The Energy Infrastructure Council (EIC) and GPA Midstream Association have commended member companies Crestwood Equity Partners LP, Enterprise Products Partners L.P., ONEOK Inc., Western Midstream Partners, LP, and The Williams Companies, Inc. for their leadership in environmental, social, and governance (ESG) and early adoption and completion of the EIC/GPA Midstream ESG Reporting Template that was released in December 2020.
The associations also report that other companies, including DCP Midstream Partners, LP; Energy Transfer LP; Magellan Midstream Partners, L.P.; and Plains All American Pipeline, L.P. are gathering their data and are planning to report later this year.
The template, the final product of a year-long collaborative process that included members from both EIC and GPA Midstream, involved significant participation from member company ESG, operational and technical experts and, importantly, valuable input, guidance, and buy-in from major investors. The Template provides quantitative, accurate, timely, and comparable metrics on the midstream sector for investors, policymakers, and other stakeholders. In addition to providing data from calendar year 2020, companies are encouraged to provide 2018 and 2019 figures for comparison purposes.
EIC President and Chief Executive Officer (CEO) Lori Ziebart said, “The actions by these first-movers will encourage more widespread adoption of the Template by other midstream companies, bolster support from investors, and confirm that midstream is leading the way forward in ESG reporting.”
Robert G. Phillips, chairman, president, and CEO of Crestwood Equity Partners LP, and co-chair of the EIC ESG Working Group said, “We are proud to complete and publish our ESG performance in the EIC/GPA ESG Reporting Template, and we encourage other midstream companies to adopt the template to showcase how our industry is committed to enhanced ESG transparency and disclosure. At Crestwood, we remain steadfast in continuing to advance ESG not only within our own company, but also within the midstream industry.”
Williams’ President and CEO Alan Armstrong, co-chair of the EIC ESG Working Group, said, “This tool helps midstream companies focus on the most consequential and highest priority ESG metrics while at the same time giving the investor community confidence in the relevance and comparability of midstream ESG reporting at a time of its increasing importance. This is a great opportunity for the midstream industry to gain critical mass and support a very well vetted set of measures. It also allows midstream companies just starting out on the ESG journey to take advantage of the Template and save significant time and resources by adopting the guidance and best practices known in the midstream industry at this time.”
ONEOK’s President and CEO Terry Spencer said, “ONEOK’s culture is one of continuous improvement and integrating ESG best practices throughout our operations has long been a critical strategy for us. As we identify opportunities for continued enhancements in our ESG disclosures and performance, resources like the Template and other reporting standards are valuable tools to help guide our reporting and continue our commitment to transparency. We remain committed to providing safe, sustainable, and reliable midstream services that help provide essential energy resources.”
Enterprise’s Co-CEO and CFO Randy Fowler said, “One of Enterprise’s core values comes from our founder Dan Duncan, which is ‘the way we do business is as important as the business we do’. Sustainability has been at the core of Enterprise’s business philosophy since our formation in 1968. It was not called ‘sustainability’ in 1968. We called it building a durable and profitable business for long-term value creation. Our principles include treating our employees with respect and as our most valuable asset. It also includes being a supportive corporate citizen in the communities where are our assets are located and where our employees call home. We congratulate EIC’s and GPA Midstream’s leadership for their comprehensive interaction with the financial community and midstream companies in developing this Template that will provide investors with criteria and comparability of ESG metrics.”
Michael P. Ure, president, CEO, and acting chief financial officer of Western Midstream Partners, LP, said, “In our first year as a stand-alone entity, we demonstrated our commitment to addressing ESG by releasing our inaugural ESG Report. We’re proud to take this additional step and join other midstream operators in completing and supporting the EIC/GPA Midstream Template. Our joint commitment toward consistent ESG reporting demonstrates to our investors and stakeholders that sustainability is key to our collective success as a sector.”
Joel Moxley, president and CEO of GPA Midstream Association, added, “I applaud these companies for stepping up to be among the first to complete the Template. They are indicative of midstream companies’ leadership in adopting ESG reporting transparency to meet the high expectations of all of our stakeholder groups.”
Public and private midstream companies–irrespective of their membership status with EIC or GPA Midstream–are encouraged to complete the template.
Wednesday, March 10, 2021
