A Strategic Approach to Assessing Needs in Texas
As part of our growing operations in and commitment to our headquarters state of Texas, in 2018 we significantly moved forward in our community engagement. We conducted a community needs assessment to inform and influence our activities, progressed our social investment strategy and initiated an integrated risk assessment.
Our focus was to identify community issues and needs; evaluate business risks and opportunities; and identify potential strategic social investment opportunities to enhance activities in west Texas, south Texas and related to Noble Midstream Partners.
Community Needs Assessment: The study was designed with three primary components:
- External – conduct desktop research, external stakeholder interviews (27) and two-day site visits to west and south Texas communities to understand the current socio-economic and health status and identify/validate needs
- Internal – Review social investment strategy through discussions with leadership (17), field staff and peer companies to understand current and emerging business risks and opportunities, and gather insights
- Social Investment – incorporate key findings, identify recommendations and define next steps to align our social investment strategies with the community needs.
Specific priority areas emerged from the evaluation and provided focus for our social investments to ensure they differentiate Noble Energy, address business risks and opportunities, and/or deliver meaningful benefits to area communities.
Integrated Risk Assessment: As our Permian Business Unit grows, it is essential to apply a process to identify, evaluate and mitigate risks. To achieve this, in 2018, we initiated engagement with a cross-functional, multidisciplinary team to evaluate, process, capture and prioritize key risks related to: operations, environment, health and safety, compliance, public policy, financial, legal, strategic, reputation and social issues.
The initial phase of the assessment focused on analyzing and identifying gaps in work to date. An iterative process, with internal and external analysis, will prioritize the gaps and identify solutions. Once established, the process will minimize or eliminate impacts to business delivery and social license to operate, regulatory uncertainty, and strengthen investor, employee and community support.
We expect to report on the outcome of the integrated risk assessment and subsequent actions in our 2019 Sustainability Report.