Company Marks Milestone as World’s First Large-Scale Traditional Energy Producer to Achieve Net Zero Scope 1 & 2 Greenhouse Gas Emissions
EQT Corporation, 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.
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