Iconic Air

1️⃣ 0️⃣ 1️⃣ in 101 Words: What is the 3-2-1 Crack Spread 🛢 A crack spread measures the difference between the purchase price of crude oil and the selling price of refined products, such as gasoline and diesel, produced from crude oil. Crack spreads indicate short-term profit margin of oil refineries by comparing the cost of the crude oil inputs to the wholesale price of the outputs. ⛽ The 3-2-1 spread is based on the idea that 3 barrels of crude yields 2 barrels of gasoline and 1 barrel of diesel. The 3-2-1 spread is an indicator of the market, where higher spreads means supply is tight and lower spreads means an abundance of supply. #OilandGas #Sustainability Photo Cred to RBN Energy, LLC

🚨 New EPA Regulatory Guide Book Finalized 🚨 https://lnkd.in/eax-8M2q US Environmental Protection Agency (EPA) finalized updates to its GHG Reporting program for petroleum and natural gas systems (Subpart W) in May. These updates are nearly 300 pages of CFR text that nobody wants to read…except Iconic Air’s GHG experts. Download our new EPA regulatory guide book that brings together bite-size summaries for Subpart W by the different source categories 😎 2024 Subpart W Overview 🆕 New Source Categories 🤝 Ownership Transfer Provisions 🛢️ Atmospheric Storage Tanks 💨 Pneumatic Device Venting 🤯 Other Large Release Events 🔥 Combustion Sources – Subpart C and W 😤 Compressors 🔍 Equipment Leaks: Survey Methods 👨👩👧👦 Equipment Leaks by Population Count 🔧 Pneumatic Pump Venting Engine Crankcase Venting 🕯️ Flare Stacks

Our team is excited for the 1-Hour Q&A happening next week on August 20th! Register here or use the info below --> https://lnkd.in/eHNwaBFv Here are some questions we’ve already received for the upcoming webinar: 📈 Why is my WEC Fee increasing so drastically from 2024 —> 2025? 🔥 How can we use the highest DRE for flaring? 🔎 Do we have to report more granularly under the new subpart W or is it still at basin level?

1️⃣ 0️⃣ 1️⃣ in 101 Words: Colorado’s Comprehensive Area Plans 📜 In 2019, Colorado signed Senate Bill 181, designed to prioritize the protection of public safety, health, welfare and the environment in regulation of oil and natural gas development. The requirements from this bill created a new kind of permitting called comprehensive area plans (CAPs). A CAP is a permit that encompasses a larger area of land, which will be developed in sections over a decade. It’s intended for operators to create plans for comprehensive protection of communities and cumulative impacts to the environment.  A CAP focuses on infrastructure location, Best Management Practices (BMPs), and centralization of facilities, among other development aspects. #Sustainability #OilandGas

🎥 Are you prepared to minimize the EPA's Methane Fee? Do you have questions on the Subpart W or OOOOb updates? Do you know what methods may be best for your operation? ✅ Join Iconic Air’s Carbon Expert team of Kerry Weichsel, PE, Laura Garber, and Michele Rowe on August 20th for a novel and informative “ask us anything” regarding these new GHG and methane rules. Send us questions ahead of time on: 1️⃣ Changes with Subpart W and what it means for your reported emissions 2️⃣ Reducing your reported emissions to minimize your Methane Fees 3️⃣ Simplifying compliance with recordkeeping and reporting requirements #EmissionsReduction #OilandGas #Sustainability

1️⃣ 0️⃣ 1️⃣ in 101 Words: What is the Corporate Sustainability Reporting Directive (CSRD)? The European Union’s CSRD went into effect in January 2023 and member countries had until July 2024 to incorporate the directive into national law. CSRD requires companies to disclose information on risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment. The rule applies to: 1️⃣ All large EU-based companies, including US subsidiaries 2️⃣ All EU-listed companies, except micro-enterprises  3️⃣ Non EU-based companies that generated over 150M Euros in the EU market Impacted companies will report against 12 new European Sustainability Reporting Standards (ESRS) and will require assurance on the sustainability information disclosed. #CSRD #Sustainability 📸 Photo Cred: Grant Thorton

