EQT launches a new LNG promotion campaign in the United States during CERAWeek 2022

0

PITTSBURGH, March 9, 2022 /PRNewswire/ — EQT Corporation (NYSE: EQT) today announced its plan unleash US LNG to meet the energy needs of our allies and advance climate efforts by targeting the replacement of international coal. The release of the new plan comes as natural gas takes center stage at CERAWeek 2022. Toby Z. RicePresident and CEO of EQT, will discuss the plan and campaign in more detail during the Innovation and the future of gas plenary session at 2:25 p.m. CT today.

“We made the case today for harnessing US natural gas to significantly advance our efforts to fight global climate change. Unleashing US LNG to target international coal consumption is not not just proven, the opportunity represents the greatest green initiative on the planet,” said Toby Z. Rice, President and CEO of EQT. “By providing a solution to the main driver of international emissions – the emissions that must be addressed if we are to succeed in our climate efforts – we have the ability to extend our influence in the fight against climate change beyond our borders.”

United States is fortunate to have natural gas at its disposal, the largest economically exploitable resource in the world. Four countries collectively own about two-thirds of the world’s natural gas resources: United States, Russia, Iran and Qatar. And the vast majority of the world depends on coal. We need to provide solutions, and to do that, we need to prioritize LNG and pipeline infrastructure to allow us to connect our resource to end users. »

“US LNG is one of the world’s greatest weapons in the fight against climate change. Unleashing it would allow United States replace up to a third of international coal over the next 20 years,” Rice said. “But just as important, because the recent invasion of Ukraine by Russia points out, this would allow us to ensure the energy security of our allies while weakening the energy dominance of our adversaries.”

Highlights of EQT’s proposed plan include:

Any climate change plan must prioritize international coal

  • Coal is the source of 48% of current international energy emissions
  • Replacing coal-fired power generation with natural gas reduces emissions by around 60%, equivalent to the benefits of switching to electric vehicles
  • Almost all coal-dependent countries lack the natural gas resources to facilitate the transition from coal to gas without imports
  • Increasing U.S. LNG capacity to 55 billion cubic feet per day by 2030 would displace international coal at an unprecedented rate

Unleashing US LNG would fill a void in US climate change policy

  • Even if United States were net zero today, the world would be always miss its climate targets – we need to look beyond our borders
  • US citizens will be paid for this initiative, instead of paying for it
  • Combined with a robust domestic policy, a raging US LNG scenario would have the effect of putting United States in front of its net zero trajectory

The emissions reduction impact of the release of US LNG is equivalent to the Combined Impact of:

  • Electrify 100% of US passenger vehicles
  • Powering every American home with rooftop solar and backup battery packs, and;
  • Doubling wind capacity in the United States by adding 54,000 utility-scale wind turbines

LNG in the United States could grow at a rate six times the rate currently obstructed in three stages

  • Addition of 50 rigs to increase production by approximately 45 Bcf/d (+50%) by 2030, in line with historic upstream activity levels
  • Prioritize the construction of 40 billion cubic feet per day of new LNG export capacity by 2030 and 50 billion cubic feet per day by 2040, along with associated pipeline infrastructure, and;
  • Distribute LNG in the United States to help meet the 175 billion cubic feet per day of coal-to-gas conversion demand worldwide

The EQT plan is available for download on the Company’s website:
https://www.eqt.com/responsibility/unleashing-us-lng/

EQA contact:
Bridget McNie
Communications Director
412.720.4500
[email protected]

About the EQT
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 committed to responsibly growing 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 continually improve the way we produce environmentally friendly, reliable and low-cost energy. We have a long-standing commitment to the safety of our employees, contractors and communities, and to reducing our overall environmental footprint. Our values ​​are evident in the way we operate and how we interact every day – trust, teamwork, heart and growth are at the center of everything we do. To learn more, visit eqt.com.

SOURCE EQT Corporation

Share.

Comments are closed.