In last year’s report, we made what was characterized by some as a controversial decision to proudly extol the virtues of the natural gas economy and the values of the region we have called home for 155 years. Conventional wisdom within our industry dictates that you keep your head down, keep your opinions to yourself and, if anything, lean towards apologetic statements rather than lauding the noble work our dedicated team do on behalf of society. At CNX, we choose to follow a different path—one that celebrates the vast economic, environmental and geopolitical benefits brought about by the Appalachian natural gas revolution.
To those in search of a report that provides a roadmap of our demise as a company and an industry, you have come to the wrong place. Those reports exist in droves.
By contrast, this report highlights the proactive measures we are adopting that have propelled our status as one of the most responsible and innovative companies in the industry, and does so in a way that shuns the flawed ideological agenda that has pressed too many of our friends and colleagues into positions of submission.
With a deepening focus on Environmental, Social, and Governance (ESG) from many external stakeholders, we proudly meet that focus head on and offer concrete metrics that support our strong belief that prudent business decisions and driving value for all our stakeholders is congruent with corporate responsibility and ESG goals.
This report continues to illuminate our approach and view that a steadfast, relentless commitment to best-in-class safety, environmental compliance and employee diversity increases efficiencies, reduces costs, improves margins, and ultimately drives long-term net asset value (NAV) per share.
We heavily favor measurable, tangible performance metrics over abstract, aspirational goals. The most notable example of this commitment is the reduction of our carbon intensity (Scope 1 and 2 emissions) by over 90 percent from 2011 through 2018—a reduction few companies across any segment of the economy can claim. And, at the same time we undertook proactive steps to de-carbonize our own operational footprint, natural gas similarly allowed the United States to reduce carbon emissions by nearly 15 percent over 2005 levels.
As others continue to outline targets and goals that may or may not be realistic, we have made the decisions and executed the strategies which have quantifiably accomplished these goals. While these actions and core principles closely align with ESG goals, most importantly they are also directly linked to driving efficiencies, safeguarding our license to operate and growing NAV per share.