HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the publication of its carbon management plan and next three-year sustainability strategy. Crestwood’s second three-year sustainability strategy outlines the focus areas for Crestwood’s ESG/sustainability initiatives for the coming years that will continue to drive its performance, create impact and maintain its MLP ESG midstream leadership position. The development of Crestwood’s 2022 - 2024 sustainability strategy and carbon management plan is a result of its recent materiality assessment update, which includes input from key stakeholders and investors, whereby carbon management was identified as a significant ESG risk and opportunity for the company. The carbon management plan outlines meaningful, near-term emissions reduction activities that the company intends to implement and highlights not only a series of commitments, but also the mechanisms for achievement of those commitments.
“Crestwood is proud to issue its first carbon management plan demonstrating our continued commitment to actionable emission intensity reductions, with a focus on mitigating climate-related risk to our business. This three-year plan highlights our leading MLP midstream approach to sustainability as we follow our authentic path of committing to year-over-year emission intensity reductions while seeking new opportunities to prudently grow our organization and incorporate those assets into our leading sustainability practices,” said Robert G. Phillips, Founder, Chairman and Chief Executive Officer of Crestwood’s general partner. “We believe that oil and natural gas will play a significant role in the future, but we also recognize that our industry needs to evolve in a lower-carbon future. Mitigating climate change means taking a pragmatic approach to what’s feasible today, and Crestwood is focused on promoting cost-effective, practical and realistic emissions reduction practices that deliver long-term value to our unitholders.”
Joanne Howard, Crestwood’s Senior Vice President, ESG and Corporate Communications, commented, “We continue to promote a culture of emissions management throughout the company whether it’s through participation in organizations such as ONE Future and The Environmental Partnership or linking our methane emissions intensity rate to employee compensation to drive continuous improvement. This carbon management plan demonstrates to our stakeholders the actionable goals that Crestwood will implement by 2024 in addition to supporting our customers in achieving their low carbon goals by providing reliable midstream capacity. The plan will hold us accountable as we seek to achieve industry-leading greenhouse gas performance across the business.”
Crestwood’s carbon management plan include a series of eight commitments:
- Annual Greenhouse Gas (GHG) Intensity Reduction: Committed to year-over-year reduction in GHG emissions intensity from existing and newly acquired operations.
- Scope 2 Emissions Reductions: Continue to evaluate opportunities for Scope 2 GHG emissions reduction and manage the company’s operations’ energy efficiency.
- Acquisition Carbon Protocol: Committed to growing the company’s portfolio of gathering and processing assets while developing an Acquisition Carbon Protocol, setting out the process the company will follow to manage emissions with a growing portfolio, including a GHG emissions intensity reduction goal for each acquired location.
- Continuous Methane Emissions Monitoring: Continue to pilot several continuous methane monitoring devices at a subset of operating facilities with plans in 2023 to implement additional devices across the company’s entire operational footprint.
- Responsibly Sourced Gas (RSG): Dedicated to proactively participating in the development of RSG standards for the midstream sector with the goal of becoming certified in the near future.
- Investment in Emissions Data Collection: Committed to going beyond US EPA emission factors and investing in the necessary technology for quantitative emissions calculations and data; striving to develop robust emissions inventories for Scope 1, 2 and 3 GHG emisssions.
- Investments in Climate Technology: Continue to look for ways to integrate technology into company operations to become more sustainable.
- Industry and Trade Group Participation and Leadership: Committed to staying engaged in climate-related trade associations and leading the industry into a more sustainable future.
Crestwood’s carbon management plan and details of its 2022 - 2024 sustainability strategy can be found at www.crestwoodlp.com/sustainability. Crestwood remains on track to issue its 2021 sustainability report in early June 2022 which will include further details on its carbon management plan.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
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 Crestwood’s 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. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
