Antero Resources Publishes 2020 ESG Report and Reiterates 2025 Environmental Goals
DENVER, Oct. 5, 2021 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced the publication of its 2020 ESG Report highlighting its focus on People, Performance and Purpose. The report details Antero Resources' ongoing commitment to the communities in which it operates, safe operations, environmental excellence and strong governance. The full report is available at www.anteroresources.com.
- Social Responsibility & Safety
- Paid approximately $375 million in lease and royalty payments to West Virginia and Ohio land owners
- Generated and paid property and severance taxes of $112 million in West Virginia and Ohio
- Invested $26 million on community road improvements
- Antero Foundation contributed over $682,000 in direct community donations in 2020
- Exported approximately 60,000 Bbls/d of LPG (1) in 2020, including approximately one-third to developing nations
- Reduced Total Recordable Incident Rate (TRIR) by 35% from 2016 to 2020
- Reduced Total Lost Time Incident Rate (LTIR) by 68% from 2016 to 2020
- Environmental Leadership
- Zero routine flaring as defined by the World Bank's Zero Routine Flaring by 2030 Initiative
- Flaring intensity of 0.0%
- Reduced GHG Intensity (Scope 1 Emissions) by 46% from 2016 to 2020 to 2.0 metric tons CO2e per MBOE
- 88% of the Board of Directors are independent and 43% of independent directors are female
- Incorporated ESG performance metrics with executive compensation
- Established ESG Committee of Board of Directors
- Launched ESG Advisory Council - a cross-disciplinary group of internal subject matter experts that assist the Board's ESG Committee with management of ESG risks, opportunities and strategies
- Continued progress on alignment to TCFD and SASB disclosure frameworks and standards
2025 Environmental Goals:
- 50% reduction in methane leak loss rate to under 0.025%
- 10% reduction in GHG intensity to below 2.0 metric tons CO2e per MBOE
- Targeting Net Zero Scope 1 emissions
- Align with TCFD and SASB guidelines
Paul Rady, Chairman, President and Chief Executive Officer of Antero Resources commented, "This year's ESG report highlights the foundation of Antero Resources' success – a focus on People, Performance, and Purpose. Our relentless focus on these principals has allowed us to successfully navigate the ever-changing global economy, while continuing to deliver stakeholder value. Our dedicated and talented employees responded to the volatility in 2020 with relentless determination to safely continue operations while recognizing that the work we do, and the energy we deliver is essential to building our local communities and global economies. As the largest LPG producer and exporter, Antero Resources is uniquely positioned to directly impact populations living in energy poverty. In 2020, approximately one-third of our LPG exports went to developing nations, including the nations of Nigeria, Peru and India, improving people's health, safety and livelihood through the displacement of more expensive and carbon-intensive fossil fuels."
Michael Kennedy, CFO and Senior Vice President of Finance of Antero Resources said, "Antero's outstanding ESG performance is a direct result of our unwavering commitment to maintain our leadership position as a responsible energy producer. Our performance, workplace culture and 2025 ESG goals are evidence of our commitment to care for our community, employees and the environment. Antero's ESG strategy allows our company and our stakeholders to support a low-carbon future transition by producing natural gas and natural gas liquids according to the highest safety, environmental and governance standards."
(1) Liquid Petroleum Gas, typically 75% propane and 25% butane.
The Company posted its 2020 ESG Report presentation on its website at www.anteroresources.com. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.
Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company's website is located at www.anteroresources.com.
While Antero Resources believes all historical calculations presented in this release and the ESG Report were completed consistent with current industry standards, the numbers provided have not been audited by a third party audit firm.
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our strategy, future operations and forecasts of future events, including our environmental goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. These forward-looking statements are management's belief, based on currently available information, as to the outcome and timing of future events. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
In addition, many of the standards and metrics used in preparing this release and the ESG Report continue to evolve and are based on management expectations and assumptions believed to be reasonable at the time of preparation but should not be considered guarantees. The standards and metrics used, and the expectations and assumptions they are based on, have not been verified by any third party. In addition, while we seek to align these disclosures with the recommendations of various third-party frameworks, such as the Task Force on Climate-Related Financial Disclosures ("TCFD"), we cannot guarantee strict adherence to these framework recommendations. Additionally, our disclosures based on these frameworks may change due to revisions in framework requirements, availability of information, changes in our business or applicable governmental policy, or other factors, some of which may be beyond our control.
Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, cybersecurity risks and the other risks described under the heading " Risk Factors" in Antero Resources' filings with the SEC.
This release and the ESG Report contain statements based on hypothetical or severely adverse scenarios and assumptions, and these statements should not necessarily be viewed as being representative of current or actual risk or forecasts of expected risk. These scenarios cannot account for the entire realm of possible risks and have been selected based on what we believe to be a reasonable range of possible circumstances based on information currently available to us and the reasonableness of assumptions inherent in certain scenarios; however, our selection of scenarios may change over time as circumstances change. While future events discussed in this release or the report may be significant, any significance should not be read as necessarily rising to the level of materiality of certain disclosures included in Antero Resources' SEC filings.
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SOURCE Antero Resources Corporation
Released October 5, 2021