Oasis Petroleum Inc. Releases Inaugural Sustainability Report
Aug 10, 2021, 18:18 ET
HOUSTON, Aug. 10, 2021 /PRNewswire/ -- Oasis Petroleum Inc. (NASDAQ: OAS) ("Oasis" or the "Company") today released its inaugural sustainability report, which outlines the Company's commitment to environmental stewardship, social responsibility, and corporate governance. The report is available on the Company's website at www.oasispetroleum.com.
The Oasis Board has unanimously and fully supported the publication of this report and the continuation of focus and transparency around Oasis' commitment to sustainable operations and ESG initiatives.
"At Oasis, we are dedicated to meeting critical energy needs by producing a cleaner, low-cost barrel for the benefit of our stakeholders," said Danny Brown, Oasis' Chief Executive Officer. "Operating sustainably by protecting the environment, working safely, engaging with local communities and stakeholders, and exhibiting strong governance is integral to delivering shareholder value. Our inaugural sustainability report outlines Oasis' core values, its long-standing sustainability efforts, ongoing initiatives, and provides greater transparency regarding our performance and commitments. We are pleased to share it with our stakeholders, welcome feedback, and look forward to building on this important step."
While the report focuses on Oasis' performance during the 2020 calendar year, it also highlights advancements made in early 2021, and it provides information with respect to historical performance. Following are select highlights and achievements:
- Environmental Stewardship
- Reduced total GHG emissions intensity 51% compared to 2019 levels;
- Transported almost 100% of oil and water via pipeline, reducing trucks on the road;
- Over a 60% reduction in reportable spills in 2020;
- Social Responsibility
- 27% increase in proportion of women in workforce since 2017;
- $4.5 million contributed to charities and community initiatives since 2010;
- Commitment to Governance
- Executive compensation aligns management and shareholders with 75% of equity compensation tied to shareholder returns;
- 86% of Board directors are independent with two-thirds of committees chaired by women.
Oasis' 2020 Sustainability Report was prepared in alignment with the Sustainability Accounting Standards Board (SASB) Oil and Gas Exploration and Production Standards and the American Exploration and Production Council (AXPC) ESG Metrics Framework.
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management's control. These risks and assumptions are described in Oasis' annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's view only as of the date made.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Oasis Petroleum Inc.
Oasis Petroleum Inc. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston and Permian Basins. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.oasispetroleum.com.
SOURCE Oasis Petroleum Inc.
Share this article