NEWPARK'S COMMITMENT TO SUSTAINABILITY
At Newpark, we believe all companies have a responsibility to make a positive impact within the communities they live and work and around the world. As a provider of manufactured products and related services to the Energy Industry, we recognize the unique challenges our customers face, balancing the need to provide the world with low-cost and reliable energy required to help lift the world's growing population out of poverty and end hunger, while at the same time, accomplishing this ambitious goal in an environmentally-sustainable way.
We see these potentially competing objectives as both a risk to a large portion of our customer base, and an opportunity for Newpark to be part of the solution.
In recent years, there has been an increasing awareness of the impact of fossils fuels on climate change, requiring the world to reduce their reliance on these non-renewal energy sources. Recognizing that the world’s energy transition initiatives could take decades to achieve, our long-term strategy, as approved by our Board of Directors, includes key elements to address the financial risk that climate change provides to our Company.
Our Commitment to Contributing to Our Customers Sustainability Initiatives: Long before sustainability was at the forefront of discussions, Newpark developed a reputation for providing environmentally friendly technologies to our customers, including our fully recyclable DURA-BASE® matting system and our Evolution® water-based drilling fluids system. We remain firmly committed to upholding this reputation, as we strive to deliver innovative solutions to our customers that work in harmony with the environment and leave a positive impact on our communities.
Commitment to Expanding our Business in Renewable Energy Sectors: As part of our strategy, we’ve identified and prioritized several end-markets that will serve to further diversify our revenue stream and provide long-term growth opportunities as a result of the global energy transition efforts. These end-markets include electrical utilities, solar, wind, as well as geothermal drilling. We are pleased with our strategic progress in recent years, as 55% of our 2019 Mats & Integrated Services revenues was derived from customers outside of oil & gas exploration market and we seek to build upon that going forward.