Devon Energy sets net zero 2050 emissions targets, ESG performance goals

6/21/2021
Devon Energy CEO Rick Muncrief
Devon Energy CEO Rick Muncrief

OKLAHOMA CITY -- Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.

“We know that strong environmental performance is essential to protecting the communities in which we live and operate, managing risk, and generating long-term value for stakeholders,” said Rick Muncrief, Devon Energy President and CEO.

Key metrics for Devon’s environmental performance targets include:

  • Achieve net zero greenhouse gas (GHG) emissions for Scopes 1 and 2 by 2050
  • Reduce Scopes 1 and 2 GHG emissions intensity by 50% by 2030
  • Reduce methane emissions intensity by 65% by 2030
  • Achieve flaring intensity of 0.5% or lower by 2025 and eliminate routine flaring by 2030
  • Continue to advance water recycling rate and to use 90% or more non-freshwater for completions activities in the most active operating areas within the Delaware Basin
  • Engage value chain in assessment of performance in key environmental, social, and governance (ESG) areas

“Devon is setting aggressive goals to lower its carbon impact, while continuing to return value to shareholders. We know the need for oil and gas will remain for decades, but as good stewards, it is incumbent on us to improve how we produce and deliver it,” Muncrief said.

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