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Working paper

Connecting strategy, environmental and social indicators: a study of oil and gas producers

Varfolomeev E., Marin O., Bykov D., Karasev O., Velikanova N., Vetchinkina E., Razheva (Edelkina) A., Thurner T.
This paper studies the integration of social and environmental objectives into strategy through performance indicators based on a sample of multinational world-leading oil- and gas producers. Also, we inquire if the companies under study, which identify certain areas as strategic objectives, do better than their peers. We show that top management of the companies did indeed identify different areas of interest, had different strategic foci, and used different performance indicators. This is often explicable through a company’s own history and past experiences. When comparing a sample of greenhouse gas emissions, safety measures, and energy efficiency indicators between the different companies, we could not identify a consistent development over time trends. In fact, some did worse over time and collective improvements were largely absent.