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.
Director, Investor Relations
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.
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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