HOUSTON, Sept. 24,
2024 /PRNewswire/ -- Surge Energy US Holdings Company
("Surge Energy" or the "Company") today announced the release of
the Company's 2024 Corporate Sustainability Report. This is the
Company's third publicly available report and fifth overall report,
providing a comprehensive update on Surge's sustainability goals,
relevant operational investments, and environmental, social, and
governance ("ESG") initiatives. Additionally, the report provides
disclosures in line with the recommendations of the Sustainability
Accounting Standards Board ("SASB") for the Oil and Gas –
Exploration and Production industry.
"We remain steadfast in our commitment to being a responsible
operator and this report provides our stakeholders with key
milestones, information, and progress on our sustainability goals,"
stated Chief Executive Officer Linhua
Guan. "Our team continues to invest in initiatives to
improve our environmental performance, in our people to keep them
safe, and throughout the company to remain competitive in the
market. This report presents a holistic view of this commitment,
our progress in 2023, and an outlook of where we intend to improve
and develop."
Performance highlights from 2023 included in Surge's 2024
Corporate Sustainability Report:
- Achieved zero employee recordable injuries for the third
consecutive year and second year with zero Motor Vehicle
incidents.
- Delivered a company record low spill performance by
volume.
- Continued utilization of the Company's four produced water
recycling facilities for completion operations. The practice of
using recycled produced water for completion operations both
conserves fresh water and reduces operating expenses. Since the
inception of the water recycling program in 2017, the Company has
conserved over 5 billion gallons of water through the end of 2023
and over 6 billion gallons through June
2024. Thus far in 2024 99% of water used in our completion
operations was recycled, which exceeds the water recycling goal
established in our 2022 Corporate Sustainability Report.
- Elimination of over 365 thousand metric tons of CO2e
through innovation, operational excellence, and investments in
emissions-eliminating infrastructure and operations such as water
infrastructure, electrical infrastructure, and the use of dual fuel
engines in our completions operations.
- Increased our Leak Detection and Repair surveys by 77% in 2023
relative to 2022.
- Maintained 45% of variable compensation linked to
sustainability performance for all employees for the second
consecutive year.
The Company remains committed to the Sustainability Goals
established in the 2022 Corporate Sustainability Report, which were
created to drive progress in the areas deemed most material to our
business. These goals address Scope 1 GHG intensity, frac fleet
fuel consumption, Scope 1 methane intensity, and recycled water use
and by focusing on these goals we have observed improvement and a
better understanding of the challenges we face to meet them. For
example, one key challenge the Company faced in recent years was
the integration of assets acquired since 2021 and the constraints
observed with third-party midstream gas gathering capacity. These
constraints have resulted in higher flaring than anticipated on
this acquired acreage. Flaring in our legacy acreage position
continued to decrease and was minimal in 2023. We continue to work
with our midstream partners to find solutions that allow us to
minimize flaring across our entire acreage position.
Surge's full 2024 Corporate Sustainability Report can be
accessed here. For more information about sustainability at Surge,
please visit our Corporate Responsibility webpage.
About Surge Energy
Surge Energy is an independent oil and natural gas company
focused on the development, exploitation, production and
acquisition of oil and natural gas reserves in the Midland Basin of
West Texas, one of three primary
sub-basins of the Permian Basin. The Company is headquartered in
Houston, Texas, and currently
holds approximately 135,000 net acres in the Permian Basin as of
June 30, 2024. For more information,
visit our website at www.SurgeEnergyA.com.
Investor Relations
Email: InvestorRelations@SurgeEnergyA.com
Phone: 832-333-2400
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SOURCE Surge Energy
