Midland-based oil and natural gas company Diamondback Energy has released its 2023 Corporate Sustainability Report, demonstrating its commitment to sustainability. Travis Stice, chairman and CEO of Diamondback, expressed pride in the company's efforts to be a leader in sustainability within the industry.
"We are invested in meeting our sustainability goals, which we know are important to our stakeholders," said Stice. "We focus our corporate responsibility strategy and initiatives in areas that are relevant to our business performance and where we can make a significant impact, such as prudent investment to reduce emissions and address potential climate change-related risks and opportunities. We know that our robust sustainability goals continue to drive the success of our business, and we are proud to be a sustainability leader in our industry."
The sustainability report details Diamondback Energy's approach and commitment to sustainability, including being environmentally conscious, practicing business ethics, and contributing to the community. It also outlines the company's goals and initiatives for 2023.
One notable achievement highlighted in the report is Diamondback Energy's 20% reduction in Scope 1 greenhouse gas emissions since 2019. The company aims to further reduce these emissions by 50% by 2024. Additionally, Diamondback offset 1.5 million tons of carbon dioxide emitted in 2022 by retiring carbon credits, resulting in zero net Scope 1 emissions.
The report also reveals other noteworthy achievements. Diamondback Energy exceeded its goal of utilizing 28% recycled water in operations by utilizing 41% recycled water. The company dedicated 8,896 personnel hours to key safety topics, a significant increase from 2,565 hours in 2021. Diamondback Energy also joined the Oil and Gas Methane Partnership 2.0 and disclosed the 2022 Equal Employment Opportunity Form.
Diamondback Energy's sustainability approach centers on protecting its people, operating responsibly, improving communities, and practicing sound governance, according to its website.
As an independent oil and natural gas company, Diamondback Energy specializes in the acquisition, development, exploration, and exploitation of unconventional onshore oil and natural gas reserves near Midland. The company's dedication to sustainability has been recognized, as it recently secured a spot on the Fortune 500 list, ranking at number 479.