EQT Corp. released a report that outlines the measures the company took last year to improve the way it produces environmentally responsible, reliable, and low-cost energy.
In its Environmental, Social and Governance (ESG) Report, the Pittsburgh-based natural gas producer highlighted its many achievements on the ESG front, including the establishment of emissions reduction targets. Specifically, the company committed to achieving net zero scope 1 and scope 2 greenhouse gas emissions from its production segment by 2025. Also, it reduced its methane intensity to the extent that it is approximately 81 percent lower than the 2025 target. Further, it reduced scope 1 production GHG emissions by 21 percent compared to 2019.
Also, it fully transitioned to electric frac fleets in 2020, eliminating over 23 million gallons of diesel fuel from EQT’s operations annually. In addition, it 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, which is approximately 4.0 Bcf/day.
“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,” EQY President and CEO Toby Rice said.
Among other achievements, the EQT Foundation gave more than $3.6 million in 2020 to support local communities and invested $27.6 million in road and infrastructure improvements in 2020. Further, it adopted an “Equity for All” program, giving all permanent employees a stock grant and ownership in EQT. In addition, it increased the percentage of female hires by 15 percent and diverse hires by 5 percent compared to 2019. As of the end of 2020, 50 percent of EQT’s board is comprised of women.
“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,” Rice added.
EQT is the largest producer of natural gas in the United States.