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Conoco Raises the Bar, Again
Conoco Raises the Bar, Again
Published 05-21-02
Submitted by Conoco Inc.
HOUSTON, Texas - Conoco (NYSE:COC) has issued its second annual sustainable growth report, further enhancing its transparency and accountability while illustrating the company's continued commitment to achieving sustainable growth through financial excellence, environmental responsibility, and social progress - the basic tenets of sustainability.
The report titled "We're Raising the Bar, Again," documents the company's progress in understanding sustainable development and integrating the concept into Conoco's global businesses. The report also outlines goals for further progress toward sustainable growth.
Conoco made specific commitments in 2001 relating to the company's pursuit of greater sustainability, recognizing stakeholders' growing expectation that corporations demonstrate integrity, transparency and accountability. The report describes the company's progress in fulfilling those commitments, including:
* Integrating sustainability into decision-making processes;
* Enrolling the organization in the business case for stakeholder engagement and creating tools to further such capabilities;
* Improving the quality of environmental metrics; and
* Determining downstream (refining, marketing, supply and transportation) air emissions and setting targets for further reductions.
"As Conoco expands around the world, our goal is two-fold: to provide outstanding returns to our shareholders and to help make the world a better place to live," said Conoco Chairman and CEO Archie W. Dunham.
"We will succeed in today's business environment only by being a transparent, responsible and ethical company," Dunham continued. "We must continuously improve our environmental performance, applaud social progress in the countries where we operate and achieve our economic goals, as superior financial performance provides the foundation for sustainable growth."
Conoco sees the sustainable growth report as an important communication tool. "Within the company, the report helps employees exchange ideas on how to further incorporate sustainability into their day-to-day activities," said Pogo Davis, Conoco's manager of sustainable development. "The report also has a vital role as in the evolving dialogue the company has with its stakeholders. Feedback received from stakeholders about the 2001 report played a significant role in developing the contents for this year's report."
The report presents a 10-page section of quantitative data that includes diversity, safety, air emissions, energy usage and efficiency. Gathering, analyzing and reporting this data allows the company to understand the reasons behind trends and variances and assess the broad impact of operations on the environment and society.
"Since last year's report, we have improved the quality, completeness and reliability of our performance data," said Davis, who also serves as Conoco's liaison delegate to the World Business Council for Sustainable Development. "But, we acknowledge that we have a long way to go in fully assessing and reporting on the social, environmental and economic benefits and impacts associated with our operations, services and products."
The report also demonstrates how the company operates in accordance with its core values of business ethics, valuing all people, safety and health, and environmental stewardship with a series of case studies from operations around the globe.
Conoco is a member of the Dow Jones Sustainability World Index and became the only U.S. energy company named to the FTSE4Good U.S. 100 Index in 2001.
Ernst & Young conducted an independent review of Conoco's sustainable growth report to substantiate its contents, with over 390 individual statements verified. Ernst & Young also confirmed all performance metrics, and validated the global processes for collecting and reporting environmental, health and safety data.
The report can be viewed and a copy ordered through the Conoco website at www.sustainablegrowth.conoco.com. Feedback on the report can also be submitted through the website. This report is also avialable at www.csrwire.com/csr.
Conoco is a major, integrated energy company active in more than 40 countries
