Shale Producer Range Resources Sets 2025 Net-zero Emissions Target

Range Resources Corp. has set a goal to achieve net-zero greenhouse gas emissions by 2025, the U.S. shale producer said in an Aug. 26 release.

The Fort Worth, Texas-based independent E&P company’s net-zero ambitions follow emissions reductions targets set by several international oil majors including BP Plc and Royal Dutch Shell Plc as the sector continues to face pressure from investors and activists over climate change. Williams Cos. Inc., a pipeline company based in Tulsa, Okla., also unveiled net-zero carbon emissions targets on Aug. 26.

Range, a natural gas and NGL producer with operations focused on stacked-pay projects in the Appalachian Basin, said it is already a leader in emissions reductions among its peers. Citing third-party data from Rystad Energy, the company puts its ranking among the lowest in CO₂ emissions intensity in a group of 58 global oil and natural gas producers.

“Given our vast energy resources, low breakeven costs and best-in-class environmental efforts, Range will continue to play a key role in safely supplying cleaner, abundant energy while providing value for all stakeholders through a sustainable approach to our work,” CEO Jeff Ventura said in a statement on Aug. 26.

Range, which claims to have pioneered the Marcellus Shale in 2004, currently holds roughly half a million net acres in Appalachia primarily in southwest Pennsylvania. The company expects Appalachia production to average about 2.15 Bcfe/d for 2020, according to a recent investor presentation.

To achieve its new emissions reductions goals, Range said it plans to continue investing in new technologies and engineering solutions, implement best-in-class emissions reductions practices and develop improved methods to reliably verify emissions through measurement. Continued emissions reductions also include the use of carbon offsets associated with reforestation and forest management.

As an additional interim goal, Range also intends to further reduce greenhouse gas emissions intensity relative to 2019 levels by 15% by 2025.

The new emissions reduction targets were announced alongside the publication of an updated corporate sustainability report by Range on Aug. 26.

“We have made significant progress toward our strategic sustainability goals over the past year,” Ventura said adding this has resulted in “significant cost savings” for the company.

In addition to its net-zero goal, the report highlights progress Range continues to make towards its broader ESG priorities, according to the company release.

Highlights from the Range sustainability report include:

Governance Culture

• Management and oversight of sustainability factors fully integrated into daily operations;
• Proactive ongoing outreach to shareholders soliciting feedback on ESG efforts; and
• 33% of independent directors are female.

Health and Safety Leadership

• Zero incidents resulting in work restrictions or days away from work experienced by Range employee workforce in 2019; and
• 3,179 hours of safety-related training completed by workforce over past year.

Environmental Stewardship

• Net-zero greenhouse gas direct emissions by 2025 through continued emissions reductions and the use of carbon offsets associated with reforestation and forest management, as well as the consideration of all other available and emerging offset methodologies;
• Continue reducing greenhouse gas emissions intensity with interim objective of further reduction of 15% by 2025 compared to 2019 greenhouse gas emissions intensity levels;
• Reduced greenhouse gas footprint by 47% in absolute greenhouse gas emissions since 2017;
• Recycled 147% of produced water volume through water sharing program.

Community Impact

• Contributed over $442,000 to more than 350 non-profit and civic organizations across core operating footprint; and
• Over 700 employee hours volunteered at company-sponsored events and community initiatives.

Range’s sustainability report is informed by multiple best practice sustainability reporting standards and frameworks, the release said. These include guidelines and recommendations by the Global Reporting Initiative, the Sustainability Accounting Standards Boards, Task Force on Climate-related Financial Disclosures and IPIECA’s (formerly known as the International Petroleum Industry Environmental Conservation Association).