Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today the publication of its 2021 sustainability report, furthering its commitment to lead the MLP midstream industry in sustainability. The report, entitled Real Change. In Real Time., provides enhanced transparency on Crestwood’s environmental, social and governance (ESG) performance, including details on how the company met its ESG goals, including its methane emissions intensity rate, and diversity, equity and inclusion (DEI) performance, both of which are tied to executive and employee compensation. Crestwood also highlights the achievements made on its first three-year sustainability strategy, which culminated in late 2021, while detailing the next six focus areas that are incorporated in its second three-year sustainability strategy as it continues to integrate sustainability into everyday business operations. The 2021 sustainability report is available at https://esg.crestwoodlp.com.
“We are pleased to share our ESG achievements and priorities in Crestwood’s 2021 sustainability report as we continue our authentic approach to delivering energy affordably, responsibly and sustainably. I am proud of our employees’ dedication to incorporate sustainable business practices into their everyday roles as we work to further progress our sustainability initiatives and best-in-class operating culture,” said Robert G. Phillips, Founder, Chairman and Chief Executive Officer of Crestwood’s general partner. “Crestwood remains at the forefront of ESG developments in the midstream sector. We lead the Energy Infrastructure Council’s ESG working group to improve industry standardization of ESG metrics, and this year, we are advancing our commitment to climate leadership though participation in Cheniere’s Quantification, Monitoring, Reporting and Verification (QMRV) Project. This will enable us to improve the understanding of greenhouse gas emissions, resulting in meaningful improvements in carbon management practices going forward.”
Joanne Howard, Crestwood’s Senior Vice President, ESG and Corporate Communications, commented, “As we publish our fourth annual sustainability report, I am inspired to see sustainability systematically ingrained as part of the culture throughout the company. As we progress, we know we must continue to adjust Crestwood’s strategies and actions, taking into account the changing expectations of our stakeholders in an ever-evolving energy landscape. Therefore, we conducted our second materiality assessment last year to ensure Crestwood’s ESG risks and opportunities remain relevant. As we move into 2022, our next three-year sustainability strategy and first carbon management plan lays out a comprehensive and real time plan, which is integral to Crestwood’s distinction as a best-in-class operator.”
Highlights of Crestwood’s 2021 sustainability report include:
- Driving leading MLP corporate governance: The company continued to strengthen its board structure in alignment with its sustainability practices and has now fully transitioned to a publicly elected board, increased the number of independent directors with diverse perspectives to 90% and held its inaugural unitholder meeting in May 2022.
- Leading in carbon management practices: Crestwood’s focus on accurately tracking GHG emissions enabled the company to identify opportunities to increase operational efficiency and reduce emissions. In 2021, the company achieved emissions reductions across all categories, with a 9% reduction in Scope 1 emissions, a 34% reduction in Scope 2 emissions, a 19% reduction in greenhouse gas emissions intensity and a 30% reduction in methane emissions intensity rate from 2020 levels. The company also embarked on its continuous methane monitoring pilot with an objective to better enhance its approach to methane detection.
- Building an inclusive workplace: The company continued its commitment to DEI showcasing advancements made on its DEI Five-Point Plan that focuses on developing awareness, creating an inclusive culture, delivering training and building a future pipeline of talent. Crestwood continues to increase its female leadership representation and is proud to be included in the 2022 Bloomberg Gender-Equality Index for the second year in a row.
- Prioritizing safety: Crestwood’s safety performance remained strong in 2021 as it reduced its Lost Time Incident Rate for employees by 33% and its Preventable Vehicle Incident Rate by 41%.
- Enriching communities: With a focus on building lasting relationships through engaging partnerships, volunteering and direct financial contributions, Crestwood has invested $1.2 million to the communities in which it lives and operates in 2021 for a total of $4.9 million since 2018.
- Maintaining leading ESG performance: Crestwood continues to be recognized externally for its ESG leadership and was selected as an ESG Top Performer in the midstream category by Hart Energy as well as voted the #1 ESG program by the buy-side and the sell-side in the Institutional Investor All American Executive Team Survey in 2022.
Crestwood’s 2021 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 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.
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.