History of Transparent Disclosure
Since 2004, Ovintiv has published a sustainability report that provides transparency into our ESG performance and related issues that could impact our business.
To determine which topics to highlight in our reporting, we conduct an ESG materiality assessment, track input and guidance from key stakeholders and reference a number of third-party reporting standards and frameworks.
Reporting and Standards Alignment
Although there is no standardized disclosure framework for upstream oil and natural gas producers, we reference the Ipieca Sustainability Reporting Guidance for the Oil and Gas Industry and the Sustainable Accounting Standards Board (SASB) Oil and Gas Standard to inform our reporting. Our memberships with Ipieca and the SASB Alliance provide us with an opportunity to engage with key stakeholders while aligning with reporting standards.
Since 2018, we have been advancing our climate-related disclosures through the Task Force on Climate-Related Financial Disclosures (TCFD)’s framework. Reviewing Ipieca, SASB and TCFD standards, and engaging with investors and ESG research and ratings agencies, helps us enhance our disclosures and report them in a way that is relevant and useful to stakeholders.
Collaborating for Reporting Consistency
We actively participated in the efforts of the American Exploration & Production Council (AXPC) — a national trade association representing the largest independent producers of oil and natural gas in the United States — to develop the AXPC ESG Metrics Framework and Template. This framework is intended to supplement each member company’s individual reporting efforts and voluntarily standardize several key upstream environmental, emissions and safety metrics.
The framework currently suggests consistent and transparent reporting around five focus areas: GHG emissions, flaring, spills, water use and safety. By creating a common set of metrics, AXPC member companies now have relevant, consistent and comparable data for greater stakeholder transparency. Interested stakeholders can find guidance on the framework by visiting the AXPC website, and Ovintiv’s AXPC ESG metrics are available here.