Crestwood Highlights Industry Leading ESG Advancements in 2020 Sustainability Report
June 07 2021 - 9:05AM
Business Wire
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”)
announced today the publication of its 2020 sustainability report
furthering its commitment to build an MLP industry leading
sustainability program. The report, entitled Shaping ESG in the
Midstream Sector, provides enhanced transparency on Crestwood’s
environmental, social and governance (ESG) performance and includes
details on how the company is linking a broader set of ESG goals,
such as its methane emissions intensity rate and diversity and
inclusion performance, to employee compensation. Crestwood also
highlights the progression of its three-year sustainability
strategy as it continues to engrain sustainability across the
business and into its culture. The 2020 sustainability report is
available at https://esg.crestwoodlp.com.
“Crestwood is proud to issue its third annual sustainability
report demonstrating significant progress and reporting
enhancements in the midst of one of the most challenging years for
our industry. This year’s report highlights our strength and
positioning as a leading MLP midstream company as we continue to
safely operate the vital infrastructure needed to deliver energy,
while reducing emissions, improving operational efficiencies and
seeking new opportunities to prudently grow our organization as our
industry evolves in a lower-carbon future,” said Robert G.
Phillips, Chairman, President and Chief Executive Officer of
Crestwood’s general partner. “Crestwood continues to be an ESG
thought leader in the midstream sector, and we have helped advance
the standardization of ESG metrics across the industry in an effort
to attract new investors as commodity prices begin to support
increasingly favorable energy sector dynamics. We recognize the
importance of collaborating with our peers on ESG efforts and are
unwavering in our drive to position the company and the industry
for long-term success.”
Joanne Howard, Crestwood’s Vice President, ESG and Corporate
Communications, commented, “As an early adopter of ESG reporting,
it has been rewarding to see the immense progress Crestwood has
made on our sustainability strategy within the organization and
across the MLP industry since we issued our inaugural report three
years ago. With continuous improvement in mind, we will be
refreshing our material topics later this year that will define the
next phase of our strategy for the next three years of our
program’s growth. The updated sustainability strategy will reflect
the ever-changing environment that we operate in while continuing
to mitigate ESG risks and seek opportunities that will propel our
success in the future.”
While the 2020 sustainability report focuses on Crestwood’s
performance during the 2020 calendar year, it highlights
advancements made in early 2021 around improved corporate
governance including board diversity and enhanced ESG key
performance indicators tied to employee compensation.
Highlights of Crestwood’s 2020 sustainability report
include:
- Enhancing its approach to corporate governance: The
company made significant strides in early 2021 with the successful
buy-in transaction of First Reserve’s common units and general
partner interest, culminating its ten-year strategic partnership
with First Reserve. This action will enable Crestwood to transition
to a publicly elected board and enhance the number of independent
directors with diverse perspectives, driving leading MLP
governance.
- Reducing its carbon footprint: Through an enhanced focus
on understanding its emissions sources and increasing its
operational efficiencies, Crestwood has reduced emissions across
the company, realizing a reduction of approximately 14% in
greenhouse gas emissions intensity and a 32% reduction in its
methane emissions intensity. The company also joined ONE Future and
The Environmental Partnership to work collaboratively and share
best practices on emissions reductions activities.
- Supporting biodiversity and land use: Crestwood
continues to focus on minimizing habitat disturbances and is
honored to have received Wildlife Habitat Council certification for
its grassland reclamation efforts on the Fort Berthold Indian
Reservation in North Dakota, further edifying its commitment to
environmental stewardship.
- Advancing diversity and inclusion: The company
reinforced its commitment to diversity and inclusion by appointing
a Chief Diversity Officer and publishing a Diversity and Inclusion
Five-Point Plan that focuses on developing awareness, creating an
inclusive culture and building a future pipeline of talent.
Crestwood is also proud to be one of three midstream companies
included in the 2021 Bloomberg Gender-Equality Index.
- Ensuring the safety of employees and contractors:
Crestwood’s strong safety performance continued in 2020 as it
reduced its Lost Time Incident Rate for employees by 15%. The
unprecedented challenges caused by the COVID-19 pandemic reinforced
the company’s steadfast commitment to health and safety and it
activated business continuity plans and safety protocols to ensure
the safety of its workforce while also continuing to deliver energy
reliably and efficiently.
- Creating shared value with local communities: Since
2018, Crestwood has invested approximately $3.7 million to the
communities in which it operates. Through its robust social
investment program, the company has ensured that investments are
strategic, impactful and aligned with its corporate values.
Crestwood continues to provide financial assistance to students
pursuing a post-secondary STEM-related degree through its
scholarship program, which has provided nearly $350,000 in
scholarships to 84 recipients.
Crestwood’s 2020 sustainability report has been prepared in
accordance with the Global Reporting Initiative (GRI) Standards -
Core option and is aligned with the Sustainability Accounting
Standards Board (SASB) midstream reporting framework and the Task
Force on Climate-related Financial Disclosures (TCFD). New investor
and ESG presentation materials are also posted to Crestwood’s
website at www.crestwoodlp.com.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP)
is a master limited partnership that owns and operates midstream
businesses in multiple shale resource plays across the United
States. Crestwood is engaged in the gathering, processing,
treating, compression, storage and transportation of natural gas;
storage, transportation, terminalling and marketing of NGLs;
gathering, storage, terminalling and marketing of crude oil; and
gathering and disposal of produced water. Visit Crestwood Equity
Partners LP at www.crestwoodlp.com; and to learn more about
Crestwood’s sustainability efforts, please visit
https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties
and other factors that are difficult to predict and many of which
are beyond management’s control. These risks and assumptions are
described in Crestwood’s annual reports on Form 10-K and other
reports that are available from the United States Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update
any forward-looking statement, except as otherwise required by
law.
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Crestwood Equity Partners LP Investor Contacts
Josh Wannarka, 713-380-3081 josh.wannarka@crestwoodlp.com Senior
Vice President, Investor Relations, ESG and Corporate
Communications
Rhianna Disch, 713-380-3006 rhianna.disch@crestwoodlp.com
Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211 joanne.howard@crestwoodlp.com Vice
President, Sustainability and Corporate Communications
Crestwood Equity Partners (NYSE:CEQP)
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