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.
Our Board of Directors, including the Environmental, Social and Governance (ESG) Committee, oversee our ESG program, including oversight of any material climate-related risks and opportunities. In recent years, there has been an increasing awareness of the role that fossil fuels play in climate change, leading to a groundswell of support to reduce global reliance on these non-renewal energy sources. Recognizing that the world’s energy transition initiatives could take decades to achieve, Newpark's long-term strategy, as approved by our Board of Directors, includes key elements focused on addressing the financial risks and capitalizing on the opportunities that climate change may provide 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 provide superior results while working safely and in harmony with the environment and leaving a positive impact on the communities where we work.
Commitment to Expanding our Business Outside of Oil and Gas Markets, including Targeted 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 the global energy transition progresses. These end-markets include electrical utilities, solar, wind, as well as geothermal drilling. We are pleased with our strategic progress in recent years, generating more than $100 million of our 2020 revenues from electrical utilities and other non-E&P markets, and we seek to build upon that going forward. As part of our commitment to this strategic initiative, we’ve also recently added relevant industry expertise to our Board of Directors. In January 2021, Michael A. Lewis joined our Board of Directors after retiring from Pacific Gas and Electric Corporation (PG&E). Michael brings over 34 years of electric operations experience, most recently serving as both Interim President and as Senior Vice President, Electric Operations of PG&E. Prior to PG&E, Michael served as Duke Energy's Senior Vice President and Chief Distribution Officer, responsible for their distribution operations across six states. We believe that his extensive career in the electric utility industry and deep knowledge of the industry’s approach to environmental sustainability provide a unique perspective to our Board.