Exploration and production company Extraction Oil & Gas has released a new report outlining what it hopes will be new industry standards.
Called ‘Above and Beyond’, the Colorado-based company’s plan is reflective of its innovative and forward-thinking approach to the industry. Founded in 2012, Extraction is trying to usher in a new standard, one which is thoroughly modern and driven by ESG principles.
“We are keenly aware that we are stewards of a company built to endure for generations as it provides the energy needed to power social and economic development in our region,” said Matt Owens, President and CEO.
Setting the standard
The report highlights a number of areas that the Extraction is focusing on: operational safety, environmental protection and the innovative use of technology to drive efficiencies.
Striving to maintain high working standards and priding itself on prioritising the welfare of its employees, the company has logged over 2mn work hours without incident.
This impressive feat has been enabled by operations which are rigorously monitored 24/7 and feature automatic shutdown capabilities, as well as real-time notifications on the compromisation of system integrity and thorough air quality tracking.
Adept at identifying areas which are inefficient and in need of optimisation, Extraction has managed to reduce water consumption by 33%, lower noise pollution, enabled 99.9% of its carbon emissions to be captured and designed drilled wells to be environmentally sound.
A pioneer in the adoption of innovative new technology, the company was a trailblazer in the utilisation of electric-powered drilling.
It was this that allowed Extraction to significantly reduce its noise and carbon pollution levels comparative to traditional diesel-powered operations.
Taking pride in its work
Currently employing over 250 people and producing 75,000 barrels of oil per day, Extraction’s attention to details and emphasis on quality will hopefully have a positive impact on how others in the industry choose to do business.
“Led by Extraction’s Board of Directors, our culture is tied to values that include transparency, honesty, and integrity,” explained Owens in the report’s preface.
We are committed to providing lasting value to all our stakeholders and Above and Beyond shows how we turn that commitment into a reality.”