Risk response

• Review global emerging issues with the SPEC on a regular basis. 

• Work with Climate Leadership Council and API Climate Working Group to develop U.S. carbon tax framework; advocate for a carbon price through the Climate Leadership Council/Americans for Carbon Dividends as well as the Carbon Pricing Leadership Coalition. 

• Directly engage governments on evolving climate policy and monitor policy developments. 

• Engage in industry working groups to provide input to federal consultation on border carbon adjustment policies. 

• Use carbon price in base case long-range planning and forecasting; maintain GHG forecasting practice. 

• Support effective incentives for emissions reductions, including tax and production credits and protocols for use of carbon credits and offsets. 
• Maintain global corporate position and strategy on carbon offsets purchases and advocate for the long-term use of carbon offsets, including market convergence. 

Climate disclosure policy 

• Conduct regulatory reporting gap assessment to plan for new regulatory disclosures.  

• Conduct assurance and internal audit for all sections of annual Sustainability Report and enhance processes and controls. 

• Implement strategy for environmental data management.

• Explore novel technology and investments through Low Carbon Technologies organization. 
• Explore implementing CCS technology in project design. 

• Explore development of hydrogen/ammonia project as low carbon power generation fuel. 
• Consider partnering with future renewable energy project developers to power our operations where operationally and economically feasible and monitor new opportunities. 

• Support enactment of cost-effective federal methane regulations on new and existing sources that would preserve a state’s ability to adapt implementation to local conditions. 
• Explore new technology solutions and facility improvements to meet methane and flaring reduction targets. 

• Continue regulatory advocacy efforts around methane and flaring. 
• Work with industry trade groups and task forces to respond to proposed GHG regulations. 

• Design and develop new facilities with lower emission footprints. Focus on operational efficiency globally to reduce GHG intensity. 
• Execute U.S. flare reduction plans and consider developing additional flaring reduction targets. 

• Continue implementation of corporate Climate Risk Strategy including energy transition plan with updated targets. Continue integration of business unit emissions reduction approaches. 

• Improve GHG data collection efforts and advance MACC emissions reduction projects, plans and low-carbon ideas. Continue to assess transformational technology pilots. 

• Continue to grow emissions monitoring program. Advance methane mitigation measures through leak detection surveys, source testing and tank monitoring. 

• Participate in OGMP 2.0 to advance methane reporting to Level 5 Gold Standard reporting. 

• Include energy transition milestones in short-term incentive plan (VCIP) to add accountability to reducing our GHG emissions intensity. 

• Increase internal engagement on electricity load forecasting and grid power needs across the company to manage electricity-related planning. 

• Continue to include physical climate risk in SD risk management process.
• Develop global physical risk assessment guidelines for business units and continue with ongoing review cycle.
• Initiate asset-specific climate risk assessments.

• Increasing use of recycled produced water and produced water infrastructure planning and collaboration.
• Progressing research to develop and pilot technologies and processes to treat produced water for potential beneficial reuse opportunities beyond the oil and gas industry.

• Continue assessment of risk of permafrost thaw for construction of new infrastructure and implementation of mitigation measures.
• Investigate effective approaches for monitoring permafrost.
• Continually review and update engineering and design specifications, including equipment and site maintenance.

• Participate in desktop regional wildfire annual risk assessment and mitigation planning efforts.
• Execute emergency response plan exercises, drills and training for wildfire threats.
• Engage with local forestry industry on integrated land management plan.
• Implement and execute safety barriers and controls to enable facility and personnel protection in the case of fire and advance warning of potential wildfire threats.
• Distribute wildfire daily update to relevant stakeholders.