Published: September 17, 2021 |

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Pioneer Natural Resources Company released its 2021 Sustainability Report, highlighting the company’s focus and significant progress on environmental, social, and governance (ESG) programs. The comprehensive report highlights the company’s net zero ambition by 2050 and enhanced emissions reduction targets for greenhouse gas (GHG) and methane. In addition, the report details the company’s 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement.

“Our board of directors, management team, and employees are committed to ensuring Pioneer remains an ESG leader. We are dedicated to reducing our emissions intensities, being proactive and transparent in our engagement with stakeholders and the communities in which we operate and ensuring our governance policies and performance metrics align with our ESG goals,” said CEO Scott D. Sheffield.

“These efforts, in conjunction with Pioneer’s low breakeven costs, low-emissions intensity, strong balance sheet and highly-skilled and diverse workforce, position the company for continued long-term success,” added Sheffield.

“In addition to the information included in the Sustainability Report, Pioneer will publish its first Climate Risk Report later this year. Pioneer’s goals and strategies will further strengthen our ESG leadership and allow us to provide reliable and affordable, low-emissions intensity, oil and gas to the world,” said Chairman of the Board, J. Kenneth Thompson.

“Pioneer’s best-in-class assets and people, coupled with our commitment to environmental stewardship, position the company to remain a sustainable supplier of the world’s energy needs for decades to come,” added Thompson.

Highlights from Pioneer’s 2021 Sustainability Report include:

• Instituting a pathway to net zero
Building on the company’s significant progress in reducing emission intensities, Pioneer adopted a net zero ambition by 2050 for both Scope 1 and Scope 2 emissions. As outlined in the report, many key initiatives are already underway, demonstrating tangible progress towards the company’s planned pathway to reach net zero.

• Reducing greenhouse gas (GHG) and methane emissions intensity and strengthening reduction targets
Pioneer achieved a 27 percent reduction in GHG emission intensity and a 50 percent reduction in methane intensity in 2020, exceeding the company’s previously established targets. With this accomplishment, the company has increased its 2030 goals to a 50 percent reduction in GHG intensity and a 75 percent reduction in methane intensity from its 2019 baseline.

• Continuing to minimize flaring and commitment to end routine flaring
In 2020, Pioneer achieved a flaring intensity that was 79 percent lower than its goal to limit flaring to 1 percent of natural gas produced. The assets acquired in the Parsley and DoublePoint transactions will be incorporated into this target in 2021, consistent with Pioneer’s high environmental standards. As previously disclosed, Pioneer plans to end routine flaring (as defined by the World Bank) by 2030, with the aspiration to accomplish this by 2025.

• Reducing freshwater consumption
Pioneer is adopting a target to reduce freshwater use in completions to less than 25 percent by 2026. The company expects to achieve this goal by expanding its recycling capabilities and through its unique partnerships with the cities of Midland and Odessa to utilize reclaimed water. The company has already achieved a 50 percent reduction in freshwater use from its 2015 completions baseline.

• Promoting diversity, equity and inclusion
Pioneer fosters an environment of respect in the workplace through the promotion of diversity, equity and inclusion. The company’s executive leadership team is currently 47 percent comprised of female or ethnically diverse individuals. The company is targeting to increase its executive leadership diversity representation to greater than 50 percent through time.

• Demonstrating continued commitment to local communities
In addition to Pioneer and its employees donating more than $4 million to numerous charitable organizations in 2020, Pioneer continues to participate in a leadership role in the Permian Strategic Partnership, a consortium of Permian oil and gas companies driving improvements in the region in education, healthcare, workforce development, housing and road safety.

• Implementing Task Force on Climate-related Financial Disclosure (TCFD) principles by year-end 2022
Pioneer will publish an inaugural Climate Risk Report during the fourth quarter of 2021. The report will detail the company’s progress towards fully implementing TCFD principles into its business strategy, risk management, scenario planning and target and goal setting processes. This implementation is expected to be completed by year-end 2022, one year earlier than the ompany had previously expected. As part of this ongoing effort, the Pioneer board of directors expanded the responsibilities of its Sustainability and Climate Oversight Committee to provide additional oversight and strategic direction to sustainability and climate matters at the company.

About Pioneer Natural Resources
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.

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