New Subpart W reporting requirements for atmospheric storage tanks (including the new requirements for produced water tanks) have been added to the Iconic Air Subpart W guides here: https://lnkd.in/g4a9vTXz. Recall that 0️⃣ percent control efficiency must be assumed when a tank thief hatch on at least one tank downstream of a separator, well, or non-separator equipment is determined to be open or partially open as identified using thief hatch sensor data, tank pressure sensor data, or periodic visual inspections. EPA has however, removed the term "not properly seated" from the final rule and clarified that zero percent control efficiency is meant to apply to times during which there is a visible gap between the hatch cover and the hatch portal. EPA does NOT intend for leaks from a thief hatch that are identifiable only using OGI technologies to warrant an assumption of zero percent control efficiency of tank vapors (although best available data to adjust the portion of the gas routed to vapor recovery or flare should still be used). Download the full guide for more insight on Subpart W reporting requirements for storage tanks as well as other sources of emissions in the oil and gas industry. #methaneEmissions #subpartW #oilandgasindustry

For limited #assurance, the baseline level of assurance, an auditor obtains sufficient evidence to focus on specific aspects of the #GHG report. Limited assurance includes reviewing calculations and methodologies, evaluating controls for data collection, and interviewing staff. Reasonable assurance, currently the highest level of assurance, requires more evidence to ensure the GHG reporting is free of material mistakes. This can include: ✅ Control testing ✅ Assessing risks ✅ Evidence gathering  ✅ Data verification  ✅ Reviewing assumptions, calculations, and completeness ✅ Site visits Reasonable assurance is appropriate where the risk of inaccurate GHG accounting is significant (e.g. companies with many #emission sources or where reporting is a financial obligation).

“These Tedlar bags cost about $20… and we averaged 0.22 scfm VS EPA factors of 13.3 scfm across 32 pneumatic pumps…” RY 2024: 300+ companies will likely owe a Methane Fee of $1M+ RY 2025: We are seeing 50%+ increase in fees due to regulatory changes The natural next question is, “What are some paper-based reductions or low-hanging opportunities that we can take advantage of?” In this webinar clip, Paul Espenan discusses how Diversified Energy is evaluating the impact of using the new Method 2’s empirical emission data for pneumatic pumps and seeing immediate reported methane, and therefore methane fee, reductions. See the full webinar here 👉 https://lnkd.in/e8jryAGN Ask our carbon team questions in the comments, and we will respond today! See the Subpart W language for how to use calibrated bags to quantify emissions here 👇 40 CFR 98.234 (c) Use calibrated bags (also known as vent bags) only where the emissions are at near-atmospheric pressures and below the maximum temperature specified by the vent bag manufacturer such that the bag is safe to handle. The bag opening must be of sufficient size that the entire emission can be tightly encompassed for measurement till the bag is completely filled (1) Hold the bag in place enclosing the emissions source to capture the entire emissions and record the time required for completely filling the bag. If the bag inflates in less than one second, assume one second inflation time. (2) Perform three measurements of the time required to fill the bag, report the emissions as the average of the three readings. (3) Estimate natural gas volumetric emissions at standard conditions using calculations in § 98.233\(t\). (4) Estimate CH4 and CO2 volumetric and mass emissions from volumetric natural gas emissions using the calculations in § 98.233\(u\) and \(v\).

OOOOb is already in effect and changes to Subpart W are on the way! Our team has summarized the 2,000+ pages into a practical free guide for EHS & Operations teams: https://lnkd.in/eax-8M2q The Oil and Gas industry is seeing unprecedented greenhouse gas and methane regulations. The impact to each sector will vary, but many operators will have to start implementing more proactive programs: 1️⃣ Increase the amount and frequency of data they are collecting 2️⃣ Update emission calculations and reporting methodologies 3️⃣ Improve data accuracy and QA/QC 4️⃣ Defend their GHG performance in an auditable manner #Oilgas #Methane #GHG #Energy #Sustainability