Archrock Announces the Release of its 2023 Sustainability Report
HOUSTON -- Archrock, Inc. (NYSE: AROC) has introduced its 2023 Sustainability Report, a comprehensive update on its sustainability initiatives and achievements. The report highlights key successes based on data collected from the previous year and the early accomplishments of 2024. These details reflect Archrock’s commitment to continuous improvement in its operations and sustainability practices.
Key Highlights from the 2023 Sustainability Report
The report features significant accomplishments for Archrock, showcasing the company’s dedication to safety and environmental responsibility. Notably, Archrock has surpassed its safety targets, achieving a zero Lost Time Incident Rate for the third year in a row. Furthermore, they were awarded the Gas Processors Suppliers Association (GPSA) Excellence in Safety Award for the third time, demonstrating their unwavering focus on safety protocols.
Reduction in CO2 Emissions
A notable achievement highlighted in the report is a 19% year-over-year reduction in Scope 1 and Scope 2 CO2 emissions intensity compared to the previous year. This reduction indicates Archrock’s proactive steps towards fostering a greener operational environment.
Investment in Innovative Technology
In line with their growth strategy, Archrock allocated 20% of its capital expenditure for 2023 towards electric drive compression technology. This includes securing a minority investment in a carbon capture firm and commercializing a patent-pending methane capture technology, emphasizing its commitment to technology that promotes sustainable practices.
Recognition and Commitment to Sustainability
As a testament to its responsible business approach, Archrock was named one of America’s Most Responsible Companies for 2024 by a prominent magazine, further solidifying its position as a leader in sustainable practices within the energy sector. Additionally, sustainability-oriented metrics represent 20% of Archrock’s short-term incentive program for its employees, reinforcing the importance of these initiatives throughout the organization.
Archrock’s Vision for a Cleaner Future
Brad Childers, Archrock's President and CEO, expressed enthusiasm over the publication of the report, stating, "We are excited to publish our 2023 Sustainability Report, which details efforts that we believe are essential to delivering long-term value for our stakeholders." He added that the release coincided with the company’s 70th anniversary, showcasing its long-standing adaptability in a competitive industry.
Childers emphasized Archrock’s focus on technological innovation, stating, "As the report highlights, we are focused on innovative technology and process investments to digitize, automate, and decarbonize our operating platform." Highlighting the acquisition of TOPS, he pointed out that it positions Archrock as a leader in electric motor drive compression, underlining their efforts in promoting a cleaner America.
About Archrock
Archrock is a major player in the energy infrastructure sector, primarily focused on midstream natural gas compression. The company is dedicated to assisting its clients in producing, compressing, and transporting natural gas safely and environmentally responsibly. Headquartered in Houston, Texas, Archrock is well-known for providing top-quality natural gas compression services across the United States and leading aftermarket services for compression equipment.
To discover more about Archrock's sustainability initiatives, visit www.archrock.com.
Frequently Asked Questions
What is the purpose of Archrock's 2023 Sustainability Report?
The report outlines Archrock's sustainability initiatives, achievements, and its ongoing commitment to safety and environmental responsibility.
How did Archrock perform in terms of safety in 2023?
Archrock achieved a zero Lost Time Incident Rate for the third consecutive year, exceeding its safety targets.
What recognition did Archrock receive in 2024?
Archrock was named one of America’s Most Responsible Companies for 2024 by a leading magazine.
What investments is Archrock making towards sustainability?
Archrock is investing 20% of its 2023 capital expenditure in electric drive compression technology and has invested in carbon capture initiatives.
How does Archrock plan to lead in technology and sustainability?
Archrock is focused on digitizing, automating, and decarbonizing its operations to drive more sustainable practices in the natural gas sector.
