The Hess Corporation has released its 25th Annual Sustainability Report

Published on: 25 July 2022
sustainability-reports

Hess Corporation's annual sustainability report provides a comprehensive review of the company's strategy and performance. Highlights include: Reducing greenhouse gas emissions by 50% and achieving zero routine flaring from its operations by 2025. Hess is the No. 1 energy company on the 2021 list of 100 Best Corporate Citizens.

Hess Corporation today announced the release of its annual sustainability report, which provides an in-depth look at the company's strategy and performance on environmental, social, and governance (ESG) programmes and initiatives. The 2021 Sustainability Report from Hess Corporation is available on the company's website at www.hess.com/sustainability/sustainability-reports.

“This year marks the publication of our 25th annual sustainability report, demonstrating our longstanding commitment to sustainability and transparency,”

CEO John Hess said.

“We believe climate risks can and should be addressed while at the same time meeting the growing demand for affordable and secure energy, which is essential to ensuring a just and orderly energy transition. Our strategy is to deliver high return resource growth, a low cost of supply and industry leading cash flow growth – while at the same time maintaining our industry leadership in ESG performance and disclosure.”

The 2021 Sustainability Report from Hess Corporation demonstrates how sustainable business practises are integrated into the company's strategy, goals, metrics, and daily operations for the benefit of all stakeholders. Among the highlights are:

Reducing greenhouse gas emissions: After significantly exceeding its five-year emissions reduction targets for 2020, Hess established new five-year reduction targets for 2025: to reduce both operated Scope 1 and 2 GHG and methane emissions intensities by approximately 50% from 2017 and to achieve zero routine flaring from its operations by the end of 2025. These targets outperform the carbon intensity reductions assumed in the International Energy Agency's (IEA) Sustainable Development and Net Zero Scenarios by 2030, which are consistent with the Paris Agreement's goal of keeping global average temperature rise well below 2°C. Hess made significant progress toward these five-year goals in 2021. Hess is contributing to the Salk Institute's groundbreaking work to develop plants with larger root systems capable of absorbing and storing potentially billions of tonnes of carbon per year from the atmosphere.

Improving climate-related risk disclosure in accordance with the most recent TCFD guidance: The Task Force on Climate-Related Financial Disclosures (TCFD) provides a standardised framework for companies to communicate their responses to climate change's physical, reputational, and transition risks. Hess introduces a Low Carbon Transition Framework in this year's Sustainability Report, in line with revised TCFD guidance issued in October 2021, that provides a detailed summary of the company's climate-related risks, opportunities, and actions in governance, strategy, risk management, metrics, and targets.

Working safely by engaging the workforce: In 2021, the company reduced its workforce total recordable incident rate (TRIR) by 9% compared to 2020. Hess also achieved a 14% reduction from 2020 in its severe and significant safety incident rate, a six-year low. Hess completed a number of major operational milestones in 2021, all with zero recordable safety incidents, including the addition of two drilling rigs in the Bakken and one in the North Malay Basin, as well as the completion of the Tioga Gas Plant turnaround.

In 2021, a multidisciplinary emergency response team continued to oversee plans and precautions to reduce COVID-19 risks in Hess' workplace and ensure business continuity. In addition, the company has provided financial and volunteer assistance to a number of community relief efforts.

Advancing diversity, equity, and inclusion and investing in communities: Hess has a long history of promoting diversity, equity, and inclusion (DEI) in the workplace and in the communities in which it operates. In 2021, the company hired a dedicated DEI head and an expert to lead supplier-related DEI and sustainability efforts, and it expanded its DEI training and efforts to attract and retain more diverse job candidates. In 2021, the company will continue to make investments to advance equal opportunity and economic growth in the communities where it operates, including a $9 million three-year financial commitment to fund educational programmes and support services in three underserved Houston communities and a $1.4 million grant to the Jackie Robinson Foundation to provide four-year scholarships and internship opportunities to underrepresented college students and to support the new Jackie Robinson Foundation.

Maintaining top-quartile ESG performance: In 2021, Hess was named to the CDP Global Climate Analysis leadership team for the 13th consecutive year and was named to the Dow Jones Sustainability Index for North America for the 12th consecutive year. Hess received a AAA rating in the MSCI ESG ratings for 2021 after receiving AA ratings for the previous ten years. In comparison to peers, the AAA rating recognises Hess as a leader in managing industry-specific ESG risks. Hess was the top energy company on the 2021 list of the 100 Best Corporate Citizens and the only US oil and gas producer on the Bloomberg Gender-Equality Index. The Transition Pathway Initiative also awarded Hess a top (Level 4) ranking in their November 2021 report, based on the company's efforts to support the transition to a low-carbon economy and mitigate climate change in accordance with TCFD recommendations.

The Hess Corporation 2021 Sustainability Report was prepared in accordance with the Global Reporting Initiative (GRI) Standards, an independent organisation that provides the world's most widely recognised sustainability reporting and disclosure standards. The report's preparation was influenced by TCFD recommendations, oil and gas industry metrics from the Sustainability Accounting Standards Board (SASB), and the World Economic Forum's Stakeholder Capitalism Core Metrics. ERM Certification and Verification Services provided third-party assurance on the report.

Hess Corporation is a leading global independent energy company engaged in crude oil and natural gas exploration and production. More information about the company can be found at www.hess.com.

Source: Hess newsroom

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