EQT Eliminates Nearly 9,000 Natural Gas

Aug 15, 2023

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04 Jan, 2023, 10:00 ET

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Company-Wide Initiative Reduces EQT's Methane Emissions By 70%

PITTSBURGH, Jan. 4, 2023 /PRNewswire/ -- EQT Corporation (NYSE: EQT), the largest producer of natural gas in the United States, today announced the completion of a $28 million company-wide initiative to eliminate 100% of its natural gas-powered pneumatic devices from its production operations. As a result of the initiative, EQT has reduced its methane emissions by 70%1 and reduced its annual carbon footprint by 305,614 metric tons of CO2e.1

Nearly 9,000 pneumatic controllers were replaced or retrofitted on all EQT production locations and compressor stations through a "fit-for-purpose" technology strategy using primarily electric actuators and air compressor installations. As part of the initiative, EQT installed 341 air compressors and retrofitted 451 dump assemblies and 381 motor valves to electric actuators. The entire conversion process took just 515 days and was completed a full year ahead of schedule. In all, execution of the program took nearly 23,000 man-hours.

Replacing natural gas-driven pneumatic devices, which are used for managing produced fluids in separators, scrubbers and filters, represents a meaningful opportunity for reducing methane emissions within the industry. At EQT, natural gas-powered pneumatic devices were the source of 39% of the Company's 2021 Production segment Scope 1 greenhouse gas (GHG) emissions.1

"We told the world we were aggressively addressing methane emissions and we did what we promised. As the nation's largest natural gas producer, EQT not only delivered on its commitment to eliminate a major source of methane emissions in our operations, we also did it in a cost-effective, expedient way," said Toby Z. Rice, President and CEO of EQT. "This milestone demonstrates our team's exceptional ability to rapidly evolve EQT's operations through innovation and teamwork and better positions affordable, reliable, clean natural gas as one of the world's most impactful decarbonizing tools."

EQT has a long-standing commitment to ESG and is committed to responsibly developing its world-class assets. The Company is on track to meet its previously-announced targets to achieve net zero Scope 1 and 2 GHG emissions in its Production segment operations by or before 2025.2

The program to eliminate natural gas-powered pneumatic devices is one of several strategic ESG initiatives currently underway including:

EQT is sharing the rationale and methodology the Company used for replacing or retrofitting its natural gas-powered pneumatic devices with other operators. A white paper is available on the Company's website at https://www.eqt.com/responsibility/pneumatic-device-replacement/.

EQT Contact:Bridget McNieDirector of Communications412.720.4500[email protected]

About EQTEQT 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 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. To learn more, visit eqt.com.

1 Includes emissions from EQT's historical assets, as well as emissions from the assets EQT acquired from Chevron U.S.A. Inc. in 2020 and Alta Resources in 2021.2 Net zero target is based on assets owned by EQT on June 30, 2021.

SOURCE EQT Corporation (EQT-IR)