Pioneer Natural Resources Releases 2020 Sustainability Report, Incorporates Emission Reduction Targets

Pioneer Natural Resources Company (NYSE:PXD) ("Pioneera?? or "the Companya??) today announced the publication of its 2020 Sustainability Report, detailing the Companya??s dedication and focus on environmental, social and governance (ESG) programs. The report highlights enhanced disclosures on air emissions, health and safety metrics, diversity and inclusion initiatives, community engagement, board governance and additional detail on the steps Pioneer will take to integrate the assets from the pending acquisition of Parsley Energy into alignment with the Companya??s announced goals and targets. Pioneera??s 2020 Sustainability Report is available at

Highlights from Pioneera??s 2020 Sustainability Report include:

Incorporating greenhouse gas (GHG) and methane emission intensity reduction targets a?? Pioneer is formally adopting targets to reduce GHG and methane emission intensities from the Companya??s operations, including a 25% reduction in GHG intensity and 40% reduction in methane intensity by 2030, inclusive of Parsleya??s assets. The Companya??s emission intensity reduction targets are aligned with the Task Force on Climate-related Financial Disclosures (TCFD) criteria for target setting.

Continuing leadership position through minimizing flaring a?? Establishing a goal to limit the Companya??s flaring intensity to less than 1% of natural gas produced, with a plan to incorporate Parsleya??s assets into this target by 2022. In addition, Pioneer will end routine flaring (as defined by the World Bank) by 2030, with the aspiration to accomplish this by 2025.

Nearing completion of the Midland Water Project a?? A unique infrastructure project where Pioneer invested in upgrading the City of Midlanda??s wastewater treatment plant and in return will receive non-potable water from the City of Midland. This source of treated municipal wastewater will displace freshwater used in the Companya??s operations and represent a significant milestone in Pioneera??s ongoing freshwater reduction strategy.

Increasing health, safety and environment (HSE) and ESG goal weighting in executive compensation a?? Demonstrating Pioneera??s focus on both HSE and ESG strategies and metrics, the Companya??s Board of Directors has increased the executive incentive compensation weighting of HSE and ESG goals from 10% to 20%, beginning in 2021.

President and CEO Scott D. Sheffield stated, "Pioneer continues to make our comprehensive ESG and HSE strategies a top priority. With this report, we are pleased to announce the improvements we have made over the past year as well as additional environmental targets, including the adoption of greenhouse gas and methane emission reduction targets, continuing our leadership through minimizing flaring and progressing projects that reduce our freshwater usage. Our pending acquisition of Parsley combines similar values with a shared commitment to environmental stewardship. Pioneer has a bright future supplying low-cost energy to the world while adhering to the highest ESG standards.a??

Chairman of the Board, J. Kenneth Thompson, stated, "The Boarda??s engagement in ESG and climate-related concerns is a top priority. We are increasing the weighting of these metrics in executive incentive compensation from 10% to 20% beginning in 2021 and continue to enhance Board governance on ESG and HSE initiatives to ensure Pioneera??s leadership position continues into the future. While Board engagement is important, execution on the ground is critical to achieving our goals outlined in this report. The high standards in which our employees perform their work translates into a focus on safety, a commitment to environmental excellence and a culture that promotes strong social values.a??

Additional information on Pioneera??s strategy and performance on ESG and HSE initiatives can be found in the report accessible on the Companya??s website listed above. The Company announced its plan to implement the principles of the TCFD in its sustainability reporting. This yeara??s report references the following reporting standards, terminology and performance metrics: TCFD, Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Carbon Disclosure Standards Board (CDSB), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs).
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