Hess Corporation which holds a 30 percent interest in Guyana’s prolific Stabroek Block, has been recognized for its climate change stewardship in CDP’s Climate Change Scores for 2021. Significantly, Hess has maintained Leadership status for 13 consecutive years from CDP, an international nonprofit organization that runs a global environmental disclosure system.
For 2021, Hess was one of only two U.S. oil and gas producers to achieve Leadership status, scoring well above both the oil and gas extraction and production sector average and the overall North American regional average.
Alex Sagebien, Vice President of Environmental, Health and Safety said, “CDP’s rating recognizes our leadership in climate-related performance and disclosure. Hess will continue to be guided by our longstanding commitment to sustainability as we help to meet the world’s growing need for affordable, reliable, and cleaner energy.”
According to CDP, its scores are based on a company’s climate related governance, disclosure practices and management of risks. It said ratings for the complete list of companies from around the world can be found at https://www.cdp.net/en/scores.
In addition, Newsweek recently published its third annual ranking of America’s Most Responsible Companies and once again included Hess. Of the 500 companies on the 2022 list, Hess is the highest-ranked oil and gas producer.
The ranking is based on an analysis of 2,000 public companies with U.S. headquarters by a research firm using an independent survey and publicly available key performance indicators for environmental, social and corporate governance.
OilNOW reported in 2021 that Hess’ Sustainability Report, which is published annually, provides a detailed review of its strategy and performance on environmental, social and governance programmes and initiatives which allowed it to maintain its high-ranking status on climate change.
In that document, the company’s Chief Executive Officer (CEO), John Hess said his firm is committed to being the world’s most trusted energy partner while noting that it remains guided by strategies and actions that create business and societal value.
Expounding further, the CEO noted that Hess’ Board and senior leadership have set aggressive targets for greenhouse gas (GHG) emissions reduction. In 2020, he noted that the company significantly surpassed its five-year targets to reduce Scope 1 and 2 GHG emissions intensity by 25% and flaring intensity by 50% from operated assets. Upon review of the company’s performance, it was found that Hess reduced GHG emissions intensity and flaring intensity by 46% and 59%, respectively, compared to 2014 levels.
Building on this, Hess said his company announced new five-year GHG reduction targets for 2025, which are to reduce operated Scope 1 and 2 GHG emissions intensity by approximately 44% and methane emissions intensity by approximately 52% from 2017 levels. He said these targets are designed to exceed the 22% carbon intensity reduction by 2030 in the IEA’s Sustainable Development Scenario, which is consistent with the Paris Agreement’s less than 2°C ambition.
