EQT Issues Statement in Support of Reinstating Federal Methane Rule
EQT Corporation (NYSE: EQT) supports Congressional disapproval of the 2020 Methane Rescission Rule, advocating for the reinstatement of NSPS OOOOa as a uniform federal standard. As the largest natural gas producer in the U.S., EQT emphasizes its commitment to reducing methane emissions and expanding its portfolio of certified natural gas. The company aims to obtain independent certification from Equitable Origin and MiQ, positioning itself to produce more certified gas than any competitor.
- Support for reinstating the NSPS OOOOa methane regulations enhances regulatory stability.
- Commitment to independent certification process for natural gas could boost market credibility.
- Anticipated certification may position EQT as a leader in responsibly sourced gas.
- None.
PITTSBURGH, April 15, 2021 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today issued the following statement in support of H.J. Resolution 34, and S.J. Resolution 14 of the 117th Congress, which provide for Congressional disapproval of the 2020 Methane Rescission Rule submitted by the Administrator of the Environmental Protection Agency relating to "Oil and Natural Gas Sector: Emission Standards for New, Reconstructed, and Modified Sources Review" (85 Fed. Reg. 57018 (September 14, 2020)):
"As the nation's largest natural gas producer, EQT knows that natural gas will continue to play a meaningful role in accelerating a sustainable pathway to a low carbon future. We believe the responsible development of natural gas will help meet future global energy demand as we address climate change together. As an industry leader in reducing methane emissions, we support reinstituting NSPS OOOOa as a uniform federal standard. EQT is committed to working with elected officials, regulators and other stakeholders to establish sound environmental policies that promote increased access to clean and affordable energy sources."
Earlier today, EQT announced its commitment to seek independent certification of a majority of its produced natural gas under certification standards developed by Equitable Origin and MiQ. The certification process is expected to commence this month, and it is anticipated that certification from Equitable Origin and MiQ will be obtained later this year.
These certifications will expand EQT's growing portfolio of certified natural gas, sometimes referred to as responsibly sourced gas. When its certification project with Equitable Origin and MiQ is completed, EQT will be producing more certified gas than any other producer's total domestic natural gas production (certified or uncertified). Equitable Origin has a proven track record of certifying energy companies on ESG indicators in accordance with its EO100™ Standard for Responsible Energy Development, a set of rigorous ESG performance standards for energy development projects. MiQ, a non-profit partnership between RMI and SYSTEMIQ, is pioneering a market-based approach to rapidly reduce methane emissions across the natural gas sector.
"We are committed to the highest standards of performance for our production operations," said Toby Rice, President and Chief Executive Officer of EQT. "Sound federal policies such as a reinstitution of NSPS OOOOa and independent certifications such as our project with Equitable Origin and MiQ will allow us to further demonstrate our commitment to producing our natural gas in accordance with high environmental and social standards, differentiating our company and supporting our collective objectives of accelerating a sustainable pathway to a low carbon future."
Contacts
Investors:
Andrew Breese
Director, Investor Relations
412.395.2555
ABreese@eqt.com
Media:
Kelly Kimberly
713.822.7538
kkimberly@sardverb.com
About EQT
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 terms, scope, benefits and results of the natural gas certification project with Equitable Origin and MiQ (the Project), the projected market for certified natural gas, and the timing of implementation of the Project and obtaining certification or whether the Project and certifications will be implemented or obtained at all. The risks and uncertainties that may affect the implementation and execution of the Project and other forward-looking statements made herein 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, magnitude and duration of the COVID-19 pandemic; 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.
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SOURCE EQT Corporation (EQT-IR)
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