National Fuel Gas Company (National Fuel or the Company, NYSE: NFG) announced today the release of its 2021 Corporate Responsibility Report (Report), providing details on the Company’s initiatives, policies, programs, practices, and performance metrics in key environmental, social, and governance (ESG) areas. The Report highlights the Company’s continued focus on corporate social responsibility across its operating footprint, driven by the ongoing efforts of its workforce of more than 2,100 employees. An electronic version of the report is available by clicking here.
“National Fuel remains focused on continuous improvement across all facets of our organization, including our ESG initiatives,” said David P. Bauer, President & Chief Executive Officer of National Fuel Gas Company. “As we look ahead, our plan is to build on these efforts by focusing on investments in emissions reducing work practices, leveraging technology enhancements and exploring low-carbon initiatives. Our ongoing ESG initiatives and results on key metrics, highlighted below, provide the Company with a strong foundation for continued success.”
Corporate Responsibility Report Highlights
Environmental Stewardship/Emissions Reduction
- Reduced Methane Intensity: substantial progress against 2030 methane intensity targets at each of our business segments, ranging from 5% decrease (Exploration & Production) to 24% decrease (Pipeline & Storage)
- Corporate GHG Emissions Steady, Despite Significant Growth: consolidated emissions profile remained flat notwithstanding significant growth in the Company’s FERC-regulated operations and continued production growth
- Responsible Natural Gas Certifications: achieved certification of 100% of the Company’s natural gas production under the MiQ and Equitable Origin standards
- Continued Focus On Safety: Utility and Pipeline & Storage businesses achieved an all-time best combined safety record for their respective OSHA-recordable incident metrics
- Committed to a Diverse and Inclusive Workplace: In early 2022, Company launched four employee resource groups to further engage underrepresented members of our workforce
- Furthering Supplier Diversity: Utility business increased its spending with diverse suppliers by 77%, comparing calendar 2021 to calendar 2020
- Diverse and Independent Board of Directors: Ten of the Company’s 11 directors (91%) are independent, with 27% board diversity and an average tenure of less than 7 years
- Strong Corporate Governance Foundation: Company has a designated Lead Independent Director, has separated the roles of Chairman and Chief Executive Officer, and, by 2024, will have completely moved to annual elections of directors
- Significant Charitable Contributions to Our Communities: In 2021, the National Fuel Gas Company, its Foundation and its employees donated more than $1.8 million, bringing this total to over $23 million since 2005.
- Supporting our Communities During the COVID-19 Pandemic: continued to direct funding to support nonprofits responding to the impacts of the pandemic, including increased giving to food banks, human service and community organizations, hospitals and first responders
About National Fuel’s 2021 Corporate Responsibility Report
The Company’s Corporate Responsibility Report incorporates multiple best practice sustainability reporting standards, guidelines and frameworks, in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). In line with the Company’s 2022 Climate Report, National Fuel continues to enhance its disclosure surrounding governance of climate-related risks and opportunities, the Company’s related risk management processes and strategy to address those risks and opportunities, and the expected resiliency of that strategy in the future. Additionally, the Company has and will continue to disclose progress against targets to highlight the Company’s progress on our sustainability journey.
About National Fuel Gas Company
National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across four business segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.
Cautionary Note on ESG Data and Forward-Looking Statements
All information included in this Corporate Responsibility Report is being provided on a voluntary basis, and as such, the Company has included and excluded certain topics to customize the sustainability template to our specific need. The decision to include data for historical and future years is at the discretion of the Company and its subsidiaries, and the specific years used as a historical baseline were chosen as appropriate for each reporting segment. The ESG data included in this report does not constitute financial data calculated in accordance with generally accepted accounting principles (“GAAP”). This Corporate Responsibility Report also contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical fact, as well as statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions. This Corporate Responsibility Report and the statements contained herein are submitted for the general information of Company stakeholders and are not intended to induce any sale or purchase of securities or to be used in connection therewith. While the Company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. Furthermore, each forward-looking statement speaks only as of the date on which it is made. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: (1) the Company’s ability to estimate accurately the time and resources necessary to meet the reporting and testing standards applicable to the additional measures we expect to include in future reports; (2) the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets, (3) disallowance by applicable regulatory bodies of appropriate rate recovery for system modernization, (4) governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas, and (5) the other risks and uncertainties described in (i) the Company’s most recent Annual Report on Form 10-K at Item 7, MD&A, and Quarterly Reports on Form 10-Q at Item 2, MD&A, under the heading “Safe Harbor for Forward-Looking Statements,” and (ii) the “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K at Item 1A, as updated by the Company’s Forms 10-Q for subsequent quarters at Item 1A. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements or use them for anything other than their intended purpose. This report contains references to National Fuel’s website and other reporting documents. National Fuel is not incorporating this report by reference into any other document and is not incorporating any other document posted on the website into this report. Except where specified, this report and the data presented have not been externally audited, assured, attested or verified. The Company makes no warranty, express or implied, regarding the accuracy, adequacy, completeness, legality, reliability or usefulness of this report.