EQT Corporation, the largest producer of natural gas in the United States, announced the publication of its 2021 Environmental, Social and Governance (ESG) Report, highlighting the Company's significant progress in achieving net zero Scope 1 and 2 GHG emissions, as well as its leadership in advocating for natural gas as an affordable, reliable and clean energy source for the U.S. and the world.
"In addition to our own positive ESG performance and significant emissions reductions, EQT inserted itself into the global conversation about the critical role natural gas plays in arresting climate change and providing energy security and independence to our allies. The benefits of affordable, reliable, clean natural gas are being recognized both domestically and internationally," said Toby Z. Rice, President and Chief Executive Officer of EQT Corporation.
Rice continued, "We are at a critical point in history. The decisions made over the next decade will shape the trajectory of our efforts to make meaningful progress in global emissions reduction. International coal is the leading source of carbon and methane emissions worldwide and it is getting worse. We believe replacing international coal with American natural gas via LNG is the largest green initiative on the planet and the world's best weapon to fight climate change, while simultaneously addressing energy security and affordability."
2021 ESG Report Highlights:
Announced plans to achieve ambitious emissions reduction targets, including a commitment to achieve net zero greenhouse gas (GHG) emissions from Production segment operations on a Scope 1 and Scope 2 basis by or before 20251
Made substantial progress toward achieving all emissions targets, including:
° Reducing Scope 1 and Scope 2 Production segment GHG emissions to 588,533 MT CO2e,1 a 36% reduction compared to 2018
° Reducing Scope 1 Production segment GHG emissions intensity to 297 MT CO2e/Bcfe,2 a 44% reduction compared to 2018
° Reducing Scope 1 Production segment methane emissions intensity to 0.039%, a 35% reduction compared to 2018
Obtained Equitable Origin and MiQ certification of natural gas produced from approximately 200 well pads, which collectively produce approximately 4.0 Bcf per day in gross volume, making EQT the largest producer of certified natural gas in North America as of the end of 20213
Launched an initiative to eliminate natural gas-powered pneumatic devices the source of 39% of 2021 Production segment Scope 1 GHG emissions from operations by the end of 2022
Joined the Oil and Gas Methane Partnership 2.0, a Climate and Clean Air Coalition initiative led by the UN Environment Programme, in partnership with the European Commission, the UK Government, the Environmental Defense Fund and other leading oil and gas companies
Paid $731 million in royalties to local landowners in 2021, representing a 106% increase compared to 2020
EQT employees volunteered approximately 7,000 hours in local communities in 2021
Corporate giving, sponsorships, and road and infrastructure investments in local communities totaled more than $28 million in 2021
Over $3 million in grants and contributions were provided by the EQT Foundation in 2021
Improved the racial and ethnic diversity of EQT's Board of Directors, which is now 64% racially, ethnically, or gender diverse
Named a National Top Workplace by Energage for 2021 and 2022
Implemented a system for digitally tracking and managing operational performance, including over 400 ESG-specific metrics
Developed a digital framework for measuring, projecting, and analyzing emissions data, positioning EQT to capture opportunities to further enhance its ESG performance
Added emissions reduction targets to short and long-term incentive compensation plans, directly linking compensation opportunity for management team with achievement of these important environmental goals
EQT has a long-standing commitment to ESG and is an industry leader in reducing emissions. Over the last 15 years, EQT alone has contributed to approximately 5% of the total reduction of carbon emissions in the United States.4 The Company's operations have some of the lowest GHG emissions intensities in the oil and gas industry.
EQT is committed to being at the forefront of technology, culture, and environmental performance to continue to make natural gas a viable solution in the energy transition. The Company stands ready and willing to lead the change we want to see in the world and help unlock the tremendous potential of unleashing U.S. LNG.