Climate Change Data

Environmental Metrics

ESG Focus Areas

• People
• Environment
• Ethics & Governance

Environmental Achievements

• Reduced CO2e emissions intensity by more than one third below the Canadian average (39.86 kg CO2e/boe vs 59 kg CO2e/boe)
• Annual saving of 150,000 t CO2e through heat recovery, gas recovery, and operational efficiency
• Generated 24,000 t CO2e carbon credits in 2019
• Implemented ECO3 produced water recycle system at Onion Lake Thermal site

Social Achievements

• 98% of global workforce hired locally
• 30% First Nations workforce at Onion Lake
• USD 14 million spent with indigenous suppliers
• Zero severe injuries

Governance Achievements

• Adopted a Sustainability Policy
• Joined the United Nations Global Compact in 2020
• Revised Whistleblowing Procedure and introduced an independent third-party service
• Executive compensation linked to ESG performance (10% in 2019)

Climate Goals & Targets

Environmental Challenges

• Extreme cold weather in Canada
• Refinery shutdowns in France
• Rig delays in Malaysia
• COVID-19 pandemic disrupting global economy and oil demand

Mitigation Strategies

• Rapid adaptation of working practices to ensure business continuity and employee safety
• Swift action to reset business plan to preserve financial strength
• Implementation of proactive measures to safeguard employee health and safety during COVID-19 pandemic
• Enhanced IT systems and security to allow work from home

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Due diligence process at pre-qualification stage for contractors, including HSE criteria
• Agreements with contractors include clauses respecting nationally and internationally recognised safety standards and highest standards of business conduct

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Changes to carbon cap and pricing policies

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI Standards, IPIECA reporting guidance, Greenhouse Gas Protocol Corporate Accounting and Reporting Standard

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 8 (Decent Work and Economic Growth)
• SDG 13 (Climate Action)

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate change & energy
• Employee rights & wellbeing, health & safety
• Governance
• Human rights
• Communities
• Ethics & compliance

Environmental Achievements

• Reduced scope 1, 2 and 3 emissions combined by ~58,000 t CO2e in 2020 compared to 2019.
• Generated 35,000 tonnes of CO2 credits through emission reduction initiatives.
• Offset 100,000 tonnes of CO2 emissions against 2020 emissions (double the previous year).
• Safely retired 106 inactive wells in Canada.

Social Achievements

• Donation to the United Way to support mental health programs in Canada.
• Provided opportunities and internships to university students in Malaysia.
• Improved Lost Time Incident Rate to 0.6 in 2020 from 31.8 in 2019.
• Successfully managed COVID-19 health risks at sites with no business interruption.

Governance Achievements

• Confirmed and expanded the Reserves and Sustainability Committee’s responsibilities for sustainability oversight in 2021.
• ESG performance linked to executive officers' compensation.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting health, freedom, and the economy, leading to a collapse in oil demand and weak oil prices.
• Rising stakeholder expectations for both financial returns and sustainability performance.

Mitigation Strategies

• Established safeguards to protect workforce health, curtailed global production, managed capital to preserve financial strength, and maintained focus on safe and responsible operations.
• Developed and implemented a climate strategy with a 50% reduction target in emission intensity by 2025.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Due diligence process for contractor pre-qualification; agreements with contractors including clauses on safety standards and business conduct; contractor induction on site-specific risks and safety practices.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Regulatory changes

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI Standards Core Option, UN Global Compact, IPIECA, TCFD

Certifications: VCS (for carbon offset projects)

Third-party Assurance: GHD, ERCE, CITEPA (for GHG emissions)

UN Sustainable Development Goals

• 7 (Affordable and Clean Energy)
• 13 (Climate Action)

IPC's initiatives contribute to these goals through emission reduction targets, carbon offsetting, and support for renewable energy projects.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• health and safety
• rewarding workplace
• communities
• climate action
• environmental stewardship
• ethics and integrity

Environmental Achievements

• target to reduce net GHG emissions intensity to the global average by the end of 2025 (50% reduction relative to 2019 baseline), extended to 2027
• published third annual Sustainability Report aligned with GRI standards and TCFD recommendations

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• climate change regulations
• transportation constraints and market access for Canadian crude oil
• reputational risks from societal pressure on fossil fuel industry
• pandemics (e.g., COVID-19)
• inflationary pressures and costs
• reductions in demand for oil and gas
• Indigenous land and rights claims

Mitigation Strategies

• implementing methane reduction strategies
• developing strategies to build long-term shareholder value
• implementing greenhouse gas emissions intensity and climate strategies
• maintaining liability insurance
• cost management strategies
• hedging strategies
• anti-corruption compliance program
• Indigenous consultation

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• wildfires
• floods

Transition Risks

• increased or amended environmental regulation
• carbon taxes
• carbon pricing schemes
• emission reduction targets

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI, TCFD, UN Global Compact

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Community Relations

Environmental Achievements

• On track to achieve 50% net emission reduction target by 2025; extended to 2028

Social Achievements

• Prioritised local hiring in all regions of operations
• No material safety incidents

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed