Message from the CEO

Dear Stakeholders,

I am proud to lead a company with such a strong commitment to our people, the environment and the communities where we work and live. This commitment is part of our strategy to deliver long-term value for our shareholders, based upon technical and operational excellence, a strict-returns-based financial discipline, competitive margins and top-quartile performance.

The foundation underpinning our strategy is a combination of our Formula and our culture of valuing all people, establishing a high bar for safety and protecting the environment. This year’s corporate responsibility report demonstrates clearly how solid this foundation really is.

Our commitment to safety is reflected in our ONE Team culture, in which we integrate our employees and our contractors into ONE Team with a shared culture of openness, support, challenge and continuous improvement – working together to share resources and lessons learned to make sure everyone returns home safely every day. In 2017, this culture resulted in a record-low Total Recordable Injury Rate for employees and contractors.

We are constantly on the forefront of developing and embracing new technologies to reduce emissions and other operational impacts throughout the hydrocarbon value chain, directly aligning with our strategy. We demonstrate this by certain key achievements reflected in this year’s report:

  • We maintained freshwater neutrality for the second consecutive year, meaning for every gallon of fresh water we use, we offset or replenished that gallon in the same operating region where it was used.
 
  • We are an industry leader in reducing methane emissions from our operations. Our 2017 methane leak/loss rate was 0.221 percent, the fourth consecutive year we have exceeded our goal of 0.36 percent.

Further, in this year’s report we expanded our disclosure scope on climate-related risk assessment and mitigation to address questions regarding potential long-term portfolio impacts under rules concerning global climate change.

I want to personally thank all of our valued employees whose time and efforts are reflected in this report. These efforts prove that our Formula, our ONE Team safety culture and our leading environmental stewardship, combined with our strategy of long-term value creation, are the foundation for our progress.  As we continue to successfully execute our strategy, we remain committed to financial discipline, capital efficiency and operational excellence as we provide clean, safe, reliable and affordable energy to the world.

Sincerely,

Bill Way
President and Chief Executive Officer