Business
Baytex Releases 2021 ESG Report and Inaugural TCFD Report
Calgary, Alberta--(Newsfile Corp. - July 27, 2022) - Baytex Energy Corp. (TSX: BTE) today rele...
About this update from Baytex Energy Corp.
[{"type":"text","content":"Baytex Releases 2021 ESG Report and Inaugural TCFD ReportCalgary, Alberta--(Newsfile Corp. - July 27, 2022) - Baytex Energy Corp. (TSX: BTE) today released its 2021 Environment, Social and Governance (\"ESG\") Report, which demonstrates our commitment to transparency and accountability, and shows our progress in managing the environmental and social impacts of our business. Baytex has also released its inaugural Task Force on Climate-related Financial Disclosures (\"TCFD\") Report. Both reports are available on the Baytex website at www.baytexenergy.com.\"We are pleased to share Baytex's ESG Report and our inaugural TCFD Report. Since 2012, we have proudly reported on our activities to reduce our environmental impacts, promote the safety and well-being of employees, contractors, and communities, and ensure effective governance. We remain focused on key ESG initiatives, including GHG emissions, abandonment and reclamation, strong and mutually beneficial indigenous community relations, safety, and climate risk management. Our focus on ESG is essential to drive sustainable outcomes and long-term viability, alongside shareholder returns,\" commented Ed LaFehr, President and Chief Executive Officer. 2021 HighlightsIn 2021, we reduced our GHG emissions intensity a cumulative 52% from 2018 levels and 11% below 2020 levels. We have invested more than $20 million in GHG reduction initiatives over the past four years, and continue to pursue innovative and practical solutions to decarbonize our operations. We continue to target a 65% reduction in our GHG emissions intensity by 2025, relative to our 2018 baseline.We advanced our abandonment and reclamation work, scaling up activities and achieving company record-level abandonment numbers and applications for reclamation certificates. In 2021, we completed 198 well abandonments, the most in company history. We are committed to restoring our 2020 end-of-life well inventory of approximately 4,500 wells to zero by 2040, In doing so, we have made a five-year commitment to invest $100 million from 2022 to 2026, or approximately $20 million per year.We are committed to pursuing water management strategies that minimize our fresh water use. In 2021, we displaced 40% of our fresh water usage for completion activities with non-fresh sources and decreased the fresh water intensity of our operations by...