Many leading energy companies have come to accept the reality that environmental, social, and governmental (ESG) matters are now front-and-center concerns to an increasing number of investors and lenders. Their challenge, of course, is that the hydrocarbon-based commodities they produce, process, transport, and refine are by their very nature prospective generators of carbon dioxide and other greenhouse gases that the ESG movement is targeting. What’s an energy company to do? For many midstream companies, the answer — for now at least — is to focus on minimizing the release of methane, carbon dioxide (CO2), and other GHGs from their gas processing plants, pipelines, storage facilities, and fractionators, and on switching to renewables to power their operations. Today, we continues our series with a look at how midstream companies are addressing investors’ and lenders’ concerns about the sector’s GHG releases.
This is the third episode of our exploration of energy-industry ESG, a topic we’ve been investigating for some time — partly in response to the many inquiries we’ve been receiving from clients and subscribers. In Part 1, we said that while the energy industry has been rebounding from a mostly dismal 2020, many investors and lenders have become hesitant — even averse — to putting their money in oil and gas. It’s not just the industry’s historic volatility that’s spooking them, it’s the unique social, political and financial pressures that hydrocarbon producers, oilfield service companies, midstreamers, and refiners face in demonstrating that they are addressing ESG issues.
In Part 2, we discussed the fact that environment issues take center stage when investors and lenders assess the ESG cred of energy companies — they need to know that businesses in question are prepared to adapt to the changing social, political and marketing landscape, and are sensitive to the growing demands for environmental stewardship. By far, the leading environmental issue facing the energy industry today is GHG emissions, which are generated at pretty much every step in the production, processing, delivery, refining, and (especially) consumption of fossil fuels. We noted that, to help in the measuring and tallying, many of the powers that be in the ESG world divide a company’s GHG emissions into three buckets:
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About the song
"Paradise" was written by John Prine and appears as the fifth song on his debut album, John Prine. A second version appeared as the 12th song on his ninth studio album, German Afternoons. The song was written for Prine's father about the town where he used to live in Kentucky called Paradise. In the song, Prine requests to have his ashes dispersed in the Green River, which runs through the town. After Prine's death in 2020, his wish was fulfilled. The song was recorded in 1971 at A&R Studios in New York City. Personnel on the record were: John Prine (lead vocal, guitar), Dave Prine (fiddle), Steve Goodman (guitar, backing vocals), and Neil Rosengarden (bass). Many artists have covered the song, including Johnny Cash, The Seldom Scene, and John Denver.
Most of John Prine was recorded at American Sound Studio in Memphis, with only “Paradise” recorded at A&R Studios in New York City. Arif Mardin was the producer. Released in late 1971, the album went to #55 on the Billboard Top 200 Albums chart. Personnel at the parts of the LP recorded at American Sound Studio sessions were: John Prine (lead vocals, guitar), Reggie Young (lead guitar), John Christopher (rhythm guitar), Leo LeBlanc (pedal steel guitar), Bobby Emmons (organ), Bobby Wood (piano), Mike Leach (bass), Gene Chrisman (drums), and Heywood Bishop (percussion).
John Prine was an American country folk singer-songwriter. His songs were known for their humorous takes on life and love, and often included political and social commentary. He released 13 studio albums, five live albums, two compilation albums, and 16 singles, and has won three Grammy Awards and a Grammy Lifetime Achievement Award. A member of the Songwriters Hall of Fame, John Prine died in Nashville in April 2020 from COVID-19. He was 73.
