Dear Stakeholders,
When I took on the role of President and Chief Executive Officer of EQT in 2019, my leadership team and I committed to becoming the operator of choice for all stakeholders. Our goal was to create a culture and empower our workforce in a manner that would allow us to reach the full potential of EQT. We believed that by doing so, we could turn EQT into a profitable, sustainable organization while also providing our customers with the reliable, affordable, and cleaner energy that they need.
The past 5 years have been marked by both challenges and tremendous progress. Our workforce has grown and evolved through strategic transactions — most notably the 2024 acquisition of Equitrans Midstream Corporation — creating America’s first large-scale, vertically integrated natural gas business. We have advocated globally for the role of U.S. liquefied natural gas (LNG) in reducing emissions, creating jobs, and strengthening the security of the United States and its allies. Domestically, we have worked across party lines to advocate for permitting reform to help ensure we can build the infrastructure we need to address our most pressing energy challenges.
Now, as we reflect on this journey, I am honored to share the meaningful progress we have made in delivering on our commitments.
This 2024 Environmental, Social, and Governance (ESG) Report highlights key milestones and advancements, including:
- Optimizing Operations — Our “combo-development” approach, leveraging advanced digital technologies and long-range well planning, resulted in a 58% increase in gross production volumes and a ~16% reduction in Marcellus well development costs per well.
- Sustainable Financial Results — We have foolproofed our balance sheet and capital structure turning EQT from a negative cash flow business in 2018 to a free cash flow machine with a peer-leading breakeven price allowing EQT to generate free cash flow across all commodity cycles.[1]
- Leading in Emissions Reductions — By implementing cutting-edge emissions controls and monitoring technologies, setting ambitious emissions targets, and exploring new climate ventures, we achieved a 67% reduction in Scope 1 GHG emissions for historical EQT assets since 2018 — becoming the world’s first large-scale traditional energy company to reach net zero on this basis.
- Strengthening Landowner Engagement — Through Chief Executive Officer-led town halls and an enhanced digital workplace, we transformed our engagement model, addressing 36,460 landowner and community inquiries in 2024 alone.
- Enhancing Board Diversity — Today, half of EQT’s directors are racially, ethnically, or gender diverse, with 100% bringing prior energy sector experience.
- Advancing Water Stewardship — By increasing the percentage of produced water recycled from 81% in 2019 to 96% in 2024, we significantly reduced water costs and environmental impact.
- Aligning Executive Compensation with ESG Goals — We evolved our executive compensation structure, tying variable pay directly to measurable environmental, health, and safety (EHS) performance.
- Fostering a Culture of Excellence — EQT has been recognized as a National Top Workplace for 4 consecutive years (2021–2024), a testament to our commitment to an inclusive, ownership-driven culture.
I am excited to share how we have delivered on our promises — and how we are charting the course for the future — in our 2024 ESG Report, Promises Made, Promises Delivered. Produced under leading disclosure frameworks, including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and the American Exploration and Production Council (AXPC), this report outlines our latest operational data, governance disclosures, and efforts in inclusion, diversity, employee engagement, and social outreach.
As we look ahead to the next 5 years, we remain committed to demonstrating the critical role of natural gas in delivering affordable, reliable, and cleaner energy to the world.
Sincerely,
Toby Z. Rice
President and Chief Executive Officer
June 24, 2025
[1] Free cash flow is a non-GAAP financial measure. See the Non-GAAP Disclosures for the definition of, and important information related to, this non-GAAP financial measure. Breakeven price is defined as the average Henry Hub price needed to generate positive free cash flow.
