Magnolia Oil & Gas Corporation
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:479,393 tCO2e
Scope 1 Emissions:479,393 tCO2e
Scope 2 Emissions:12,072 tCO2e
Total Energy Consumption:6,197,493 GJ
Water Consumption:3,082,000 m3
Carbon Intensity:14.54 tCO2e/Mboe (Scope 1)
ESG Focus Areas
- Greenhouse gas emissions
- Flaring
- Methane emissions
- Surface impacts
- Water management
- Employee safety
- Community engagement
- Stakeholder engagement
- Corporate governance
Environmental Achievements
- 12 percent reduction in gross Scope 1 greenhouse gas intensity since 2019
- 86 percent reduction in flaring intensity rate from 2019 levels in 2023
- 24 percent reduction in the number of spills year-over-year
- 88 percent of oil production in 2023 from facilities with vapor recovery units (VRUs)
- More than doubled vapor compression horsepower deployed, increasing capture capacity from 8 to over 15 million cubic feet per day
- 604 ton per year reduction in methane emissions at one acquired facility
Social Achievements
- Launched Magnolia Partner in Safety Program in 2023, receiving 71 submissions from contractors
- Full-time field employees received an average of 60 hours of safety training in 2023
- Recognized as a top workplace in the Houston Chronicle Top Workplaces survey with an 88% Workplace Experience score
- Over 95% of new field hires reside in the communities where Magnolia operates
- Field teams contributed over $42,000 to local organizations in 2023
- Employees directed nearly $194,000 in donations to charities in 2023
Governance Achievements
- All members of standing Board committees are independent directors
- Over 98.2% of shareholders approved the say-on-pay proposal at the 2023 Annual Meeting
- Majority of named executive officers’ compensation is at risk, with at least 50% of long-term equity-based compensation subject to performance-based vesting
Climate Goals & Targets
Environmental Challenges
- Integrating acquired assets to meet Magnolia’s operational standards
- Routine natural gas flaring at some acquired properties
- Higher costs for oilfield services and materials in 2023
Mitigation Strategies
- Investing several million dollars in projects to improve safety and reduce emissions at acquired facilities
- Projects underway to eliminate routine flaring at acquired properties
- Engaging with 250 vendors (80% of annual spend) to find efficiencies and reduce costs
Supply Chain Management
Responsible Procurement
- Compliance with all applicable laws and regulations
- High standards for safe operations
- Prioritizing local suppliers where possible
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: SASB
Awards & Recognition
- Houston Chronicle Top Workplaces