Apache Corp (NYSE:APA) has joined the Environmental Partnership, which is a collaboration among 25 oil and natural gas producers to support environmental performance enhancements in operations across the nation. The association will use expertise and knowledge within the industry to advance best practices, innovations and technologies that lower emissions. Firms will start implementing the voluntary plan January 1, 2018.
John Williams, the Director of Corporate HSE, expressed that the Environmental Partnership supports Apache’s existing initiatives to lower emissions including their association in the ONE Future Coalition, an industry entity that focuses on listing policy and technical solutions that result in continuous improvement in the controlling of methane emissions related with the production, transmission, distribution and processing of natural gas. They look forward to using learnings from the Environmental Partnership to their overall initiatives that lower emissions from operations.
By the means of the ONE Future Coalition, Apache has pledged to target 0.36% or less of methane released by 2025. The firm has already lowered methane emissions by 12% from 2015 levels. The Environmental Partnership plan comprises three focus segments including a program to retrofit, replace or remove high-bleed pneumatic controllers, a plan for manual liquids unloading targeting natural gas production sources and a leak detection and technology plan for production sources.
Jack Gerard, the CEO and President of the American Petroleum Institute, expressed that this groundbreaking association further showcases the industry’s commitment and leadership to responsibly advancing America’s energy resources while lowering emissions. U.S. methane emissions have declined over the previous decade as domestic oil and natural gas production has increased considerably following the industry’s technology innovation and initiatives to increase efficiencies. The Environmental Partnership looks to support emissions reductions, and they are moving in the right direction.
In the last trading session, the stock price of Apache gained 0.17% to close the day at $40.70.