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Devon Energy establishes target to reduce methane emissions

Devon Energy announced it is establishing a voluntary, company-specific target to reduce methane emissions for its US oil and natural gas production operations, consistent with its core value of being a good environmental steward. By 2025, Devon will achieve a methane-intensity rate of 0.28% or lower. In 2018, Devon’s methane-intensity rate was estimated at 0.32%, which is pending EPA review and third-party verification.

Setting this target signals the next step in Devon’s continuing proactive pursuit to reduce greenhouse gas emissions and reaffirms the company’s commitment to protecting the environment for future generations.

Devon has established a comprehensive and transparent way of accounting for emissions across all its operated assets that goes beyond what’s required by the EPA and represents a significant step toward managing climate risk. The company’s methane-intensity rate is calculated based on emissions from Devon-operated oil and natural gas production facilities as a percentage of natural gas produced. This includes all sources of emissions as reported to the EPA, plus emissions from all basins that fall below the threshold that require EPA reporting and would otherwise go unreported.

“By continuing to operate responsibly and increasing our focus on leak detection and repair, we’re confident we can meet this ambitious target,” Dave Hager, Devon President and CEO, said. “The actions we’re taking reaffirm our commitment to responsible production operations, going beyond what is required by law in pursuit of continuous improvement in environmental performance.”

As part of its overall methane emissions management program and to help achieve and maintain the intensity goal, Devon is proactively executing leak detection and repair (LDAR) at sites where LDAR is not required by federal or state regulation. Devon has trained personnel whose primary focus is conducting infrared camera surveys and ensuring that any necessary repairs are successful. The data collected through this program will allow Devon to establish best management practices and identify technology, equipment and materials for improved performance.

Devon’s new methane-intensity measure will be a component of executive and employee compensation, along with short-term emissions performance that already exists.

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