EnLink Midstream Issues Fourth Annual Sustainability Report
Digital report includes environmental, social, and governance progress, including on emissions reduction targets
DALLAS, May 3, 2022 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) today issued its 2021 Sustainability Report at http://sustainability.enlink.com. The digital report showcases EnLink's sustainability achievements during 2021, including progress on the company's 2024 and 2030 emissions intensity reduction goals.
"EnLink continues to focus on improving the ways in which we operate, while at the same time, positioning ourselves to deliver business solutions that are supportive of the energy transition," EnLink Chairman and CEO Barry E. Davis said. "Emissions reduction is a key principle of our sustainability program and supports our vision 'to become the future of midstream by leading in innovation and creating sustainable value.' I'm proud of the progress the team has made to integrate sustainability into all aspects of our business – from maintaining our financial strength to supporting our employees and communities to developing our GoalZERO safety program."
Accomplishing Emissions Reduction Goals with Minimal Capital
Through the first quarter of 2022, EnLink accomplished approximately 40% of its goal to reduce methane emissions intensity by 30% by 2024 with a capital investment of less than $800,000 and believes it can achieve the remainder with approximately $2 million.
EnLink also made progress on its goal to reduce CO2e emissions intensity by 30% by 2030 with projects such as the 15-year agreement with Continental Carbonic Products to purchase carbon dioxide (CO2) emitted from our Bridgeport plant in North Texas for use in food-grade products, which was announced in November 2021. This project, which requires only a modest investment but carries an attractive return, is expected to be in service in early 2024 and will result in meaningful progress toward our goal of a 30% reduction in total CO2e emissions intensity by 2030. EnLink will continue to focus on cost-effective ways to achieve its environmental goals.
Additional Sustainability Achievements
The 2021 Sustainability Report covers progress in environmental, social, and governance areas, including:
- Environmental and Safety Achievements:
- Formed EnLink's Carbon Solutions Group, which actively pursues business opportunities that support the energy transition, such as carbon capture, transportation, and sequestration
- Received $4.4 million of emissions reduction incentive grants from The Texas Commission on Environmental Quality that are anticipated to save approximately 57 metric tonnes (MT) of nitrogen oxide emissions each year, equal to over 7,000 MT of CO₂e.
- Joined climate change research project led by the University of Oklahoma to study the impact of greenhouse gas emissions
- Achieved the lowest Total Recordable Incident Rate (TRIR) in EnLink history of 0.44, which is a 6% improvement over EnLink's previous record and 38% better than the 2020 GPA Midstream Division One TRIR average of 0.715
- Social Achievements:
- Joined the CEO Action for Diversity & Inclusion, a nationwide initiative focused on increasing diversity in companies across the country
- Gave back to our communities through EnLink's first companywide Month of Service benefiting local, diverse nonprofits through over 740 volunteer hours and by making available 50,000 gallons of propane to assist Southeast Louisianans following Hurricane Ida
- Achieved 100% management participation in "inclusive leadership training" course
- Governance Achievements:
- Strengthened our sustainability governance through the formation of a Sustainability Committee of our Board of Directors
- Increased the weight of safety and sustainability within our 2021 companywide short-term incentive plan by 50% over the previous year
- Targeted executive compensation at market median (50th percentile) for each executive with 80% of compensation tied to performance-driven incentives
- Continued to evolve EnLink's robust cybersecurity program and achieved 100% employee participation in required cybersecurity training
About EnLink Midstream
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, NGL capabilities, and carbon capture, transportation, and sequestration. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions and expectations of our management, the matters addressed herein involve certain assumptions, risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially from those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words "forecast," "may," "believe," "will," "should," "plan," "predict," "anticipate," "intend," "estimate," and "expect" and similar expressions. Such forward-looking statements include, but are not limited to, statements about operational, environmental and climate change initiatives, future operational outcomes, objectives, strategies, expectations, and intentions, and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect these statements and our financial condition, results of operations, or cash flows include, without limitation (a) the impact of the ongoing coronavirus (COVID-19) pandemic, including the impact of the emergence of any new variants of the virus on our business, financial condition, and results of operations, (b) potential conflicts of interest of Global Infrastructure Partners ("GIP") with us and the potential for GIP to compete with us or favor GIP's own interests to the detriment of our other unitholders, (c) adverse developments in the midstream business that may reduce our ability to make distributions, (d) competition for crude oil, condensate, natural gas, and NGL supplies and any decrease in the availability of such commodities, (e) decreases in the volumes that we gather, process, fractionate, or transport, (i) our ability or our customers' ability to receive or renew required government or third party permits and other approvals, (j) increased federal, state, and local legislation, and regulatory initiatives, as well as government reviews relating to hydraulic fracturing resulting in increased costs and reductions or delays in natural gas production by our customers, (k) climate change legislation and regulatory initiatives resulting in increased operating costs and reduced demand for the natural gas and NGL services we provide, (l) changes in the availability and cost of capital, including as a result of a change in our credit rating, (m) volatile prices and market demand for crude oil, condensate, natural gas, and NGLs that are beyond our control, (n) our debt levels could limit our flexibility and adversely affect our financial health or limit our flexibility to obtain financing and to pursue other business opportunities, (o) operating hazards, natural disasters, weather-related issues or delays, casualty losses, and other matters beyond our control, (p) reductions in demand for NGL products by the petrochemical, refining, or other industries or by the fuel markets, (q) our dependence on significant customers for a substantial portion of the natural gas and crude that we gather, process, and transport, (r) construction risks in our major development projects, (s) challenges we may face in connection with our strategy to enter into new lines of business related to the energy transition, (t) impairments to goodwill, long-lived assets and equity method investments, and (u) the effects of existing and future laws and governmental regulations, and other uncertainties. These and other applicable uncertainties, factors, and risks are described more fully in EnLink Midstream, LLC's and EnLink Midstream Partners, LP's filings with the Securities and Exchange Commission, including EnLink Midstream, LLC's and EnLink Midstream Partners, LP's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Neither EnLink Midstream, LLC nor EnLink Midstream Partners, LP assumes any obligation to update any forward-looking statements.
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Media Relations: Jill McMillan, Vice President of Strategic Relations & Public Affairs, 214-721-9271, firstname.lastname@example.org
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SOURCE EnLink Midstream, LLC
Released May 3, 2022