We are committed to developing our resources sustainably and minimizing the environmental impact of our operations. We are dedicated to performing these duties in compliance with applicable federal, state and local laws, including laws regulating emissions of greenhouse gases, such as methane. We take actions beyond those required by law to reduce emissions and freshwater use and make significant investments in infrastructure to reduce our environmental impact.
Environmental Strategy Highlights
- Reducing Scope 1 greenhouse gas (GHG) intensity per BOE by at least 50% from 2019 levels by 2024
- Reducing methane intensity by at least 70% from 2019 levels by 2024
- Eliminate routine flaring (as defined by the World Bank) by 2025
- Source >65% of water used for operations from recycled sources by 2025
- Reduce Scope 1+2 GHG Intesity per BOE produced by at least 50% from 2020 levels by 2030
- Implement Continuous Emissions Monitoring Systems (CEMS) on Diamondback
facilities to cover over 90% of operated oil production by the end of 2023
NET ZERO NOW2/3
- Since January 1, 2021, every hydrocarbon produced by Diamondback has been produced with zero net Scope 1 emissions
- Diamondback has purchased voluntary carbon offsets that are registered in the American Carbon Registry
- Intend to eventually invest in income-generating projects that are expected to more directly offset remaining Scope 1 emissions
- ESG has a 25% weighting in management's scorecard for 2023
- Component determined by meeting or exceeding the following five key environmental and safety metrics:
- Flaring intensity
- GHG emission intensity
- Recycled water percentage
- Produced liquid spills
- Total Recordable Incident Rate (“TRIR”)
Diamondback is committed to reducing our energy consumption and lowering its greenhouse gas emissions. We implement various emissions controls, detection and repair objectives in order to honor this commitment. We have expanded our use of electricity-powered compressors and equipment which emit less GHG compared to natural-gas-fueled equipment.
We recognize that our operations are primarily located in a water-scarce region. As such, we aim to minimize our draw on local resources, particularly our communities’ available supply of freshwater. We use a blend of recycled produced water, brackish water and freshwater for our drilling and completion operations across our asset base, with an increased focus on both produced and brackish water as our primary options. We source brackish (non-potable) water for our drilling and hydraulic fracturing operations where it is available and economically feasible. This helps conserve the available supply of freshwater, since the brackish water we use is generally too high in salinity for irrigation or household use.
Diamondback is dedicated to preventing the release of fluid from containment as part of our commitment to protect our employees, our communities and the planet. We hold ourselves accountable to exceed industry standards for effluent management, as well as spill prevention control and countermeasures.