Black Stone, one of the largest owners of oil and natural gas mineral interests in the United States, has created a nascent Carbon Responsibility Program and has taken first steps towards proactive measures in environmental responsibility.
The company expects to evaluate numerous alternatives in the future to be among the leaders in the mineral space in this area. Black Stone has entered several arrangements over the course of 2021 where the company has granted surface use waivers on its mineral acreage in favor of solar developers.
Proceeds to Black Stone from these efforts total approximately $1.1m year-to-date. The company plans to use a portion of these proceeds to purchase carbon credits to offset part of the CO2 emissions associated with its minerals production. Black Stone expects that the carbon credits purchased with these proceeds may more than offset the direct CO2 emissions from its Shelby Trough Angelina County 2021 royalty production.
Thomas L. Carter, Black Stone Minerals’ CEO and chairman, said: “This new initiative, while modest in scale, is in recognition that we all need to do our part to lower our carbon footprint. As a minerals company, we have limited ways to directly impact emissions. This program builds on the positive environmental impact of supporting solar power generation on certain of our mineral acreage and further promotes our environmental stewardship by using those proceeds to offset emissions from one of our core areas.”
For more information visit: www.blackstoneminerals.com
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