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The Environmental Protection Agency (EPA) has finalized a host of new obligations for upstream and midstream oil and gas owners and operators.

On December 28, 2023, the U.S. Environmental Protection Agency (“EPA”) granted Louisiana primary enforcement authority (“primacy”) under the federal Safe Drinking Water Act’s (“SDWA”) Underground Injection Control (“UIC”) program to permit Class VI wells, which became effective on February 5, 2024.

Last week, the Governor of New Mexico signed House Bill 41 (“HB 41”) into law, establishing the Clean Fuel Standard (“CFS”), which, similar to programs in California, Oregon, and Washington, focuses on reducing the carbon intensity of transportation fuels.

On February 12, 2024, the U.S. Fish and Wildlife Service (USFWS) released its final rule revising its permit regulations for “take” under the Bald and Golden Eagle Protection Act (BGEPA), an overhaul that has been several years in the making.

The Environmental Protection Agency (EPA) has published a proposed rule to assess and collect billions of dollars in methane “waste emission charges” from the oil and gas sector.

The California Air Resources Board (“CARB”) reviews the state’s Low Carbon Fuel Standard (“LCFS”) program every five years as part of the broader scoping plan required under the California Global Warming Solutions Act.

Much of the attention on California of late has focused on the passing of two climate-related disclosure laws; namely, the Climate Corporate Data Accountability Act (“CCDAA”) (SB 253) and the Climate-Related Financial Risk Act (“CRFRA”)  (SB 261).

On November 16, 2023, the Department of Energy (“DOE”) issued a notice of proposed rulemaking (“NOPR”) that would amend DOE’s regulations implementing the National Environmental Policy Act (“NEPA”) to add a categorical exclusion for certain energy storage systems and revise existing categorical exclusions for solar photovoltaic (“PV”) facilities and for upgrades and rebuilds of transmission lines on previously disturbed or developed land.

Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter.

As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government to the punch.

Carbon capture and sequestration (“CCS”) projects represent a critical pillar in many companies’ strategies to navigate the low-carbon transition.

In a concerted effort to meet the Biden administration’s aggressive carbon-reduction goals, the Department of Energy (“DOE”) unveiled a pre-publication copy of a forthcoming proposed rule on August 10, 2023, aimed at fast-tracking the development of high-voltage electric transmission facilities.