Energy Efficiency, GHG Emissions, Industrial - September 27, 2022
Diamondback Energy Updates Emission Progress
Diamondback Energy updated its emission progress including the reduction of Scope 1 GHG intensity by approximately 15% from 2020 to 2021.
The oil company also reduced flared volumes and flaring intensity by approximately 8% and 26%, respectively from 2020 to 2021, lowered methane intensity by approximately 24% from 2020 to 2021 and increased water recycle rate by approximately 70% from 2020 to 2021.
The company announced a medium-term target to reduce Scope 1+2 GHG intensity by 50%, from 2020 levels by 2030 and previously announced its plan to implement Continuous Emissions Monitoring Systems (CEMS) on Diamondback facilities to cover over 90% of operated oil production by the end of 2023.
Diamondback also retired carbon credits to offset nearly 1.2 million metric tons of CO2e emitted during 2021, resulting in zero net Scope 1 emissions during 2021.
“As we approach our tenth anniversary as a public company, I could not be more proud of the hundreds of employees whose daily contributions have made Diamondback a leader in ESG performance and disclosure,” said Travis Stice, Chairman and Chief Executive Officer of Diamondback in a statement. “In 2021, we made significant progress towards meeting multiple environmental goals, striving to reduce our emissions footprint in a safe and efficient manner.”