EQT Corporation
EQT
Energy
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
EQT Corporation is the largest natural gas producer in the United States, with an upstream business model centered on hydraulic fracturing (fracking) in the Appalachian Basin. The company's core activity is the extraction and sale of fossil fuels, a sector with inherently high greenhouse gas intensity. EQT’s operational emissions profile is significant, with company-permitted equipment at a single West Virginia site authorized to release over 30 tons of volatile organic compounds and 34 tons of nitrous oxide annually.
The company’s environmental compliance record demonstrates a pattern of regulatory failures directly tied to its emissions and pollution. Since the start of 2023 alone, EQT has accrued more than $4.5 million in penalties for four environment-related offenses, according to ViolationTracker data. This follows earlier violations, including a $294,000 settlement for water pollution in Pennsylvania in 2018. While EQT publishes sustainability reports and advocates for natural gas as a transition fuel, its forward-looking emissions and net-zero claims are not verified by an independent third party. This combination of a high-emission business model, repeated enforcement actions, and unverified climate commitments places EQT’s emissions governance and performance behind sector peers who are demonstrating verifiable reductions.
EQT Corporation is a premier, vertically integrated American natural gas producer focused on the Appalachian Basin. Its core business is the exploration, extraction, and production of natural gas, a fossil fuel. The company's operations are concentrated upstream, encompassing the drilling and operation of wells across its extensive acreage.
In its 2024 ESG report, EQT advocates globally for the expanded use of U.S. liquefied natural gas (LNG), framing it as a tool for emissions reduction and energy security. This positions the company as actively promoting fossil fuel expansion. EQT is identified as a major supplier for Bank of America, listed among the bank's top upstream oil and gas clients in a 2022 analysis.
EQT Corporation faces a class-action lawsuit from residents of New Freeport, Greene County, Pennsylvania, seeking to compel the company to provide clean water following a 2022 fracking mishap that contaminated local water supplies. The lawsuit alleges widespread reports of water contamination linked to the company's operations.
Separately, the U.S. Environmental Protection Agency is investigating EQT's operations in Knob Fork, West Virginia. A March 2023 EPA inspection documented leaks and unexpected emissions at the company's facilities. In Pennsylvania, state regulators have cited EQT Production Co. for multiple and continuing erosion and sedimentation violations at a large shale gas pad construction site.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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