Promises Made 
Promises Delivered

Legacy EQT operated predominately under an “old world” bureaucratic and siloed structure with information hoarding, and outdated systems (spreadsheets, email, etc.) were predominately used to correspond and store information.

Rice Team promised to transform EQT into a modern, technology-driven energy company.

EQT instituted a cloud-based digital work environment with an emphasis on the democratization of data.

EQT expanded upon its proprietary digital network, building new applications, dashboards and digital records, providing a seamless transition to remote work arrangements during the COVID-19 global pandemic.

EQT launched "Qrew Metrics" on its digital work environment, enabling employees to track and manage >3,000 operational and performance metrics in real time.

Our digital work environment has created a shared and transparent view of operational data empowering our workforce to make data-driven decisions and prepare for long-term strategic growth. In 2024, we used 214 approval processes to complete over 122,000 approvals, demonstrating the efficient use of our digital work environment.

Legacy EQT’s traditional organizational culture restricted innovation and performance. EQT’s 2018 Production segment Scope 1 GHG emissions were 865,313 MT CO₂e.

Rice Team promised to effectively unleash innovation at scale to evolve EQT’s business.

EQT implemented its combo-development strategy, improving drilling operations by ~30%, and replaced conventional diesel frac fleets with electric fleets, significantly reducing GHG emissions.

EQT published aggressive emissions targets, including a goal of reaching “net zero” Scope 1 and 2 GHG emissions by 2025.

EQT completed the initial scope of its pneumatic device replacement program, removing ~300,000 MT CO₂e from its annual carbon footprint.

EQT helped launch the Appalachian Methane Initiative (AMI), a coalition committed to further enhance methane emissions monitoring and reduction throughout the Appalachian Basin  through coordinated satellite and aerial surveys.

Our renewed focus on operational efficiency and early adoption of emissions controls and monitoring technologies has enabled us to reduce our Scope 1 GHG emissions from our historical production assets by ~67% since 2018. In 2024, EQT became the first traditional energy company of scale in the world to achieve net zero GHG emissions on a Scope 1 and 2 basis.

Legacy EQT had high water costs due to its lack of organization structure and technology to handle water-related logistics. Historically, EQT recycled less than 90% of its produced water, on average.

Rice Team promised to lower water costs using effective planning and technology, including recycling at least 90% of EQT’s produced water.

EQT developed and launched “the Water App” on its digital work environment, a logistics and data management tool that optimizes EQT’s trucking schedule, tracks logistics, improves dispatch, and improves daily management of water at EQT sites.

EQT partially placed in service a new 45-mile mixed-used water pipeline system in West Virginia to support improved water reuse and recycling, while decreasing the number of water truck trips and corresponding vehicle emissions and impacts on the environment.

By the end of 2023, ~99% of all freshwater used on EQT sites was supplied by pipelines rather than trucks. EQT reached a record-high of recycling 96% of its produced water.

In 2024, we recycled 96% of our produced water for the second year in a row. As a result of investments we have made in developing our water pipeline network, we have reduced average daily water truck trips by 60% compared to 2018.

Legacy EQT had poor landowner relations, such as often evading landowners and taking weeks to respond to landowner inquires.

Rice Team promised to improve landowner relations and treat landowners as partners.

In late 2019, EQT began hosting landowner town halls, led by CEO Toby Rice, in its primary operating areas to engage landowners face-to-face.

EQT integrated its call center into its digital work environment allowing EQT to work more efficiently to track and respond to community and landowner concerns.

EQT paid >$1.8 billion in royalties to landowners during 2022.

EQT’s corporate philanthropic investments and community road and infrastructure improvements totaled >$56 million in 2023.

In 2024, we received 36,460 community and landowner inquires and fully resolved 99.7% of the inquires in the same calendar year. We paid >$665 million in royalties to landowners and invested nearly $70 million in local communities through philanthropic investments and infrastructure improvements.

Legacy EQT was a 2,000+ person organization that lacked leadership and development opportunities, and consistently had poor culture ratings among employees.

Rice Team promised to add proven leadership and streamline the organization culture.

New executive leadership members, led by CEO Toby Rice, were installed within the first 100 days of the Rice Team takeover. Departments were streamlined, cutting general and administrative costs by >25%, while providing better opportunities for employee growth and development.

Introduced "Equity for All" program, granting long-term equity awards to all employees, fostering an inclusive and ownership-driven culture. EQT recognized as a National Top Workplace for the first time.

EQT named a National Top Workplace.

EQT named a National Top Workplace.

EQT was named a National Top Workplace for the fourth consecutive year.

Legacy EQT’s Board was not diverse, lacked necessary industry expertise, and was predominately comprised of close business associates of incumbent directors.

Rice Team promised to refresh EQT’s Board with diverse, experienced directors.

By the end of 2020, 50% of EQT’s Board was comprised of women, with female directors serving in key leadership roles, including chairing the Board and three of four standing Board Committees.

Half of our directors are racially, ethnically, or gender diverse, and 100% of our directors have prior experience in the energy sector.

Legacy EQT’s executive compensation was based on 90% of the median of the market, and executives were provided with multiple perquisites such as cars and country club memberships.

Rice Team promised to evolve the compensation for executives, including using clear and measurable goals to set bonus targets, and to eliminate perquisites.

Long term compensation for executives was re-aligned with the strategic plan outlined during the 2019 Rice Team proxy campaign.

As EQT’s CEO, Toby Rice earns a fixed salary of $1 per year with variable compensation tied to measurable goals.

New payout modifier was added to EQT’s long term executive compensation plan to align payout with achievement of net zero Scope 1 and 2 GHG emissions by the end of 2024.

Our CEO’s fixed compensation continues to be $1 per year with variable compensation tied to measurable goals, including environmental, health and safety performance, along with other strategic operational and financial targets.