Additional climate-linked performance areas
Energy efficiency
We continually strive to make our operations more energy efficient. This can provide environmental and economic benefits through lower production costs or greater sales revenue. Through the natural decline of production, as our fields diminish in size, they tend to require either the same, or in some cases, even greater amounts of energy to extract the product for processing or refining.
Total energy consumption in 2023 was 205 trillion British Thermal Units (BTUs). Approximately 96% of our consumption was combustion of fuel for our own energy use with the remainder from purchased electricity.
Water
We manage water-related risks by considering the local, social, regulatory, economic and environmental conditions such as water stress, which are unique to every basin or offshore marine area. Water risks are managed at the business unit level, enabling a tailored, region-specific approach. Water-related risks associated with fresh water withdrawal and consumption, water stress, offshore produced water discharges and onshore produced water disposal can affect our business.
We measure and report on the volume of fresh water and non-fresh water withdrawn from local water sources, the volume of municipal waste water reused, and the volume of produced water that is reused, recycled, disposed or discharged after treatment. The data is used to estimate our water intensity and exposure to water stress. We also collect water forecast data for our LRP which enables us to test our portfolio of projects against our water risks to make better-informed strategic decisions.
The 2023 fresh water consumption intensity for our unconventional assets in the U.S. (Eagle Ford, Bakken Permian) and in Canada (Montney) was 0.06 BBL/BOE EUR. The 2023 fresh water consumption intensity for our conventional (Alaska, Canada Surmont, and LNG) and offshore assets (Norway) was 0.03 BBL/BOE. Read more about our water metrics and how we manage water risks.
We use the World Resources Institute Aqueduct Risk Atlas to complete a screening level assessment of our portfolio exposure to water stress. For select assets we also verify the level of water stress using local water supply and demand data for a more detailed understanding. Operated assets located within areas of high baseline water stress in 2023 included parts of the Permian Basin and parts of the Eagle Ford. Overall, 14.7% of our fresh water withdrawal and 18.3% of our freshwater consumption was in regions of high water stress.
