Sustainability Matters

A letter on sustainability from Founder and Executive Chairman, Paul Foster

We are pleased to share Franklin Mountain Energy’s (“Franklin Mountain”) annual sustainability report for the 2023 calendar year. Starting with our inaugural year of production in 2021, my partners and I decided that detailed tracking and reporting of all areas of our business will serve as important feedback to all stakeholders in Franklin Mountain. Our focus on excellence in execution, safety, innovation, and measurement has allowed us to deliver results we are extremely proud of.

During 2023 we grew production by 59% while maintaining industry-leading safety metrics. This report will cover the many milestones achieved at Franklin Mountain during 2023, and our corresponding safety and emissions accomplishments. We have delivered another year of impressive production growth, major increases in well count and the development of over 30 miles of pipelines. Our focus on continuous improvement, innovation and sustainability is only possible because of the outstanding team of employees and contractors at Franklin Mountain.

We firmly believe providing low-cost, reliable energy, produced responsibly in the United States will continue to power growth and innovation to benefit all industries and all people. The global energy crisis over the past several years has demonstrated this on an unprecedented scale with the geopolitical backdrop for hydrocarbon production in 2023 as challenging as any year in recent history. As war continues in Ukraine, terrorist attacks targeting refining and energy production worldwide have increased price volatility. A new theater of conflict and war in the middle east began in September between Israel and Hamas, raising tensions throughout the region. These areas of conflict are major components of the global hydrocarbon economy and have ripple effects worldwide.

As an industry, we are evolving to meet the global demand for hydrocarbons, but we are also being challenged with transparency and measurement of environmental and social matters, increasing costs, inflationary pressure, and ever-changing regulation. As we embark on an election year in the United States, we expect continued volatility as various parties approach the development of hydrocarbons in the US very differently. We also anticipate a number of major challenges for public companies with the SEC’s newly published emissions disclosure requirements.

Although we have regulatory and geopolitical headwinds, I am confident that our excellent team at Franklin Mountain will tackle these challenges in 2024, just as we have in prior years. Being an exemplary partner and employer in Southeast New Mexico means more to me than most because I grew up in Lea County. We have made environmental stewardship, participation in the community and giving back not just part of our culture at Franklin Mountain, but also part of my personal family legacy. This report outlines our efforts and progress toward maximum sustainability and the steps we have already taken to ensure that Franklin Mountain is among the best in our industry at managing risk, operating responsibly, and continuously improving.

Paul L. Foster
Founder and Executive Chairman
Franklin Mountain Energy