Laredo Petroleum, Inc. put out its 2022 ESG and Climate Risk Report, which fully updates the company's main ESG efforts and new goals for reducing emissions and recycling water.

Laredo will rebrand as Vital Energy on January 9, 2023, and trade on the NYSE under the ticker "VTLE" to ensure that everyone has access to the reliable, cheap energy supplies needed to power their lives.

Highlights of the report include the following:

• Established a combined Scope 1 and 2 emissions intensity target of below 10 metric tons of carbon dioxide equivalent per thousand barrels of oil equivalent by 2030
• Established target of 50% recycled water to be used in completions operations by 2025
• Reduced 2021 Scope 1 GHG emissions intensity 25% versus 2020 and 34% compared to 2019 Company baseline levels
• Reduced 2021 methane intensity 46% versus 2020 and 63% compared to 2019
• Reduced 2021 flaring intensity (excluding acquisitions) 44% versus 2020 and 78% compared to 2019
• Increased the percentage of recycled water utilised in completions operations to 26% in 2021
  Expanded the Company’s Task Force on Climate-related Financial Disclosures (TCFD)-aligned scenario analysis to include 1.5 degree Celsius and net zero scenarios
• Awarded Project Canary’s TrustWell Certification, the first Permian operator to receive this distinction for responsibly sourced oil and natural gas production
• Increased gender and ethnic diversity on the Board of Directors to 60% and maintained 47% gender and ethnic diversity among the Company’s workforce
• Linked ESG metrics with executive officer compensation by including 2025 emissions reduction goals in the Company’s Long-Term Incentive Programme

"Our ESG and Climate Risk Report shows that we have made a lot of progress on key ESG initiatives across the business," said President and CEO Jason Pigott. "We envision a world where everyone has access to reliable, affordable energy. As a leading producer in the Permian Basin, we are committed to safely delivering low-cost energy, partnering with the communities in which we live and work, and demonstrating sustainability leadership. This report highlights our team’s success in achieving significant emissions reductions since 2019 and our commitment to further improvement through aggressive short- and medium-term emissions reduction targets."

"When we change our name to Vital Energy in early 2023, it will show that our goal is to find new and creative ways to add value for all of our stakeholders," said Mr. Pigott. "I am extremely proud of our employees and their contributions to transforming the company over the past three years. They have helped position us to deliver on our promises, to be unafraid to lead, and to help create a limitless future where the world has abundant, low-cost, reliable energy."

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Source: Globe Newswire