PITTSBURGH, Jan. 14, 2022 - EQT Corp. (NYSE: EQT) has certified a majority of its natural gas production under both the EO100™ Standard for Responsible Energy Development, which focuses on environmental, social and governance (ESG) performance, and MiQ methane standard. EQT's certified natural gas production now comprises 4.5% of all natural gas produced in the U.S., making EQT not only the nation's largest natural gas producer, but also the nation's largest producer of certified natural gas.
EQT received both certifications in November, and the first block of the Company's certified natural gas is now available for trading on MiQ's Digital Registry. The certifications provide a transparent, verified method for tracking EQT's ESG commitments, which include achieving net zero Scope 1 and 2 greenhouse gas (GHG) emissions and reducing EQT's methane emissions intensity by 65% by 2025.
"At EQT, we are committed to responsibly developing our world-class asset base. These independent, objective third-party certifications validate that our natural gas is produced with high environmental, social and governance standards and help position U.S. natural gas to lead the largest green initiative in the world, which is replacing foreign coal," said Toby Z. Rice, EQT President and CEO. "These results not only enable us to unlock growing domestic and international markets that are valuing a differentiated commodity, they also serve as an important validation of the environmental attributes of Appalachian natural gas."
Responsible Energy Solutions, an approved independent assessment body for both the EO100TM and MiQ standards, assessed EQT's performance against the EO100TM and MiQ standards at roughly 200 well pads located in Greene and Washington Counties, Pennsylvania, which collectively produce approximately 4.0 Bcf/day.
Equitable Origin has a proven track record of certifying energy companies on ESG indicators in accordance with its EO100™ Standard for Responsible Energy Development, a set of rigorous ESG performance standards for energy development projects. Equitable Origin has certified EQT's produced natural gas against the five principles of the EO100™ Standard, including corporate governance and ethics; social impacts, human rights and community engagement; Indigenous Peoples' rights; occupational health & safety and fair labor standards; and environmental impacts, biodiversity and climate change.
The certification score achieved by EQT represents the highest initial certification score ascribed by Equitable Origin to any upstream producer domestically or abroad to date, reflecting EQT's commitment to being the operator of choice for all of its stakeholders.
Soledad Mills, CEO, Equitable Origin, said, "EO100TM certification is enabling differentiation and recognition of responsibly-produced gas. This achievement by EQT demonstrates their excellence in environmental and social performance and meets the increasing demand across the market for gas that has been certified based on ESG performance."
The certification standards developed by MiQ and Equitable Origin aim to bring transparency to an opaque market, drive demand for certified natural gas and help operators differentiate themselves through methane-emissions performance and overall responsible energy production. Independently audited certification gives operators, buyers - and eventually regulators - an opportunity to support responsible energy development and methane reduction globally.
The Digital Registry, which launched in December, is the global secure digital ledger in which joint MiQ-EO100TM Certificates are held from issuance to retirement. One certificate is issued per MMBtu of certified natural gas. Certificates can be traded bundled (combined with natural gas delivery) or unbundled - massively increasing the potential for significant liquidity in the markets.
Director of Communications
EQT Corp. 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. To learn more, visit eqt.com.
About Equitable Origin
Equitable Origin is a non-profit organization that was founded with a vision to create a market-based mechanism to recognize and reward responsible energy producers and to empower energy purchasers through independent, site-level certification. The EO100™ Standard for Responsible Energy Development is grounded in a set of comprehensive, globally applicable ESG indicators developed with extensive stakeholder input.
The EO100™ Standard is based on five universal principles that consolidate and align international management systems, performance targets, and reporting frameworks. Certification against the EO100™ Standard promotes best practices and drives improvements in ESG performance while enabling a market for certified responsible energy with a premium price for differentiated production. To learn more, visit energystandards.org.
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SOURCE EQT Corp.