Company Marks Milestone as World's First Large-Scale Traditional Energy Producer to Achieve Net Zero Scope 1 & 2 Greenhouse Gas Emissions
PITTSBURGH, June 24, 2025 /PRNewswire/ -- EQT Corporation (NYSE:EQT), a premier vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin, today announced the publication of its 2024 Environmental, Social and Governance (ESG) Report, titled "Promises Made, Promises Delivered." The report reflects EQT's transformative progress over the last five years, culminating in a landmark achievement: becoming the world's first large-scale traditional energy company to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions. The report also showcases how natural gas is playing a leading role in shaping the energy future, reinforcing its critical role in the energy mix, both domestically and abroad.
EQT President and CEO Toby Z. Rice stated, "When I took on the role of President and CEO of EQT in 2019, our mission was clear: To transform EQT into the operator of choice for all stakeholders, empower our workforce to reach the full potential of EQT and provide our customers with the reliable, affordable and cleaner energy that they need."
Rice continued, "As we reflect on this journey, I am honored to share the meaningful progress we have made in delivering on our commitments. We've grown and evolved, creating America's first large-scale vertically integrated natural gas company and the world's first traditional energy company of scale to reach net zero greenhouse gas emissions on a Scope 1 and Scope 2 basis. We remain committed to demonstrating the critical role of natural gas in delivering affordable, reliable and cleaner energy to the world."
2024 ESG Report Highlights:
Environmental
- Achieved a 67% reduction in Scope 1 GHG emissions for historical production assets since 2018 – becoming the world's first large-scale traditional energy company to reach net zero on a Scope 1 and Scope 2 basis across upstream operations ahead of 2025 goal.
- Advanced water stewardship by increasing the percentage of produced water recycled from 81% in 2019 to 96% in 2024.
- Achieved a company-wide Production segment Scope 1 methane emissions intensity of 0.0070%, significantly surpassing its 2025 target of 0.02%.
- Received 1st place award from West Virginia Department of Environmental Protection for site reclamation efforts in 2023.
- Partnered with West Virginia Division of Natural Resources to implement a first-of-its-kind nature-based carbon sequestration project across more than 400,000 acres of land to promote the absorption of carbon dioxide from the atmosphere and benefit Appalachia's woodlands.
- Awarded "Gold Standard" rating by the United Nations' Oil & Gas Methane Partnership (OGMP) 2.0 for the third consecutive year, in recognition of EQT's ambitious methane reduction efforts.
- Expanded the Appalachian Methane Initiative (AMI), a world-class sector and technology-agnostic methane monitoring network, in its second year to utilize more than 15,000 aerial surveys to measure emissions across the Appalachian Basin.
Social
- Generated approximately $4 billion of gross domestic product (GDP) during 2024, and $776 million of indirect GDP through ancillary business activities.
- Paid more than $665 million in royalties to local landowners in 2024.
- Supported approximately 20,764 ancillary jobs.
- Invested nearly $70 million in local communities through philanthropic investments and infrastructure improvements.
- EQT employees volunteered over 19,000 hours in local communities during 2024.
- Received National Top Workplace (Energage/USA Today) award for the fourth consecutive year.
Governance
- ESG-related performance metrics are included in EQT's annual and long-term incentive compensation programs, aligning executive compensation opportunity with the successful achievement of environmental and safety goals.
- For 2024, 20% of Short-Term Incentive Plan funding was linked to environmental, health and safety (EHS) performance.
- Leveraged proprietary digital tools to measure and analyze approximately 400 ESG metrics to position EQT for opportunities to enhance performance.
- Half of EQT's directors are racially, ethnically or gender diverse.
- Maintained a "AA" ESG Rating from MSCI in 2024.
- Served as a member of the Oil and Gas Decarbonization Charter and joined the World Economic Forum, continuing our engagement in international climate conversations.
Stakeholders can explore the full 2024 ESG Report and experience EQT's journey of innovation and accountability at esg.eqt.com.
Media Contact:
Amy Rogers
Head of Strategic Communications
410-703-6968
[email protected]
About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused 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.
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 (EQT) and its operated subsidiaries (collectively, the Company), including with respect to active and prospective ESG initiatives and results and performance thereof.
The forward-looking statements included in this news release 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 known by 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; 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 other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's operational plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2024 and in other documents EQT subsequently 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.
EQT's claim of achieving "net zero" is based on (i) 2024 Scope 1 greenhouse gas (GHG) emissions, as reported to the U.S. Environmental Protection Agency (EPA) under the EPA's Greenhouse Gas Reporting Program (Subpart W) for the onshore petroleum and natural gas production segment and the gathering and boosting segment, plus (ii) 2024 Scope 2 GHG emissions using the location-based method and the EPA's Emissions & Generation Resource Integrated Database's state emission factors for EQT's operating areas, minus (iii) carbon offsets generated by EQT during calendar year 2024. EQT's net zero claim does not include Scope 3 GHG emissions or emissions from Equitrans Midstream Corporation and its related assets, which were acquired by EQT on July 22, 2024.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE EQT Corporation