Pioneer expands environmental commitments

US energy company Pioneer Natural Resources said September 15 it was doing more to pursue a sustainable future by expanding its environmental commitments.

Pioneer laid out a seven-point sustainability plan that includes everything from commitments to curb flaring of natural gas to pursuing a more diverse employee base. Already making progress on emission abatement, the company said it increased its goal to a 50% reduction in greenhouse gas emissions and a 75% reduction in methane intensity, relative to a 2019 baseline, by 2030.

Pioneer had a previous goal of reducing greenhouse gas emissions intensity by 25% and methane emissions intensity by 40% by 2030.

CEO Scott Sheffield said Pioneer is committed to being a leader in environmental, social and governance programmes.

“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,” he said.

The company reported net income in the second quarter of $380mn, reversing loss of $449mn from the same period last year.

Pioneer, whose operational focus is on the Permian shale basin, reported that second quarter production averaged 629,000 barrels of oil equivalent/day, at the top end of its guidance. Third quarter production is expected to be in the range of 660,000 to 685,000 boe/d. The yearly range is expected at between 605,000 and 631,000 boe/d.