HOUSTON–(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.