Surge Energy Unveils Comprehensive Sustainability Insights
Surge Energy Announces 2024 Corporate Sustainability Report
Surge Energy US Holdings Company, known for its commitment to responsible operations, has recently published its 2024 Corporate Sustainability Report. This report marks their third public disclosure and fifth overall assessment of their sustainability efforts. Designed to convey a clear picture of Surge Energy's goals and achievements, this document also aligns with the frameworks set forth by the Sustainability Accounting Standards Board (SASB) in the Oil and Gas – Exploration and Production sector.
Highlights of Surge Energy's Sustainability Performance
As highlighted by CEO Linhua Guan, the report reflects substantial milestones reached in 2023. The company's dedication to sustainability is evident through a remarkable record of safety and environmental stewardship, evidenced by several key performance indicators:
- For the third consecutive year, Surge Energy has achieved zero employee recordable injuries and marked its second year of zero vehicular incidents.
- The company has also recorded a company-low volume of spills, showcasing its commitment to minimizing environmental impacts.
- Surge Energy's commitment to recycling is significant. Its four produced water recycling facilities have dramatically reduced fresh water usage. Since the beginning of this program in 2017, over 5 billion gallons of water have been reclaimed, with a staggering 99% of water used in completion operations during 2024 being recycled.
- Through various innovative practices and operational improvements, the company successfully eliminated more than 365 thousand metric tons of CO2 equivalent emissions, through infrastructural investments and dual fuel engine operations.
- The 2023 year was marked by a 77% increase in Leak Detection and Repair surveys compared to the previous year, underscoring the company's proactive measures towards leak prevention.
- For the second consecutive year, Surge has tied 45% of its variable employee compensation directly to sustainability performance, ensuring that all team members share in the commitment to ecological and operational standards.
Long-Term Sustainability Goals
Surge Energy continues to remain focused on the sustainability objectives established in its 2022 Corporate Sustainability Report. These goals target critical areas such as Scope 1 greenhouse gas intensity and water recycling efforts crucial for the future viability of its operations. The company has made notable strides, but challenges such as integrating acquired assets and managing third-party midstream gas gathering capacity have affected flaring levels. The legacy acreage has shown improvement, with notably reduced flaring in 2023, as Surge collaborates with midstream partners to refine operations across all holdings.
About Surge Energy and Its Commitment to Excellence
With a core focus on the development, exploitation, and production of oil and natural gas reserves in the Midland Basin, Surge Energy is dedicated to advancing its operational strategies and enhancing its economic contributions while embedding sustainability into its core practices. The company operates out of Houston and holds around 135,000 net acres in the prominent Permian Basin. As they evolve, Surge Energy is anticipated to initiate even more robust initiatives that foster environmental responsibility and operational efficiency.
Frequently Asked Questions
What is Surge Energy's commitment to safety?
Surge Energy has achieved zero employee recordable injuries for three consecutive years, demonstrating a strong commitment to safety in operations.
How is Surge Energy addressing environmental concerns?
The company has eliminated over 365 thousand metric tons of CO2 emissions and achieved a low volume of spills, along with extensive recycling practices.
What are the key goals outlined in the 2022 sustainability report?
Key goals include reducing Scope 1 GHG intensity and enhancing the use of recycled water in operations to meet future targets.
In what ways has Surge Energy invested in its sustainability initiatives?
Surge Energy has invested in emissions-reducing infrastructure, improved leak detection systems, and linked employee compensation to sustainability performance.
Where can I find more information about Surge Energy's sustainability efforts?
Detailed information about Surge Energy's sustainability practices can be found in the 2024 Corporate Sustainability Report available on their corporate website.
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