Company Continues to Play Leading Role in
World's Energy Evolution
PITTSBURGH, June 25,
2024 /PRNewswire/ -- EQT Corporation (NYSE: EQT), a
leading independent natural gas production company, today announced
the publication of its 2023 Environmental, Social and Governance
(ESG) Report, titled "Unlimited Potential."
The report highlights how EQT has significantly reduced its
emissions and minimized its overall environmental impact, including
reducing its Scope 1 methane emissions intensity to below 0.02% and
reducing its Scope 1 greenhouse gas (GHG) emissions intensity by
approximately 70% since 20181, in each case surpassing
its published emissions reduction targets a full year ahead of
schedule. Additionally, EQT remains on track to achieve net zero
Scope 1 and Scope 2 GHG emissions2 by 2025. The
report also demonstrates how natural gas can play a leading role in
the energy evolution to lower carbon emissions and provide energy
security to the world.
EQT President and CEO Toby Z.
Rice stated, "In 2023, we focused on achieving peak
performance, on having our best year yet. We are committed to
demonstrating how natural gas can play a leading role in the
world's energy evolution to lower carbon solutions, and it is clear
the world recognizes the continued need for natural gas to ensure
energy security and achieve the world's decarbonization goals."
Rice continued, "As one of the largest producers of natural gas
in the United States, EQT is
uniquely positioned to play a key role in both answering the call
for more clean energy, as well as leading efforts to displace
international coal. We are executing at record performance levels,
securing historic physical supply deals, aggressively cutting
emissions, and implementing our vision to become the preeminent
low-cost natural gas producer on the domestic and global
stage."
2023 ESG Report Highlights:
Environmental
- Achieved a 35% year-over-year reduction in EQT Production
segment Scope 1 GHG emissions intensity.
- Recycled 96% of produced water.
- Awarded "Gold Standard" rating by the United Nations'
Oil & Gas Methane Partnership (OGMP) 2.0 for the second
consecutive year, in recognition of EQT's ambitious methane
reduction efforts.
- Partnered with Context Labs to support the
commercialization of verified, lower-carbon intensity natural gas
products and carbon credits.
- Became the first independent, domestic operator to sign the Oil
and Gas Decarbonization Charter at the 28th United
Nations Climate Change Conference (COP28), which calls for the industry to
achieve net zero before or by 2050 and end routine flaring
by 2030.
- Earned a first-place award from the West Virginia Department of
Environmental Protection for site reclamation efforts across the
state.
- Entered into a first-of-its-kind forest management partnership
with the State of West Virginia to
create a high-quality, verifiable nature-based carbon
sequestration project.
- Helped establish the Appalachian Methane Initiative, a
world-class sector and technology-agnostic methane monitoring
network designed to assess and further mitigate methane emissions
across the entire Appalachian Basin.
Social
- Generated approximately $1.1
billion of gross domestic product (GDP) during 2023, and
$606 million of indirect GDP
through ancillary business activities.
- Paid $795 million in
royalties to local landowners in 2023.
- EQT employees volunteered over 16,100 hours in local
communities during 2023.
- Invested over $56 million
in local communities through philanthropic investments and
infrastructure improvements.
- Named a USA Top Workplace
(Energage) for the third consecutive year.
Governance
- ESG-related performance metrics are included in EQT's annual
and long-term incentive compensation programs, aligning
executive compensation opportunities with the
successful achievement of environmental and safety goals.
- For 2023, 25% of Short-Term Incentive Plan funding was
linked to ESG-focused measures — specifically, GHG emissions
intensity reduction and safety performance.
- Leveraged proprietary digital tools to measure
and analyze approximately 400 ESG metrics to position
EQT for opportunities to enhance performance.
- Female directors comprise over half of EQT's Board of
Directors and serve in key leadership roles, including
Board Chair.
- 9% of EQT's directors are racially/ethnically
diverse.
- Maintained a "AA" ESG Rating from MSCI in
2023.3
To view EQT's 2023 ESG Report, visit esg.eqt.com.
