the business and key stakeholders, underscoring the Company’s commitment to increased transparency around these important initiatives.
“We have made significant progress toward our strategic sustainability goals over the past year. The dedication of our employees to environmental stewardship has driven substantial environmental and operational efficiencies, resulting in significant cost savings,” said Jeff Ventura, the Company’s CEO. “Given our vast energy resources, low breakeven costs and best-in-class environmental efforts, Range will continue to play a key role in safely supplying cleaner, abundant energy while providing value for all stakeholders through a sustainable approach to our work.”
Emissions Reduction Goals and Performance
Range announced new emissions reductions goals in the updated report. The Company’s medium-term goal is to achieve the objective of net zero greenhouse gas (GHG) emissions by 2025 through continued emissions reductions and the use of carbon offsets associated with reforestation and forest management. As an additional interim goal, Range intends to further reduce GHG emissions intensity relative to 2019 levels by 15 percent by 2025.
To achieve these targets, Range continues to invest in new technologies and engineering solutions, implement best-in-class emissions reductions practices and develop improved methods to reliably verify emissions through measurement. These efforts have positioned Range as a leader in emissions reductions amongst peers. Based on third-party data from Rystad Energy, an independent energy research firm, Range is ranked among the lowest in CO2 emissions intensity in a group of 58 global oil and natural gas producers.
A chart showing Range’s ranking on CO2 emissions intensity is available by clicking on the image below:
In addition to the Company’s new emissions reduction targets, the report highlights progress Range continues to make towards its broader environmental, social and governance priorities.
Corporate Sustainability Report Highlights
Strong Governance Culture
- Management and oversight of sustainability factors fully integrated into daily operations
- Proactive ongoing outreach to shareholders soliciting feedback on ESG efforts
- Thirty-three percent of independent directors are female
Health and Safety Leadership
- Zero incidents resulting in work restrictions or days away from work experienced by Range employee workforce in 2019
- 3,179 hours of safety-related training completed by workforce over past year
- Net Zero GHG Direct Emissions by 2025 through continued emissions reductions and the use of carbon offsets associated with reforestation and forest management, as well as the consideration of all other available and emerging offset methodologies
- Continue reducing GHG emissions intensity with interim objective of further reduction of 15 percent by 2025 compared to 2019 GHG emissions intensity levels
- Reduced GHG footprint by 47 percent in absolute GHG emissions since 2017
- Water management leader: Recycled 147 percent of produced water volume through water sharing program.
- Contributed over $442,000 to more than 350 non-profit and civic organizations across core operating footprint.
- Over 700 employee hours volunteered at company-sponsored events and community initiatives
The full Corporate Sustainability Report is available at https://csr.rangeresources.com.
About Range Resources’ 2020 Sustainability Report
Range’s Sustainability Report is informed by multiple best practice sustainability reporting standards and frameworks. Guidelines and recommendations by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Boards (SASB), Task Force on Climate-related Financial Disclosures (TFCFD) and IPIECA’s (formerly known as the International Petroleum Industry Environmental Conservation Association) sustainability reporting guidance have all been considered for the creation of this report.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused on stacked-pay projects in the Appalachian Basin. The Company pursues an organic development strategy targeting high return, low-cost projects within its large inventory of low risk drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, including those related to the Company’s securities offering. These statements are based on assumptions and estimates that Range’s management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties, and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the results of Range’s hedging transactions, the costs and results of actual drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, environmental risks and regulatory changes. Range undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q, which are incorporated herein by reference.
Range ESG Contact:
Scott Roy, Senior Vice President
Range Investor Contact:
Laith Sando, Vice President – Investor Relations
Range Media Contact:
Mark Windle, Manager of Corporate Communications