EQT Releases its 2019 Environmental, Social and Governance Report

Rhea-AI Summary

EQT Corporation released its 2019 Environmental, Social and Governance (ESG) Report, detailing efforts to enhance environmentally responsible natural gas production. Key highlights include a 23% decrease in Scope 1 greenhouse gas emissions compared to 2018, and a 78% lower methane intensity than the 2025 target. The report emphasizes EQT's commitment to stakeholders, operational efficiencies, and community investments totaling over $29 million. As the largest U.S. natural gas producer, EQT aims to play a critical role in sustainable energy practices.

Positive

• 23% decrease in Scope 1 greenhouse gas emissions compared to 2018.
• Methane intensity is 78% lower than the 2025 target set by the ONE Future Coalition.
• Recycled approximately 81% of produced water in 2019.
• $375 million generated in state and local tax revenues from 2019 activities.

Negative

• None.

PITTSBURGH, Oct. 21, 2020 /PRNewswire/ -- EQT Corporation (EQT or the Company) (NYSE: EQT) today announced the release of its Environmental, Social and Governance (ESG) Report, which outlines 2019 operational data and EQT's initiatives and strategies implemented to continuously improve the way it produces environmentally responsible, reliable, low-cost energy. The report details EQT's journey to transform into a modern, digitally-enabled organization, highlights EQT's refreshed strategic initiatives and recent accomplishments within the three ESG pillars, and emphasizes EQT's renewed commitment to all stakeholders.

"EQT is uniquely positioned to continue to build upon its already industry-leading performance and demonstrate the true benefits of natural gas as we move into the future. As highlighted in the report, EQT had the second lowest upstream emissions intensity among global and domestic energy companies reviewed by Enverus¹, and the Marcellus Shale accounted for 16% of energy produced, but only 4% of total U.S. onshore emissions. These results highlight the criticality of natural gas – and in particular regional natural gas – in meeting the energy needs of the future," said Toby Z. Rice, President and Chief Executive Officer of EQT Corporation.

Rice continued, "Our efforts over the past 15 months have been about retooling a 130-year old company to become a leader in all aspects of our operations, including on the environmental, social and governance fronts. Our report provides a detailed framework on how we think about our business, and how all of the pieces – from how we manage human capital to how we empower our employees with technological capital – are aligned to execute a cohesive operational, corporate and ESG strategy that drives sustainable, long-term value creation. Some of the key highlights of our efforts are noted below. What excites me most is that the results we are reporting today are only just the beginning, and the baseline of what is possible has yet to be established.

"Our alignment with stakeholders is critical in crafting the EQT needed to support the continuation of the environmental, economic and social benefits of natural gas. At EQT, we believe that engagement, transparency and accountability are the cornerstones of establishing that alignment, and I look forward to our collective journey into the future."

The 2019 report theme, Future Focused, demonstrates EQT's commitment to continued evolution, with the goal of becoming the operator of choice for all stakeholders.

Highlights of EQT's 2019 ESG Report include:

Environmental Stewardship

• EQT's methane intensity is approximately 78% lower than the 2025 target set by the ONE Future Coalition for the production sector
• EQT realized an approximately 23% decrease in Scope 1 greenhouse gas emissions, as compared to 2018
• Approximately 81% of EQT's produced water was recycled in 2019
• In alignment with EQT's unyielding focus on decreasing completion costs and improving efficiencies while minimizing environmental impact, EQT began electrifying its hydraulic fracturing fleet in late 2019 by using onsite natural gas to power a portion of completions operations

Safety

• Zero Tier 1 Process Safety events
• EQT's 2019 contractor recordable work-related injury rate decreased by 49% compared to 2018
• On average, full-time EQT employees received approximately 11 hours of health and safety training
• Implemented a new training program related to water hauler truck safety and rollover prevention
• More than 500 contractors and 300 EQT field employees completed the training

Community Investment

• In 2019, EQT and the EQT Foundation collectively, along with other corporate funds, contributed more than $29 million to local communities. Of that amount:
• The EQT Foundation awarded more than $5.1 million in grants, scholarships, and other charitable contributions to non-profit organizations and programs throughout southwestern Pennsylvania, northern West Virginia and eastern Ohio
• EQT's local giving and community sponsorship programs totaled more than $1.0 million
• EQT invested $22.9 million to improve roads and associated infrastructure in communities throughout its operating area

Economic Impact

• EQT's 2019 activities generated nearly $375 million in state and local tax revenues, supporting state and local governments
• In addition to its direct employees, EQT supported approximately 21,260 ancillary jobs across its operations
• Through direct, indirect and induced activities, EQT produced approximately $2.9 billion of Gross Domestic Product

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.

About 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.

Media Contact:
Josie Schultz
External Communications Manager
412.395.3365
jlschultz@eqt.com

¹ Source: RS Energy Group, a part of Enverus. Based on 2018 upstream CO2 emissions and estimates data from the EPA, which is the latest complete data set for the group.

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SOURCE EQT Corporation

FAQ

What were the key findings of EQT's 2019 ESG Report?

EQT's 2019 ESG Report highlighted a 23% decrease in greenhouse gas emissions and a methane intensity 78% lower than the 2025 target.

How much did EQT invest in community programs in 2019?

EQT and its foundation contributed over $29 million to local communities in 2019.

What impact did EQT have on local economies in 2019?

EQT generated nearly $375 million in state and local tax revenues and supported approximately 21,260 ancillary jobs.

How is EQT positioned regarding environmental performance?

EQT had the second lowest upstream emissions intensity among evaluated energy companies, showcasing its commitment to environmental stewardship.