Published: May 7, 2021 |

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An executive at U.S. shale gas explorer CNX Resource Corp. criticized the long-term pledges to reduce emissions that have slowly gained traction in the industry, saying they lack detail and accountability.

“Committing to a target or goal decades into the future, without a concrete path to accomplish them and without accountability for those words, in our opinion is the epitome of flawed corporate governance,” Olayemi Akinkugbe, CNX Chief Excellence Officer, said on a conference call with investors.

Energy companies have faced increased investor pressure to lay out plans for slashing greenhouse-gas emissions. In November, Occidental Petroleum Corp. became the first large U.S. oil producer to aim for net zero emissions from everything it extracts and sells by 2050, accelerating an industry trend that’s become commonplace in Europe.

CNX’s larger rival, EQT Corp., is also weighing an emission reduction target.

Since 2011, CNX claims to have already slashed by 90 percent its so-called scope 1 and 2 carbon dioxide emissions — those that are directly controlled by the company and the ones associated with its energy use, such as electricity purchases.

The company has also introduced methane-related performance indicators into its executive compensation program and is developing technology aimed at reducing to near zero the methane leaks from blowdown and pneumatic devices — which makes up about 50 percent of its emissions. Methan is much more harmful to the atmoshphere than carbon dioxide.

“We are committed to continuing to make tangible, impactful progress on the ESG. What you won’t see from us are vague targets and commitments that lack a measurable path to accomplishing them within an accountable timeframe,” spokesman Brian Aiello said by email in response to questions.

Source: Bloomberg

About CNX Resources
CNX Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas properties primarily in the Appalachian Basin. It operates through two segments, shale and coalbed methane. The company produces and sells pipeline quality natural gas primarily to gas wholesalers. This division owns rights to extract natural gas in Pennsylvania, West Virginia, and Ohio as well as rights to extract natural gas from other shale and shallow oil and gas positions in Illinois, Indiana, New York, Ohio, Pennsylvania, Virginia, and West Virginia. It also owns rights to extract coalbed methane (CBM) in Virginia, as well as 1,896,000 net CBM acres in West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company owns, operates, and develops natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. CNX Resources Corporation also offers gas gathering and water delivery solutions to third-parties. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania.

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