Range Resources Corporation's 2020 Corporate Sustainability Report describes its industry leadership and commitment to sustainably producing natural gas for this generation and generations to come while prioritizing environmental protection, safety, its employees, and the communities where it operates. As part of the company's commitment to meeting its sustainability goals, it set an aggressive new goal—to become the first natural gas producer to achieve net-zero direct greenhouse gas ("GHG") emissions by 2025.
Range's efforts to reduce emissions have been underway since 2009, using annual engineering reviews to enhance production equipment performance and refine wellsite design. As a result, Range's GHG emissions intensity decreased by 80% between 2011 and 2019. In the past three years in particular, Range has focused on emissions from energy combustion, other vented emissions, and fugitive emissions during its annual design and process change review, as these areas allow for the largest amount of emissions reductions for the associated costs. Between 2017 and 2019, Range reduced its direct carbon dioxide emissions by 44% and methane emissions by 49%.
As Range's CEO, Jeff Ventura, noted in the press release announcing the 2020 Corporate Sustainability Report: "We have made significant progress toward our strategic sustainability goals over the past year." Specific emission reduction initiatives implemented by Range in 2019 include:
Range's emission reduction initiatives in 2020 and beyond include:
Range's 2020 Corporate Sustainability Report states a commitment to long-term, sustainable natural gas production while continuously reducing emissions, including those commonly associated with climate change. Range plans to continue its strategy development on this front, analyzing long-term trends in energy markets and using the publicly available scenarios produced by the International Energy Agency's 2019 World Energy Outlook. Range sees significant opportunities for the role of and an increased demand for natural gas in the transition to a low-carbon economy and hopes to yield significant benefits in its relationships with its employees, communities, and investors by being an industry leader on important environmental, social, and governance metrics.