Texas Pipeline Company Max Energy Teams With Macquarie to Offset Its Direct Emissions Under a Structure That Will Also Allow Max to Offer Carbon Services to Its Customers
HOUSTON–(BUSINESS WIRE)–Max Midstream Texas, LLC (“Max Midstream”), a Houston-based energy company and subsidiary of Max Energy Industrial Holdings US, LLC, has collaborated with Macquarie Group’s Commodities and Global Markets (“Macquarie”) division to offset its direct greenhouse gas emissions. Macquarie retired the carbon offsets on behalf of Max Midstream at the Verra registry. The retirement is sufficient to offset the emissions from all construction activities since Max Midstream’s inception and all emissions associated with crude logistics at Max Midstream’s pipeline and terminal operations for the following three years based on projected through-put1.
“Max Midstream is entirely committed to environmental sustainability and its relevance in the energy transition,” said Jon Novitsky, CEO of Max Midstream. “This agreement with Macquarie and our first retirement of offsets is just one of the first steps in our ESG journey. Offsetting is a practical step we could execute immediately as we build to our other planned activities, and we appreciate Macquarie’s expertise and guidance.”
Max Midstream is committing to making its terminal operations 100% carbon-neutral. It has designed and invested in a combination of operational efficiency improvements and tank designs to reduce emissions associated with the movement and storage of hydrocarbons.
The arrangement agreed with Macquarie also enables Max Midstream to provide carbon offsetting and lifecycle carbon accounting services to its customers, thus allowing its crude buyers to offtake ‘carbon-neutral’ or ‘carbon offset’ crude from Max Midstream’s Seahawk Terminal. The offsets will be provided by contractually bundling crude with voluntary carbon offsets supplied and retired by Macquarie from projects as desired by Max Midstream’s customers.
About Max Energy
Max Energy is creating a modern and evolved Energy Asset and Trading Company. Throughout its development, it will instill innovation, forward-thinking, and new solutions for its markets and customers. As the world’s energy needs and requirements are rapidly changing, Max Energy is prepared to offer value-driven solutions for today and the future. Through its subsidiary Max Midstream, it operates a carbon neutral export terminal at the Port of Calhoun, Texas and linking pipeline on the US Gulf Coast. For further information about Max Energy and Max Midstream, visit https://www.maxmidstream.com.
About Macquarie Group
Macquarie’s Commodities and Global Markets group offers capital and financing, risk management, market access, physical execution and logistics solutions as part of Macquarie Group Limited, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 17,000 people globally in 33 markets. As of 30 September 2021, Macquarie had assets under management of $US532.8 billion. For further information, visit www.macquarie.com.
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1 For hydrocarbons through Max Midstream’s Edna and Seahawk Facilities (Scope 1 & 2 only)
Contacts
Kasey S. Pipes
817-542-3870
