Message from our CEO
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We continue to prioritize employee safety through leadership and training. This entails reinforcing existing workflow processes, proactive planning, and fostering a culture of safety leadership. In 2022, we successfully conducted our second safety employee awards program known as the Company Hazards & Risk Management (CHARM) Awards, which received 172 submissions from employees across the company. This year, we will continue the program through the Decreasing Risk and Increasing Value with Excellence (DRIVE!) awards, further reinforcing our commitment to a robust safety culture.
We remain steadfast in our investment in flare gas capture, recognizing the immediate and long-term benefits for our shareholders and society at large. This commitment provides stable growth and returns, incentivizes increased drilling, attracts investment and job opportunities, and extends the useful and important role of oil and gas in the energy transition. As leaders in flare gas capture, our expertise in emissions reduction enables our customers to optimize their netbacks by converting associated gas into valuable end-products while simultaneously reducing emissions per barrel produced. This plays a critical role in facilitating a sustainable and productive energy future.
Operationally, we have made significant strides, including breaking ground on our first gas conservation project in Manitoba. This expansion presents new opportunities to optimize our organization and further our ESG mission. We have also completed our Steelman Waste Heat Recovery project, contributing to further emissions reduction. As well, the Gateway NGL Pipeline has successfully reduced trucking volumes by approximately 150,000 km this year and increased the value of our products. Lastly, we have sanctioned our second electrification project with the Viewfield Combined Heat Power facility, a project that not only yields returns but significantly reduces emissions.
Moreover, we are happy to report a remarkable 95 per cent participation rate in our inaugural employee survey, reflecting the dedication and commitment of our workforce.
As always, supporting our energy communities through financial assistance and volunteering is a vital part of our operations. In 2022, we supported over 73 organizations, and we continue to value the strong bonds we share with them.
Our disciplined approach to enhancing, optimizing, and performing as an organization, illustrates our commitment to shaping an energy future we can all take pride in.
Our
ESG Vision
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Steel Reef seeks to enhance the energy community through our service, relationships and results. We will strive to measure our ESG performance, set meaningful targets with a view to continuously improving our ESG performance, and take material ESG factors into account in our decision-making process.
Our Material
ESG Factors
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Steel Reef has identified financially material Environmental, Social, and Governance (ESG) factors that are of utmost interest to our stakeholders and capital markets in the short, medium, and long-term. These factors have been integrated into our enterprise risk register, allowing us to prioritize our performance improvement and engagement efforts accordingly.
Read more about our environmental, social and governance commitments.
ESG Accountability and Oversight
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Steel Reef’s Board, with the support of Steel Reef’s ESG Advisory Committee, provides oversight of value creation opportunities and the assessment and oversight of ESG-related risks. Review and consideration of specific material ESG factors have been delegated by the Board to its committees.
Steel Reef has incorporated ESG factors into the mandate of its Board committees, ensuring that sustainability-related matters receive the highest level of oversight from the Board.
Every quarter, our executive team provides comprehensive reports to each committee, engaging in discussions about sustainability, strategy, advancements, the establishment of performance expectations and target achievement.