HOUSTON, March 07, 2023 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock” or the “Company”) today announced the publication of its 2022 Sustainability Report, detailing progress and continued commitment to the Company’s environmental, social and governance (ESG) performance. The report is based on 2022 data and also includes certain achievements made year-to-date in 2023, underscoring the Company’s culture of continuous improvement.
“We are excited to publish our 2022 Sustainability Report as Archrock continues to advance its ESG initiatives for our employees, customers, shareholders and communities,” said Brad Childers, Archrock’s President and Chief Executive Officer. “This sustainability report reflects our commitment to aligning our corporate strategy with our purpose to power a cleaner America. This includes maintaining robust governance practices and integrating quantifiable ESG goals into our compensation plans, connecting our employees’ actions to our pursuit of a sustainable future.”
“As the leader in U.S. natural gas compression, we remain dedicated to our critical role in transporting affordable and cleaner energy for the benefit of America and the world, and to continue doing so in a safe and environmentally responsible way. We are high-grading our asset base, harnessing our upgraded technology platform and prioritizing opportunities to help our customers with emissions management. Our sustainability report further details these initiatives as well as other ESG efforts that we believe are essential to delivering long-term value for our stakeholders,” concluded Childers.
2022 Sustainability Report Highlights
- Exceeded safety targets for Total Recordable Incident Rate and Preventable Vehicle Incident Rate, and delivered a zero Lost Time Incident Rate.
- Achieved a 12% year-over-year reduction in 2021 Scope 1 and Scope 2 CO2 emissions intensity.
- Invested in electric drive compression horsepower, secured a minority investment in a methane emissions monitoring company and developed a patent-pending methane capture technology.
- Developed and adopted a comprehensive diversity and inclusion policy.
- Compared to 2021, doubled the weight of safety and sustainability within our 2022 short-term incentive plan to 20%.
Archrock’s 2022 Sustainability Report continues to align with the Sustainability Accounting Standards Board (SASB) midstream reporting framework. For the first time, the report also includes disclosures based on the Task Force on Climate-related Disclosures (TCFD) framework.
About Archrock
Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is the leading provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. To learn more about Archrock’s sustainability efforts and for more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICATM, visit www.archrock.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward–looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock, Inc. Forward-looking information includes, but is not limited to statements regarding: Archrock’s or its management’s intentions, beliefs, expectations or predictions for the future related to Archrock’s ESG initiatives and potential benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies and the expected results therefrom; Archrock’s development and deployment of new technologies and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; Archrock’s ability to integrate new products and services into its business and offer them to its customers.
While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: challenges, assumptions, and methodological considerations associated with Archrock’s various ESG aspirations and efforts; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; changes in economic conditions in key operating markets; impacts of world events; the financial condition of Archrock’s customers; the failure of any customer to perform its contractual obligations; changes in safety, health, environmental and other regulations; and the effectiveness of Archrock’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2022 and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
For information, contact:
Megan Repine
Vice President, Investor Relations
(281) 836-8360
investor.relations@archrock.com
