“Environmental, Social and Governance (ESG) is an important focus area at Dril-Quip. We are committed to operating in a manner that promotes human rights, health and safety, and ethical behavior in all the countries in which we conduct business, reducing our own greenhouse gas emissions footprint, and helping the world transition to a low-carbon future.”– Jeffrey J. Bird, President and Chief Executive Officer
These underlying core values guide our focus to ensure sustainability is embedded across all our operations as a company. We work closely with our partners and our stakeholders to improve energy efficiency globally and reduce the carbon footprint across the world.
We believe technological innovation is key to improving energy efficiency and providing people around the world with universal access to reliable, affordable, clean energy. By doing so, we stimulate economic growth and enhance the standard of living for all, improving health and creating employment opportunities globally.
Dril-Quip is an active signatory of the United Nations (UN) Global Compact and supports the organization's Ten Principles on human rights, labor, environment, and anti-corruption as a Participant.
We are committed to incorporating these principles into the culture, strategy, and day-to-day operations of our company, engaging in collaborative projects which advance the broader objectives of the United Nations, particularly the Sustainable Development Goals (SDGs), and reporting on our progress towards the Ten Principles and SDGs to the stakeholders and the general public.
Sustainability begins with supporting the Ten Principles of the UN Global Compact that advance societal goals, across human rights, labor, environment, and anti-corruption.
Dril-Quip and our subsidiaries (‘Dril-Quip’ or the ‘Company’) support universal human rights described in the United Nations Universal Declaration of Human Rights. While we believe governments have the primary responsibility for protecting and upholding the human rights of their citizens, and we respect the sovereignty of governments throughout the world, we recognize our responsibility to respect human rights and are committed to preserving these rights within our operations. Further, Dril-Quip recognizes that we can make a positive contribution to promoting human rights by respecting the rights of people in the communities where we operate and those of Dril-Quip suppliers and business partners and by opposing human trafficking and the exploitation of children.
Dril-Quip supports the protection and safety of our employees. We are committed to providing equal opportunities in all aspects of employment. We maintain policies that prohibit discrimination or harassment based on race, color, national origin, genetic information, religion, gender, pregnancy, marital status, sexual orientation, age, disability, or military services. We maintain programs in the United Kingdom to ensure compliance with the U.K. Modern Slavery Act and the U.K. Gender Pay Gap requirements.
We have made commitments to the following labor and human rights issues:
Sustainability has always been at the core of our operations. We believe our technology enables customers to reduce operational and environmental risks and empowers them to be more efficient, reducing their overall carbon footprint. It is ingrained in our culture of the Power of e™ and exemplified by our Green by Design™ solutions that link a focus on sustainability across our entire product portfolio. We are committed to environmental stewardship by actively engaging in sustainable practices throughout our operations and doing our part, as a member of the greater energy industry, to deliver products that allow our customers to responsibly provide greater access to affordable, reliable energy for people everywhere.
At Dril-Quip, our reputation for conducting business lawfully and ethically is essential to our continued success. Our policy is to comply with the United States Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act, and all other applicable laws against corruption.
All United Nations Member States adopted the 2030 Agenda for Sustainable Development in 2015 as a shared blueprint to eradicate poverty, protect the planet, and promote peace. At the heart of this Agenda are 17 Sustainable Development Goals (SDGs) that are a call to action to make a more sustainable future.
| Sustainable Development Goal | United Nations Global Compact Ambition Benchmark | Dril-Quip Commitment |
|---|---|---|
|
“Ensure inclusive and equitable quality education and promote lifelong opportunities for all” |
|
|
“Achieve gender equality and empower all women and girls” |
|
|
“Ensure access to affordable, reliable, sustainable and modern energy for all” |
|
|
“Take urgent action to combat climate change and its impact” |
|
At Dril-Quip, we rely on our people, processes, and technologies to achieve our long-term environmental, social, and corporate governance objectives.
These strategic elements are critical to driving sustainability across core operations, supported by risk management, and guided by strong leadership.
Dril-Quip has always focused on developing solutions that benefit our customers, including products that are lighter, more compact, require less hardware, and reduce time to first oil, which naturally contribute to lower carbon emissions. In step with our customers, we are aligning our capabilities to further focus on carbon reduction during the energy transition.
A Straightforward Approach
Dril-Quip's approach to developing products that align with our commitment to UN SDGs is straightforward:
| Materiality Matrix Priority Assessment | Stakeholder Mapping |