Climate Change Data

Weatherford International plc

Climate Impact & Sustainability Data (2021, 2023)

Reporting Period: 2021

Environmental Metrics

ESG Focus Areas

  • Climate Change
  • Diversity, Equity, and Inclusion
  • Safety
  • Energy Transition
  • Sustainable Operations

Environmental Achievements

  • Affirmed commitment to being net-zero by 2050
  • Signed the UN Global Compact
  • Increased engagement in geothermal and CCUS projects

Social Achievements

  • Launched Unconscious Bias Awareness Training for managers and supervisors
  • Established a DE&I Champions Network
  • Hosted virtual sessions on stress management, supportive management, and fostering collaboration
  • Supported local communities through virtual volunteering and philanthropic events (Weatherford Walks raised $289,000)
  • Supported the National MS Society, raising over $42,000

Governance Achievements

  • Realigned reporting structure to three product line segments (Drilling and Evaluation, Well Construction and Completions, Production and Intervention)
  • Improved Days Sales of Inventory (DSI) by 14 days sequentially
  • Increased gross margins by over 160 basis points despite inflationary headwinds

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions by 2050

Environmental Challenges

  • Supply chain bottlenecks
  • Inflationary pressure
  • Disruptions caused by the COVID-19 pandemic
Mitigation Strategies
  • Reorganized operating structure in North America, doubling margins and growing revenues
  • Established enterprise-wide team for variable cost management, resulting in cost savings
  • De-layered the company for greater operational efficiency and accountability
  • Enhanced collaboration throughout the supply chain for improved inventory management

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities
  • Geothermal solutions
  • CCUS
  • Plug and Abandonment

Reporting Standards

Frameworks Used: UN Global Compact

Sustainable Products & Innovation

  • Geothermal solutions
  • CCUS
  • Plug and Abandonment
  • Firma™ abandonment and slot recovery solutions

Awards & Recognition

  • Hart Energy Special Meritorious Award for Engineering Innovation (ForeSite Edge)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:179,203 tCO2e/year (Scope 1 & 2)
Scope 1 Emissions:116,153 tCO2e/year
Scope 2 Emissions:63,050 tCO2e/year
Scope 3 Emissions:710,510 tCO2e/year
Total Energy Consumption:664,020 MWh/year (Scope 1 & 2)
Water Consumption:489 million liters/year
Waste Generated:37,270 tons/year
Carbon Intensity:34.9 mT CO2e/$M Revenue (Scope 1 & 2)

ESG Focus Areas

  • Climate Change
  • Energy Use
  • Supply Chain Risk
  • Cyber & Data Security
  • Compliance & Business Ethics
  • Diversity, Equity & Inclusion
  • Health, Safety & Wellness
  • Talent Attraction, Development and Retention
  • Impact of Energy Transition on the Business Model
  • Waste and water Management
  • Public Policy
  • Human Rights
  • Biodiversity

Environmental Achievements

  • Reduced Scope 1 & 2 energy consumption by 27% compared to 2019.
  • Reduced Scope 1 & 2 emissions intensity by 23% compared to 2019.
  • Reduced waste generated by 37% compared to 2019.
  • Reduced water use by 27% compared to 2019.
  • Completed a climate risk and opportunity assessment aligned with the TCFD framework.
  • Established a tactical 2050 Scope 1 & 2 Roadmap.

Social Achievements

  • Reached an MSCI ESG A Rating and improved EcoVadis rating to Silver Medallion Status.
  • Employees completed more than 529,000 total hours of training.
  • Contributed more than $850K to local communities.
  • Launched a Health and Safety Leadership Engagement Program.
  • Launched and embedded a new Human Capital Management system.
  • Launched Executive Sponsored DEI Committee, roadmap and new Mentorship Program.
  • Enrolled in the UNGC Gender Equality Accelerator.

Governance Achievements

  • Strengthened supply chain processes with a new supplier registration onboarding tool and robust risk management program.
  • Established a cross-functional ESG Controls Working Group.
  • Expanded Third-party Risk Management Programming.
  • Further strengthened Cyber-Security Incident Readiness.

Climate Goals & Targets

Long-term Goals:
  • Net-Zero emissions by 2050.
Medium-term Goals:
  • Launch and embed the Oracle HCM Program.
  • Align employee development programs with the latest trends and best practices.
  • Introduce a new mentorship program.
Short-term Goals:
  • Increase Unconscious Bias Training to 100% of target audience.
  • Implementation and deployment of new HCM system globally.
  • Build a pipeline of internal talent to meet future operational needs.

Environmental Challenges

  • Climate-related risks including extreme weather, regulatory changes, market shifts, and reputational damage.
  • Supply chain disruptions due to various factors.
  • Water stress in operating locations.
Mitigation Strategies
  • Completed a climate risk and opportunity assessment to inform decision-making.
  • Developed alternative sourcing strategies and enhanced supply chain risk management.
  • Implemented water conservation initiatives and risk mitigation strategies.

Supply Chain Management

Supplier Audits: 100% of new suppliers screened for environmental and social criteria.

Responsible Procurement
  • Supplier Code of Conduct
  • Human Rights Standard
  • Conflict Minerals Policy
  • Environmental due diligence

Climate-Related Risks & Opportunities

Physical Risks
  • Increased severity of hurricanes
  • Extreme weather events
  • Rising mean temperature
  • Drought or water shortages
  • Sea level rise
Transition Risks
  • Policy and legal changes
  • Technological advancements
  • Market shifts
  • Reputational risks
Opportunities
  • Resource efficiency
  • Transition to renewable energy
  • Development of low-emission products and services
  • Access to new markets

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UNGC

Certifications: ISO 14001:2015, ISO 45001:2018, ISO 9001:2015

Third-party Assurance: Independent Accountants’ Review Report (limited assurance on Scope 1 and 2 GHG emissions)

Sustainable Products & Innovation

  • ForeSite® POWER Regenerative System
  • Firma™ Plug and Abandonment Solution
  • StringGuard™ Technology
  • MARS™ Mature Asset Rejuvenation by Surveillance System
  • Memory Raptor® Cased-Hole Evaluation System

Awards & Recognition

  • Newsweek's Most Responsible Employers 2024
  • MSCI ESG A Rating
  • EcoVadis Silver Medallion Status