Media Contact:
Courtney
Loper
Head of Government Relations and Public Affairs
202-744-3255
Courtney.Loper@eqt.com
About the EQT Corporation
EQT Corporation is a leading independent natural gas production
company with operations focused in the Appalachian Basin. We are
dedicated to responsibly developing our world-class asset base and
being the operator of choice for our stakeholders. By leveraging a
culture that prioritizes operational efficiency, technology and
sustainability, we seek to continuously improve the way we produce
environmentally responsible, reliable and low-cost energy. We have
a longstanding commitment to the safety of our employees,
contractors, and communities, and to the reduction of our overall
environmental footprint. Our values are evident in the way we
operate and in how we interact each day – trust, teamwork, heart,
and evolution are at the center of all we do. To learn more,
visit eqt.com.
Cautionary Statements
This news release contains certain forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. Statements that do not relate strictly to historical or
current facts are forward-looking. Without limiting the generality
of the foregoing, forward-looking statements contained in this news
release specifically include the expectations of plans, strategies
and objectives of EQT Corporation and its subsidiaries
(collectively, the Company), including with respect to active and
prospective ESG initiatives and results and performance thereof,
including whether the Company will be able to achieve its net zero
emissions goal in the anticipated timeframe or at all.
The forward-looking statements included in this news release
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. The Company has based these
forward-looking statements on current expectations and assumptions
about future events, taking into account all information currently
known by the Company. While the Company considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory
and other risks and uncertainties, many of which are difficult to
predict and beyond the Company's control. These risks and
uncertainties include, but are not limited to, volatility of
commodity prices; the costs and results of drilling and operations;
uncertainties about estimates of reserves, identification of
drilling locations and the ability to add proved reserves in the
future; the assumptions underlying production forecasts; the
quality of technical data; the Company's ability to appropriately
allocate capital and resources among its strategic opportunities;
access to and cost of capital, including as a result of rising
interest rates and other economic uncertainties; the Company's
hedging and other financial contracts; inherent hazards and risks
normally incidental to drilling for, producing, transporting and
storing natural gas, natural gas liquids and oil; cyber security
risks and acts of sabotage; availability and cost of drilling rigs,
completion services, equipment, supplies, personnel, oilfield
services and sand and water required to execute the Company's
exploration and development plans, including as a result of
inflationary pressures; risks associated with operating primarily
in the Appalachian Basin and obtaining a substantial amount of the
Company's midstream services from a single provider; the ability to
obtain environmental and other permits and the timing thereof;
government regulation or action, including regulations pertaining
to methane and other greenhouse gas emissions; negative public
perception of the fossil fuels industry; increased consumer demand
for alternatives to natural gas; environmental and weather risks,
including the possible impacts of climate change; and disruptions
to the Company's business due to acquisitions and other significant
transactions. These and other risks and uncertainties are described
under Item 1A, "Risk Factors," and elsewhere in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023 and may be updated by Part II,
Item 1A., "Risk Factors" in subsequent Quarterly Reports on Form
10-Q and other documents the Company subsequently files from time
to time with the Securities and Exchange Commission. In addition,
the Company may be subject to currently unforeseen risks that may
have a materially adverse impact on it.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, the
Company does not intend to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
1 Percent reduction in GHG emissions intensity was
calculated based on emissions and gross production during 2023 from
assets owned by EQT on June 30, 2021
(i.e., when EQT announced its emissions targets), as
compared to emissions and gross production from assets owned by EQT
as of the end of 2018. GHG emissions intensity includes only Scope
1 GHG emissions reported to the U.S. Environmental Protection
Agency (EPA) under the EPA's Greenhouse Gas Reporting Program
(Subpart W) for the onshore petroleum and natural gas Production
segment.
2 EQT's net zero emissions target is based on Scope 1
and Scope 2 GHG emissions from assets owned by EQT on June 30, 2021. Scope 1 GHG emissions included in
the target are based exclusively on emissions reported to the EPA
under the EPA's Greenhouse Gas Reporting Program (Subpart W) for
the onshore petroleum and natural gas Production segment.
3 MSCI ESG Ratings aim to measure a company's
management of financially relevant ESG risks and opportunities.
MSCI utilizes a rules-based methodology to identify industry
leaders and laggards according to each company's exposure to ESG
risks and how well they manage those risks relative to peers.
MSCI's ESG Ratings range from leader ("AAA," "AA"), average ("A,"
"BBB," "BB") to laggard ("B," "CCC"). For more information on
MSCI's ESG Rating rubric, please visit
https://www.msci.com/our-solutions/esg-investing/esg-ratings.
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SOURCE EQT Corporation (EQT-IR)
