Dear Stakeholders,
I am pleased to share with you our 2022 Sustainability Report, a completely voluntary initiative, which builds upon our inaugural publication released last year. This report highlights aspects of our ongoing commitment to mitigate the environmental impacts of our operations, invest in the social opportunities of our diverse workforce, and adhere to responsible governance best practices.
As I have said before, many great organizations and companies were practicing and pursuing commendable and innovative Environmental, Social, and Governance (“ESG”) goals before it was popular or mandatory to do so. As such, the ESG framework provides a compelling opportunity for those organizations to emphasize and consistently communicate the progress made and lessons learned on these perhaps underappreciated and often costly initiatives. Brigade is one of those outfits. We were formed in late 2016 to not just deliver economic returns to shareholders, but also to evolve the well servicing sector. The original investment thesis focused on advancing safety, service quality, and operational efficiency by innovating on three main fronts: best-in-class competency management of the workforce, data-driven measurement of performance, and creation of a culture of extreme ownership and accountability. I believe that these initiatives, and others we have taken on, fully align with the spirit and intent of ESG fiduciary to an expanded group of stakeholders and we are excited to be on the path to more responsible well services.
The Mission is Sacred
At Brigade Energy Services, our mission is to exceed customer expectations on every job by delivering experienced and innovative well service solutions, the highest quality equipment, and personnel steeped in a disciplined team culture. We are committed to safety, integrity, process improvement, measurable performance, and operational excellence.
Justin Bliffen
Chief Executive Officer
As a leading, independent well service company, we view our role in the ongoing energy transition and expansion as an exciting opportunity to continuously seek out innovative ways in which to serve our customers, advance the careers of our people, and improve the communities in which we live and operate. Our Leadership and Board of Directors are actively involved in defining, measuring, and monitoring our sustainability initiatives, while advocating for our industry through workforce advancement, education, legislation, and industry collaboration.
2022 was a pivotal year for the U.S. oil and gas industry which was collectively called upon to significantly increase production in the face of (i) global demand resurgence following the Covid-19 pandemic and (ii) geopolitical events which disrupted global markets causing significant energy insecurity and price volatility. Specific to Brigade and the well servicing sector, labor scarcity and low unemployment rates across the U.S. added to the prevailing macro circumstances, necessitating substantial increases in both the demand for workover rigs and the number of labor hours to meet the needs of our customers.
As you will read throughout the pages of this report, I am pleased to report that Brigade was effective in responding to these challenges. Throughout 2022, we reduced our safety incident rate while adding approximately 100 new diverse team members to our organization, expanded our community contributions, lowered our emissions intensity, increased our well plugging program, invested in our workover rig fleet, advanced our competency management systems, and delivered enhanced financial performance for our shareholders. I am exceptionally proud of our team’s perseverance and continued dedication to delivering customer value, positive ESG impact, and continuing our reputation as a premier well service solutions provider for our industry.
We look forward to a great 2023 by continuing to serve our customers, employees, and our communities with industry-leading performance.
