PITTSBURGH, June 10, 2021 /PRNewswire/ -- EQT
Corporation (NYSE: EQT) today announced that it has joined a
project being led by Cheniere Energy, Inc., the largest U.S.
producer of liquefied natural gas, and including several other
upstream operators and leading academic institutions, with the
purpose of advancing quantification, monitoring, reporting and
verification ("QMRV") of greenhouse gas ("GHG") emissions
performance at natural gas production sites. The project is
intended to improve the overall understanding of upstream GHG
emissions and further the deployment of advanced monitoring
technologies and protocols.
As part of this collaborative R&D initiative, multiple
ground-based, aerial, and satellite monitoring technologies will be
utilized to establish baseline emissions levels, monitor sites for
carbon dioxide emissions and both fugitive and vented methane
emissions, verify emissions performance and identify opportunities
to reduce emissions. Independent technical experts will verify the
emissions data.
EQT's participation in the project will cover 9 wells located in
southwestern Pennsylvania. The
project will follow a QMRV protocol designed by Cheniere and a QMRV
plan jointly developed by Cheniere and EQT, which has been
specially tailored to EQT's operations and facilities. EQT will
also deploy continuous detection technologies as part of this
project.
"Over past year, we have made great strides to measure, forecast
and reduce our desktop emissions, and we intend to leverage this
data to guide our capital allocation decisions and overall
strategy," said Toby Z.
Rice, President and CEO of EQT. "We don't intend to stop
at just reducing our desktop emissions, though. We are committed to
evolving our field emissions measurement capabilities and we
believe this QMRV project will help further EQT's, and the
industry's, understanding, application and use of best-in-class
protocols and emissions monitoring and measurement technologies to
help us achieve our global climate goals."
"Collaboration with our natural gas suppliers is a key component
of Cheniere's focus on measuring, reducing, and mitigating
emissions," said Jack Fusco, CEO
of Cheniere Energy, Inc. "EQT is an important teammate in our
efforts to provide cleaner sources of energy around the world, and
this collaboration will help improve the environmental performance
of U.S. natural gas and LNG."
The project is supported by researchers from Harrisburg University of Science and Technology,
Payne Institute for Public Policy at the Colorado School of Mines, SLR International, and
other emissions monitoring technology providers including Montrose
Environmental, SeekOps Inc., Bridger Photonics Inc. and GHGSat.
"Verification is the bedrock transparency and the Payne
Institute is pleased to be part of this project, as lessons learned
will be invaluable to not just participants but to all stakeholders
globally as companies and countries develop their GHG mitigation
policies," said Dr. Morgan Bazilian,
Director of the Payne Institute and Professor of Public Policy at
the Colorado School of Mines.
Investor Contact:
Andrew
Breese
Director, Investor Relations
412.395.2555
ABreese@eqt.com
About the 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. To learn more,
visit eqt.com.
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 and its subsidiaries (collectively,
the Company), including the projected terms, benefits and results
of the project with Cheniere (the Project), the parties expected to
be involved in the Project, and the timing of implementation or
whether the Project will be implemented at all. The risks and
uncertainties that may affect the implementation and execution of
the Project and other forward-looking statements made herein
include, but are not limited to, volatility of commodity prices;
the costs and results of drilling and operations; access to and
cost of capital; 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 resources among its strategic
opportunities; inherent hazards and risks normally incidental to
drilling for, producing, transporting and storing natural gas, NGLs
and oil; cyber security risks; availability and cost of drilling
rigs, completion services, equipment, supplies, personnel, oilfield
services and water required to execute the Company's exploration
and development plans; the ability to obtain environmental and
other permits and the timing thereof; government regulation or
action; environmental and weather risks, including the possible
impacts of climate change; uncertainties related to the severity;
and disruptions to the Company's business due to acquisitions and
other significant transactions. These and other risks are described
under Item 1A, "Risk Factors," and elsewhere in the Company's
Annual Report on Form 10-K for the year ended December 31, 2020, as updated by Part II, Item
1A, "Risk Factors" in the Company's subsequently filed Quarterly
Reports on Form 10-Q and other documents the Company 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.
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SOURCE EQT Corporation (EQT-IR)