W&T Offshore Issues 2022 Corporate Environmental, Social, and Governance Report
HOUSTON, Aug. 16, 2023 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has issued its 2022 Corporate Environmental, Social, and Governance (“ESG”) report, which is now available on W&T’s website, www.wtoffshore.com, under the “Corporate Responsibility” tab.
The 2022 ESG report provides detailed information about W&T’s ESG initiatives and provides important performance data for the four-year period from 2019 through 2022. The Company consulted the Sustainability Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard, the Global Reporting Initiative’s (“GRI”) standard for the oil and gas sector, the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), and other reporting guidance from industry frameworks and standards in the preparation of the report.
Tracy W. Krohn, Chairman and CEO, commented, “We continue to demonstrate our commitment to a high quality, comprehensive ESG effort by issuing our 2022 ESG report. We have made significant, positive strides across all three ESG elements, especially focused on addressing shareholder concerns and improving our ESG metrics. W&T’s culture of success and sustainability is built on environmental stewardship, sound corporate governance, and contributing positively to our employees and the communities where we work and operate. Earlier this year we added a new Board member, Dr. Nancy Chang, who is the chair of our Environmental, Safety and Governance committee that oversees our ESG efforts. We believe that Dr. Chang will help guide our continuous improvement and assist us in our commitment to the highest standards of ESG and corporate governance. We invite you to review this report to learn more about our ESG program and our plans for improvement in the future.”
The 2022 ESG report provides detailed information about W&T’s ESG initiatives and provides important ESG performance data for the four-year period from 2019 through 2022.
Highlights of the report include:
- Decreased total Scope 1 GHG emissions 20% from over 435,000 metric tons of CO2-e in 2019 to 350,000 metric tons of CO2-e in 2022;
- Decreased onshore facilities air emissions significantly from 2019 to 2022, particularly the 54% reduction in SOx emissions;
- Implemented new procedures to estimate and track all waste management that is recycled, injected, or sent to landfills;
- Enacted additional substantive changes to compensation programs based on feedback from our shareholders, affirming our commitment to say on pay and performance alignment over the long-term;
- Established an ESG Committee, which will assist in setting the Company’s general strategy relating to ESG matters and in developing, implementing, and monitoring initiatives and policies based on that strategy; and
- Increased the Board of Directors to five members with Dr. Nancy Chang, the new chair of the ESG Committee, expanding the size and diversity of the Board
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of June 30, 2023, the Company had working interests in 46 fields in federal and state waters (which include 38 fields in federal waters and eight in state waters). The Company has under lease approximately 578,000 gross acres (419,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 8,000 gross acres in Alabama State waters, 416,500 gross acres on the conventional shelf and approximately 153,500 gross acres in the deepwater. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.
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Executive VP and CFO
Released August 16, 2023