Northern Oil and Gas, Inc.
Climate Impact & Sustainability Data (2022)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:12,988,635 tCO2e/year (Scope 3)
Scope 1 Emissions:8.3 tCO2e/year
Scope 2 Emissions:180.7 tCO2e/year
Scope 3 Emissions:12,988,635 tCO2e/year
Renewable Energy Share:0%
ESG Focus Areas
- Climate Change
- Emissions Reduction
- Methane Emissions
- Community Impact
- Diversity & Inclusion
- Employee Well-being
- Governance
- Business Ethics
- Cybersecurity
- Human Rights
Environmental Achievements
- Completed a full Scope 1 and Scope 2 emissions inventory for 2022.
- Conducted a Scope 3 screening of 2022 activities to understand emissions impact throughout the value chain.
- Implemented environmental initiatives at headquarters, including LED lighting, recycling stations, and motion detector lighting.
Social Achievements
- Paid impact fees and direct taxes of over $160 million in 2022.
- Charitable giving donations totaled over $87,000 in 2022.
- Launched the Analyst Development Program (ADP) in 2022.
- Provided training to 34% of employees in 2022.
- Maintained zero workplace injuries or fatalities in the last four years.
Governance Achievements
- Implemented mandatory business ethics training for employees in 2023.
- Adopted a human rights statement in 2023.
- Linked a discretionary portion of the annual cash bonus program for several members of the executive team to ESG goals in 2023.
- Completed an enterprise risk assessment in 2023.
Climate Goals & Targets
Short-term Goals:
- 75% reduction in Scope 1 and Scope 2 net emissions by 2025 from the 2022 baseline year.
Environmental Challenges
- Physical climate risks (cold wave, tornado, heat wave, wildfire) affecting wellhead sites.
- Transition risks (legal hurdles to exploration and production, stranded assets, methane regulations, carbon pricing, litigation).
- Limited direct operational control over environmental impacts of oil and gas wells.
Mitigation Strategies
- Climate risk assessment to inform investment process and financial management.
- Environmental due diligence for significant acquisitions.
- Operator engagement survey to understand ESG programs and commitments.
- Development of an ESG operator engagement framework with an emphasis on methane emissions reduction.
- Setting a goal of 75% reduction in Scope 1 and Scope 2 net emissions by 2025 from the 2022 baseline year.
Supply Chain Management
Climate-Related Risks & Opportunities
Physical Risks
- Cold wave
- Tornado
- Heat wave
- Wildfire
Transition Risks
- Legal hurdles to exploration and production
- Stranded assets
- Methane regulations
- Carbon pricing
- Litigation
Opportunities
- Carbon capture via geologic sequestration
Reporting Standards
Frameworks Used: SASB (Exploration and Production, Asset Management), GRI, TCFD, UNGPs, OECD Guidelines