Crew Energy Inc.

Climate Impact & Sustainability Data (2009, 2022)

Low industrial demand for natural gas due to recession.
Increasing natural gas supplies from unconventional resource plays (shale gas) creating an oversupplied market and weak price environment.
Depressed gas prices and average oil prices below 2008 levels.

Limited first half capital spending to preserve financial position.
Strengthened balance sheet with two first half dispositions for total proceeds of $33.2 million.
Completed a bought deal equity financing in May for gross proceeds of $43.4 million.
Realized gains on commodity and foreign exchange derivative contracts to fund a more active second half exploration and development program.
Expanded second half exploration and development program.
Successfully applied horizontal drilling at Princess, Alberta to grow production.
Completed construction of a 25 mmcf per day natural gas processing facility at Septimus, British Columbia, increasing production volumes and reducing operating costs.
Sale of non-core production and reserves for $25 million.
Sale of Septimus gas facility to a third party for its as-built cost of $19 million (retaining operating control and expansion option).

Total Carbon Emissions:145,311 tCO2e (2022)

Strong community outreach and engagement through the “Crew Cares” program
Partnerships with local companies and First Nation communities to provide economic growth opportunities

Board oversees the establishment and execution of Crew’s risk management framework, integrating climate-related risks and opportunities
GEHS&S Committee meets quarterly to discuss climate change impacts and energy transition
Company-wide materiality assessment conducted in 2023 to rank ESG topics

Medium-term Goals:

Reduce Scope 1 and Scope 2 GHG emission intensity by 25% by 2030 relative to 2021 baseline
Reduce total methane emission intensity by 60% by 2025 relative to 2014 baseline

Short-term Goals:

Acute increased frequency and intensity of extreme weather events
Chronic changes in mean temperatures and increased variability in weather patterns
Government regulations and uncertainty around climate disclosures, carbon tax, and emissions caps
Increased exposure to litigation from stakeholders
Increased insurance premiums
Availability of emission-reducing technology
Changes in market demand for fossil fuels
Reputation risks associated with the oil & gas industry

Redundancy and safeguards against extreme weather events in infrastructure design
Business management plans to mitigate operational disruptions
Sustainable water management strategies, including produced water reuse
Emission reduction initiatives, goals, and targets
Fugitive emission monitoring program
Strong relationships with regulators and industry groups
Continuous process monitoring and anomaly detection
Community stakeholder engagement
Implementation and monitoring of strategic opportunities (WHRU, pipelines, etc.)
Hedging program to mitigate commodity price volatility
Prioritizing low-cost assets and exploring divestment from high-emission operations
Community outreach and engagement
Promoting sustainable solutions and responsible environmental practices

Frameworks Used: TCFD

Certifications: EO100™ Standard for Responsible Energy Development