PITTSBURGH, June 29, 2021 /PRNewswire/ -- EQT
Corporation (NYSE: EQT) today announced the release of its
Environmental, Social and Governance (ESG) Report, which
outlines the Company's 2020 operational data and initiatives
implemented to continuously improve the way it produces
environmentally responsible, reliable, and low-cost energy.
Additionally, the Company announced targets to achieve net zero
Scope 1 and 2 greenhouse gas (GHG) emissions in its Production
segment operations by or before 2025.
"Natural gas is the proven abundant, reliable, affordable, and
environmentally-responsible energy source. EQT is uniquely
positioned as the largest pure-play natural gas producer to build
upon its already industry-leading performance and demonstrate the
true benefits of natural gas. Our 2020 ESG Report outlines our
strategy for reducing our emissions and how we view our role in
accelerating a transition to a low carbon future," said
Toby Z. Rice, President and Chief
Executive Officer of EQT Corporation.
Rice continued, "The actions that we have taken in the last year
have set EQT on the path to be net zero by 2025, if not sooner.
Bolstering this ambition is our ability to leverage technology and
innovation that not only improves our operational efficiencies but
lessens our environmental impact. More recently, our efforts to
certify our gas as well as our announced participation in the OGMP
2.0 Initiative to monitor methane emissions demonstrate our
commitment to transparency to our stakeholders. Through this, we
aim to satiate both the domestic and international demand for clean
energy."
Highlights of EQT's 2020 ESG Report Include:
Establishment of Emissions Reduction Targets
- EQT is committed to achieving the following emissions reduction
targets with respect to its Production segment operations by or
before 2025:
-
- Net zero Scope 1 and Scope 2 GHG emissions
- Scope 1 GHG emissions intensity of below 160 MT CO2e/Bcfe
(representing an approximately 70% reduction compared to 2018
levels)
- Scope 1 methane emissions intensity of below 0.02%
(representing an approximately 65% reduction compared to 2018
levels)
Environmental Stewardship
- EQT's methane intensity for 2020 is approximately 81% lower
than the 2025 target set by the ONE Future Coalition for the
Production segment
- Reduced Scope 1 Production segment GHG emissions by 21%
compared to 2019, and achieved a 19% decrease in Scope 1 Production
segment GHG emissions intensity compared to 2019*
- Fully transitioned to electric frac fleets in 2020, eliminating
over 23 million gallons of diesel fuel from EQT's operations
annually
- Entered into projects with Project Canary and Equitable
Origin/MiQ to obtain ESG-related certification of natural gas
produced from over 200 of EQT's well pads (approximately 4.0
Bcf/day)
- Began a process to replace its natural gas-powered pneumatic
devices by 2023, which were responsible for approximately 53% of
EQT's Production segment Scope 1 GHG emissions in 2020
- Built a proprietary emissions model to forecast future
emissions and layer-in different cost of carbon scenarios when
making capital allocation decisions
*not including 2020 annualized emissions from the acquired
Chevron Appalachian
assets
Safety
- Formed a COVID-19 Response Task Force comprised of members of
EQT's executive team and other key members of management and
developed a tracing system to enforce accountability for any onsite
incidents
- On average, full-time EQT employees received approximately 30
hours of environmental, health and safety training, while
field-based EQT employees received approximately 237 hours, during
2020
Community Investment and Economic Impact
- The EQT Foundation gave more than $3.6
million in 2020 to support local communities
- EQT invested $27.6 million in
road and infrastructure improvements in 2020
- EQT paid approximately $355
million in royalty payments to landowners in 2020
- EQT's 2020 activities generated over $252 million in state and local tax revenues,
supporting state and local governments
- Through direct, indirect, and induced activities, EQT produced
approximately $1.9 billion in
value-added contributions to the U.S. Gross Domestic Product
Human Capital and Diversity
- Named a 2021 National Top Workplace by Energage
- Adopted an "Equity for All" program, giving all permanent
employees a stock grant and ownership in EQT
- Increased percentage of female hires by 15% and diverse hires
by 5% compared to 2019
- Over $75 million spent with
minority-owned suppliers in 2020
Governance
- 50% of EQT's Board of Directors is comprised of women as of
year-end 2020
- Added ESG-related metrics to EQT's long-term incentive
compensation program
- Enhanced governance structure for ESG-related matters,
including oversight of ESG-related risks, embedded ESG oversight
into Board committee charters, and established a management-level
ESG Committee
As the largest producer of natural gas in the United States, EQT will have an
influential impact on the continued trajectory of natural gas as a
vital energy source. By promoting and investing in sustainable
practices, EQT seeks to create sustainable value for its
stakeholders and lessen the impact on the environment and
communities, all while creating process efficiencies. EQT is one of
the lowest-cost producers of natural gas in the United States, and firmly believes its ESG
strategy is an integral part of success for the Company and for all
stakeholders.
ESG Webcast Information
EQT will host a conference call on Wednesday, June 30, 2021, beginning at
10:00 a.m. ET. Topics of the
conference call will include data disclosed in EQT's 2020 ESG
Report, including a discussion of EQT's ESG strategy and emissions
reduction targets. A brief Q&A session for analysts will
immediately follow the discussion. The call will be broadcast live
via EQT's website at www.eqt.com and on the investor
information page of EQT's website at ir.eqt.com, with a replay
available following the live call.
Investor Contact:
Andrew
Breese
Director, Investor Relations
412.395.2555
ABreese@eqt.com
About the EQT Corporation
EQT Corporation is a leading
independent natural gas production company with operations focused
in the cores of the Marcellus and Utica Shales 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 the projected ESG initiatives, results and
performance, including whether the Company will be able to achieve
its emissions reduction goals in the anticipated timeframe or at
all. These forward-looking statements 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 available to
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; access to and
cost of capital; 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; inherent hazards and risks normally incidental to
drilling for, producing, transporting and storing natural gas, NGLs
and oil; cyber security risks; availability and cost of drilling
rigs, completion services, equipment, supplies, personnel, oilfield
services and water required to execute the Company's exploration
and development plans; the ability to obtain environmental and
other permits and the timing thereof; government regulation or
action; environmental and weather risks, including the possible
impacts of climate change; uncertainties related to the severity;
and disruptions to the Company's business due to acquisitions and
other significant transactions. These and other risks 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, 2020, as updated by Part II, Item
1A, "Risk Factors" in the Company's subsequently filed Quarterly
Reports on Form 10-Q and other documents the Company 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 the Company does not intend to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE EQT Corporation