Responsibly sourced gas pioneer strengthens ESG leadership with first-of-its-kind, basin-wide commitment with Project Canary
Southwestern Energy (NYSE: SWN) (the “Company” or “Southwestern”) announced today that it executed an agreement to obtain independent responsibly sourced gas (RSG) certification through Project Canary’s stringent TrustWell™ standards and continuous emissions monitoring across its Appalachia basin operations.
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Under the terms of the agreement, Southwestern will utilize Project Canary’s independent TrustWell™ analysis platform across its existing and future unconventional Appalachia wells. The agreement expands SWN’s existing relationship with Project Canary, which began in 2017, and, when completed, will increase SWN’s certified gross production to over 3 Bcf per day.
The certification process is set to begin in July 2021, with substantially all certifications expected to be complete by early 2022. Project Canary will also initiate the installation of its Canary X continuous emissions monitoring devices on all SWN’s pad locations throughout the Appalachia basin.
“Creating sustainable value through responsible energy development is a core value of SWN. We are proud to have been first-movers in ESG, including leading performance, disclosure and transparency. This includes emissions performance leadership through rigorous operational design standards and methane reduction initiatives, returning more freshwater to the environment than is used in our operations, and robust chemical disclosure management,” said Bill Way, Southwestern Energy President and Chief Executive Officer. “In 2017, we saw the potential for a differentiated market that values responsibly sourced gas, and today, we add another milestone by becoming the largest independent producer to certify and continuously monitor its entire base production. Natural gas is a clean, reliable and affordable source of energy and, as a leading producer of natural gas, we are proud to be a part of a lower carbon future.”
Southwestern Energy certified its first wells in 2017 and has since completed six separate RSG sales agreements. Southwestern has a proven track record of ESG performance including reporting the lowest GHG intensity among AXPC peers in the annual EHS survey, achieving a methane intensity that is 85% better than the target set by ONE Future, reporting five consecutive years of freshwater neutrality and returning over 14 billion gallons of freshwater to the environment.
Project Canary, a Denver-based B-Corp, is the leading provider of continuous emissions monitoring technology and responsibly sourced natural gas certification through its TrustWell™ operational analysis program. More than 600 unique data points within 24 operational categories, including 12 dynamic scores for continuous improvement, are included in a TrustWell™ analysis, making it the market’s most rigorous certification and ongoing monitoring process. Operators that earn top TrustWell™ rankings utilize the highest standards and practices across their operations.
“Southwestern Energy’s longstanding sustainability leadership has positioned the company for continued success. We are grateful to work with their entire team to further advance their most critical ESG goals through site-level certification and continuous monitoring data,” said Chris Romer, co-founder and CEO of Project Canary. “The differentiated market for RSG is expanding quickly and independent, third-party certification ensures that the demands of global end-users, with heightened sustainability demands, will be met and exceeded through the energy transition, where RSG will play a central role.”
This marks more than three-dozen agreements Project Canary has entered into with companies across the energy value chain, reflecting the growing differentiated market demand for RSG.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.
About Project Canary
Project Canary, a Public Benefit Corporation based in Denver, Colorado, is a mission-driven entity accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that “does well and does good.” Project Canary’s goal is to mitigate climate change by helping the energy sector operate on a cleaner, more efficient, more sustainable basis through its TrustWell™ operational certification program and continuous emission monitoring services. Project Canary partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. To learn more, visit projectcanary.com.
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Southwestern Energy Contact
Director, Investor Relations
Project Canary Contact
Vice President, Growth and Policy