Chesapeake achieves Grade “A” MIQ and Grade “A-” EO100™ Reverification for Marcellus Operations
- We are pleased to share that, as of June 2023, Chesapeake Energy Corporation‘s Marcellus site was re-verified under the EO100™ Standard for Responsible Energy Development.
- The Marcellus site is jointly certified by Equitable Origin and MiQ.
- Chesapeake received a Grade “A” in MiQ and a grade “A-” in EO100™ Reverification.
- Chesapeake Energy Corporation is now the first producer to receive a letter grade under Equitable Origin’s updated grading schematic.
- The reverification assessment was conducted by Responsible Energy Solutions, LLC.
- To see the summary report for Chesapeake Energy Corporation, Marcellus, please click here.
OKLAHOMA CITY, July 17, 2023 – Chesapeake Energy Corporation (NASDAQ:CHK) today announced that it has achieved recertification of its natural gas production across the entirety of its Marcellus operations, which averaged approximately 4.4 billion cubic feet (bcf) of natural gas per day during the first quarter of 2023. The company received a grade A under the MiQ methane emissions standard and a grade A- from Equitable Origin’s EO100™ Standard for Responsible Energy Development, which focuses on environmental, social and governance (ESG) performance.
“These achievements are a testament to our team and our commitment to deliver the affordable, reliable and lower carbon energy the world needs. We take our role in responsible energy production very seriously and are extremely proud of the ability to minimize our environmental footprint across our operating areas and further reduce emissions,” said Chesapeake President and CEO, Nick Dell’Osso.
The MiQ standard is graded across a sliding A–F scale based on methane intensity, company practices and methane detection technology deployment. The MiQ certification provides a verified approach to tracking Chesapeake’s commitment to reduce methane intensity across its natural gas assets and supports the company’s net zero GHG emissions goal by 2035.
“Chesapeake’s A grade recertification underscores its commitment to continued emissions reduction in its natural gas production,” said Georges Tijbosch, CEO of MiQ. “Methane can be addressed this decade, and MiQ certification is important to understand methane intensity from oil and gas production – providing operators like Chesapeake with credible data that drives market transparency.”
Equitable Origin moved from a pass/fail rating to a letter grade system this year and awarded Chesapeake an A-. To achieve this designation, the company needed to score at least 95% in Equitable Origin’s EO100™ five core principles. This includes corporate governance, transparency and ethics; human rights, social impacts and community investment; indigenous peoples’ rights; fair labor and working conditions; and climate change, biodiversity and environmental impacts.
“The high grade achieved in this assessment is reflective of a demonstrated commitment to transparency and continuous improvement. This example of responsible energy leadership is an important step towards a better, more sustainable future,” said Equitable Origin CEO, Soledad Mills.
Chesapeake was the first producer to achieve MiQ and EO100TM certification across two major basins in 2022. The company expects to obtain recertification of its Haynesville assets in December.
About Chesapeake Energy Corporation
Headquartered in Oklahoma City, Chesapeake Energy Corporation (NASDAQ: CHK) is powered by dedicated and innovative employees who are focused on discovering and responsibly developing our leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy. Visit www.chk.com to learn more.
MiQ has developed a universally applicable certification standard for credibly assessing the methane performance of natural gas production around the world. The standard is independent, third-party audited, quantitative, and graded across a sliding A-F scale based on three metrics: methane intensity, company practices, and methane detection technology deployment. MiQ’s Certification scheme is designed to improve transparency surrounding methane emissions and provide the backbone for a level playing field across the global natural gas market.
An MiQ Certificate represents the methane emissions performance attributes of a specified portion of natural gas. To prevent double-counting, MiQ maintains a registry of all MiQ Certificates from Issuance through to Retirement. Visit miq.org/certification for more information.
Equitable Origin is a non-profit organization that was founded with a vision to create a market-based mechanism to recognize and reward responsible energy producers and to empower energy purchasers through independent, site-level certification. The EO100™ Standard for Responsible Energy Development is grounded in a set of comprehensive, globally applicable ESG indicators developed with extensive stakeholder input. Certification against the EO100™ Standard promotes best practices and drives improvements in ESG performance while enabling a market for certified responsible energy with a premium price for differentiated production.
To learn more, visit www.energystandards.org.