Athabasca Oil Corporation's Approach to Sustainability
We have a longstanding commitment to Environmental, Social, and Governance (“ESG”) initiatives and we believe it is key to our long-term success. We continue to focus on opportunities to improve our operating practices and have set meaningful targets to improve our performance.
We believe that Canadian energy not only improves lives around the world but it also helps improve environmental performance as Canada has implemented some of the most stringent environmental and regulatory requirements in the world.
Our Approach to Sustainability
This report contains ESG information we consider most relevant to our business and our stakeholders. We continue to focus on ESG components that have the potential to significantly impact our operations, financial results, and are relevant to Athabasca’s stakeholders.
For additional detail on our financial performance and information about our business, refer to our financial statements, our Management’s Discussion and Analysis and our Annual Information Form (“AIF”) which are available at www.atha.com and filed on SEDAR at www.sedar.com.
ESG is fully integrated into our business. ESG metrics and goals are included in the company’s annual compensation scorecard and our Board reviews the ESG strategy and performance quarterly.
The Board is well informed through regular management updates on goals and accomplishments. Management is committed to engaging the Board on climate risks and opportunities to reduce overall greenhouse gas intensities and emissions. Our Board also takes a keen interest in our health and safety practices and performance.
Management reviews HSE performance at each quarterly Board meeting and discusses current and emerging issues.
Scope and Boundary
Our report is guided by three reporting frameworks- Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosure (TCFD). Additionally, throughout the report we demonstrate support for the United Nations Sustainable Development Goals (“UNSDG”) and believe our actions contribute to the 2030 global development priorities.
We have reported gross emissions and production information which includes third party interests from AOC operated facilities. Additionally, we have calculated a net emissions intensity based on AOC’s portion of the total gross emissions and our net production. We have chosen to focus our efforts on areas directly within our operated control to ensure we have the most transparent, tangible, and attainable ambitions.
Unless otherwise stated, this report is with respect to the year ended December 31, 2021.