About EQT

Technological Innovation

Our strategic use of technology and commitment to process improvement play critical roles in worker safety, community well-being, and our ability to execute on our climate change strategy. We believe innovative ideas can arise from any level of our organization, so we maintain open channels for submitting ideas and clear steps for implementation. In 2022, we continued to increase our focus on optimizing performance by building a foundation of reliable and visible data as we continued our initiative to digitize our processes. Our aim going forward is to leverage our data to take action and inform operational decisions.

Digital Work Environment

Our digitally-enabled workplace supports transparency, collaboration, and data accuracy. Our digital work environment serves as our primary platform for online communication and collaboration. It is the home for our critical work processes, creating a shared and transparent view of operational data to drive decisions, and allowing our employees to connect in real-time. It also provides the structure that empowers our workforce to be agile, efficient, and highly synchronized. The use of this technology has transformed our culture in numerous ways, including: 

Our digital work environment is so effective in driving open communication and collaboration that we have been able to successfully transition approximately 67% of our employee workforce to remote work arrangements.

Innovation Process

We are focused on evolving our technology to achieve our goals and improve our performance in key indicators associated with material topics such as workforce health and safety, operational GHG emissions, economic and societal impacts, and ethics and integrity. 

We continue to utilize our “Innovation Pipeline” process, through which all our employees can submit a new idea for consideration and adoption into our operating procedures. Once the idea is submitted through our digital work environment, a member from our Information Technology team receives automatic notification of the submission and schedules a time to review the submission with the requestor. The goal of that meeting is to confirm alignment with our mission, explore benefits to our operations and costs, or develop new business objectives. 

“Information Technology Prime,” a function within our Innovation Pipeline, allows well-planned ideas that satisfy certain general guidelines to be implemented within two weeks of approval. We believe our Innovation Pipeline and the unique ability of our digital work environment enable us to efficiently source, evaluate, and implement new projects. Our Innovation Pipeline has enhanced our innovation process by giving our business the tools to develop meaningful ideas and allow us to deliver quick and effective solutions. 

Data Innovation

The future of technological innovation — such as artificial intelligence, automation, and a digital work environment — requires extensive, efficient, and accurate data collection. We have developed a “Plan-to-Pay” system and integrated it into our digital work environment, giving us a more holistic view of our operations and capital allocation. All our project bids, cost estimates, and other relevant data points are tied to our Master Operations Schedule, enabling us to seamlessly plan and launch projects and accurately track spending against our annual budget. By capturing activity and forecasting data in real time, we promote collaboration across relevant groups, including Procurement, Operations, and Production. Our Plan-to-Pay system also exemplifies our efforts to automate systems, as our operating teams can plan a job and automatically receive a service provider name that connects to bids and generates a cost forecast. Underpinning the successful use of our data technology is a workforce culture that supports efficient and accurate data collection. We trust our employees to make responsible decisions and promote accountability to keep our operations performing efficiently. 

We utilize a company-wide digital dashboard to track over 3,000 operational and performance metrics and associated statistics, which we refer to internally as our “Qrew Metrics” program. Our Qrew Metrics program is another key element of how we are using robust data to track performance across departments and innovate accordingly. Qrew Metrics is a way for us to tabulate, record, track, and prioritize key performance metrics as a company, as departments, and even down to the individual level. Our management teams use Qrew Metric statistics to analyze team functions and determine where we are succeeding and where we can make improvements. For example, we are able to view how many of our wells are turned-in-line at any given moment, we can track safety incidents, and we can oversee our ESG performance across over 400 separate metrics tied to our ESG material topics. Within certain key metrics, we can view the overall capital allocated to that metric and how the metric is supporting overall corporate goals. Each metric takes an element of our mission statement and puts quantifiable numbers to a goal associated with the mission statement. Our Qrew Metrics program has been essential in enabling us to understand and manage our path to achieve our emissions reduction targets. Below is a snapshot of our Qrew Metrics dashboard.

Additionally, to support consistency, transparency, and reliability of our routine processes while affording greater flexibility to our workforce, we have leveraged our digital work environment to develop digital checklists, known internally as “Playbooks”, for many of our routine processes. Playbooks are heavily leveraged throughout our back office and operating departments and allow us to breakdown a significant process into digestible tasks, referred to as “Contributions,” that can be assigned out at an individual level. Individual Contributions include documented steps needed to complete each task to ensure information is consistently captured and reported at each instance while also providing an electronic record to assign ownership, collaborate, store related documents, review and approve work, and track key performance statistics that can be leveraged within our Qrew Metrics program.

 

Since the development of our proprietary Playbooks technology in 2021, we have integrated nearly 140 different routine business processes into our Playbooks program. These processes include introductory systems, like onboarding employees, to the completion of our routine filings with the U.S. Securities and Exchange Commission, which enables us to quickly generate all contributions needed to complete the process with the click of a button. This technology greatly improves efficiency, repeatability, and provides greater visibility and dashboarding capability to track progress. We expect to expand our use of Playbooks into our emissions reporting process as we continue to build out the capabilities of our proprietary emissions tracking platform.