Steward Energy is an independent exploration and production (E&P) company engaged in the exploration, development, and acquisition of oil and gas properties located in the Permian Basin.
As a private equity-backed company, it is incumbent upon Steward Energy to proactively manage its GHG emissions and increase the frequency and scope of its climate-related performance reporting. A growing amount of fragmented GHG reporting data resided in disparate spreadsheets, operations logs, databases, and with 3rd party consultants. This made reporting GHG emissions and accurately measuring emission reductions a time-consuming, disruptive and, often times, an inaccurate process.
A 2023 Ernst & Young survey of private equity (PE) CFOs indicated that ESG performance is a top strategic priority. PEs and their investors increasingly desire progress on ESG performance within the portfolio, and accurately documenting and summarizing their individual portfolio companies' carbon footprint is key for credible ESG performance management. Steward Energy II, LLC is committed to these efforts and, through its partnership with Iconic Air, is working diligently to achieve this level of visibility and decarbonization.
In a highly commoditized industry such as Oil and Gas, robust carbon management is quickly emerging as a strategic differentiator and a material risk mitigator. As such, from a PE standpoint, the value creation thesis associated with owning O&G assets now extends to improving acquired O&G assets' carbon performance.
Responding to increasing demand for high-fidelity carbon reporting, without adding headcount or materially increasing 3rd-party consulting spend, Steward Energy adopted Iconic Air's Emissions IntelligenceTM and methane detection mobile App to improve its carbon data management, methane leak detection, and GHG emissions reporting.
By choosing Iconic Air, Steward Energy leveraged our multi-methodology emissions calculation engine along with our data reporting and visualization solution for high-precision carbon accounting.
Working with Iconic Air allowed Steward Energy to increase the frequency and accuracy of its GHG calculations and ESG reporting, without adding additional staff or increasing spend with 3rd-party consultants.
Today, Steward Energy is positioned to report against multiple frameworks such as US EPA Subpart W And SASB in a streamlined, auditable manner. Iconic Air's high-fidelity data processing and calculation allows Steward Energy to effectively report its carbon performance and decarbonization planning to its private equity partners and other relevant stakeholders.