PITTSBURGH, Dec. 2, 2023
/PRNewswire/ -- EQT Corporation (NYSE: EQT), the largest
producer of natural gas in the United
States, today announced its participation in the Oil and Gas
Decarbonization Charter (OGDC) unveiled at COP28. This landmark charter is dedicated to
speeding up climate action and achieving high-scale impact across
the oil and gas sectors.
"EQT is proud to join this landmark charter. EQT has been at the
forefront of emissions reduction for years. Our aggressive net zero
targets, vigorous efforts to reduce methane emissions, commitment
to transparency and focus on supporting our peers make us a natural
fit," said Toby Z. Rice, EQT
President and CEO. "At EQT, we are guided by the higher purpose of
providing energy security to the world while lowering global
emissions. Joining the OGDC will help ensure that the energy we
produce is done so responsibly. We encourage our peers to join us
in these efforts so that we can accelerate global decarbonization
and advance the world's energy transition together."
The OGDC, which has been signed by 50 oil and gas companies,
supports the aims of the Paris Agreement and calls for the industry
to align around net zero by or before 2050, zero-out methane
emissions and eliminate routine flaring by 2030. Beyond
decarbonization, signatories recognize it is essential for the oil
and gas industry to increase actions, including engaging with
customers, investing in the energy system of the future and
increasing transparency in measurement, reporting and independent
verification. The charter is a key initiative under the Global
Decarbonization Accelerator (GDA), which was launched at the World
Climate Summit today. The GDA focuses on three key pillars: rapidly
scaling the energy system of tomorrow, decarbonizing the energy
system of today and targeting methane and other non-CO2 greenhouse
gas (GHG) emissions.
EQT has been an industry leader in reducing methane and other
GHG emissions. The Company has set aggressive emissions reduction
targets pledging to achieve net zero GHG emissions on a Scope 1 and
Scope 2 basis by or before 2025.1 Last year EQT
reached a significant milestone in its journey to net zero,
eliminating 100% of natural gas-powered pneumatic devices from its
production operations, which reduced the Company's annual carbon
footprint by over 300,000 MT CO2e.2
Just yesterday, the Oil & Gas Methane Partnership 2.0 (OGMP
2.0) announced that it awarded EQT a "Gold Standard" rating, the
highest reporting level under the initiative, for a second year in
a row in recognition of the Company's ambitious methane emissions
reduction targets and advanced commitment to accurately measuring,
reporting and reducing its company-specific and site level methane
emissions.
Media Contact:
Bridget
McNie
Director of Communications
412-720-4500
Bridget.McNie@eqt.com
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.
1 EQT's net-zero emissions target is based on Scope 1
and Scope 2 GHG emissions from assets owned by EQT on June 30, 2021. Scope 1 GHG emissions included in
the target are based exclusively on emissions 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.
2 Emissions reduction projections are based on
anticipated abated emissions from EQT's historical assets, as
well as acquired assets from Alta Resources Development, LLC and
Chevron U.S.A. Inc. Due to how
emissions from pneumatic devices are calculated under the EPA's
Subpart W, the full effect of the emissions reduction from
pneumatic device replacements will not be reflected in the
Company's annual emissions inventory until the Company reports
emissions for calendar year 2023. Additionally, while EQT replaced
100% of the natural gas-powered pneumatic devices utilized in its
production operations as of December 31,
2022, the Company may from time to time reinstitute the use
of natural gas-powered pneumatic devices in temporary situations,
particularly in remote locations and while servicing or fixing
non-natural gas-powered pneumatic devices. The ultimate reduction
of GHG and methane emissions from the Company's pneumatic device
replacement program will therefore fluctuate depending on the
number and length of time of use of such temporary natural
gas-powered pneumatic devices.
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SOURCE EQT Corporation (EQT-IR)