EQT CEO Toby Rice Made $11.6M in 2022, Down from $16.9M in 2021
Yesterday EQT Corporation held its annual meeting in Pittsburgh. It was short and sweet. Everything presented in the company’s previously filed (with the SEC) notice about the meeting was approved at the meeting via proxy vote. Among the items approved was the always-ticklish issue of executive (and board) compensation. EQT has five named executive officers, including CEO and President Toby Rice. Toby’s regular annual salary is exactly $1 (not a typo). However, Toby gets bonuses based on the performance of the company. The board voted to grant Toby $780,000 in cash, and $10.8 million in company stock, for a total of $11.6 million in total compensation for 2022. And that’s down from 2021, when he made total compensation of $16.9 million.
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One of the world’s largest chemical companies, the Chemours Company (which you used to know as DuPont), along with TC Energy (which you used to know as TransCanada), announced a memorandum of understanding (MOU) for the potential development of two electrolysis-based hydrogen production facilities at or near Chemours’ Washington Works and Belle manufacturing sites in West Virginia. Both companies are part of the effort to attract a hydrogen hub to West Virginia called Appalachian Regional Clean Hydrogen Hub (ARCH2). The financial terms of the Chemours/TC Energy deal were not disclosed.
According to data recently compiled and shared by the Ohio Oil & Gas Association (OOGA), during 2021 (the most recent year available), the oil and gas industry in Ohio paid a cumulative $57.6 million in ad valorem property taxes to the state. That is separate from a severance tax also paid by drillers in the Buckeye State. The O&G industry not only provides millions in tax revenue, but it also employs “more than 200,000” people in Ohio, and of course, all of those workers pay state income tax too. The economic impact of oil and gas (largely shale) in Ohio is enormous.
Lately, we keep reading predictions that the price of natural gas, while in the basement right now (low $2 range), will soon begin to go higher. And the price will stay higher. So say some experts (see our recent stories, 
Apart from the obvious benefits rural landowners (farmers) receive when leasing their land for shale gas drilling, did you know that modern agriculture, those same farmers, could not exist without natural gas? U.S. agriculture is a MAJOR part of the U.S. economy, creating 17.2 million jobs (5 million direct jobs) and contributing a mind-blowing $1.75 trillion to our country’s GDP (gross domestic product). The agricultural sector accounts for nearly 15% of U.S. commercial and industrial natural gas demand. Key feedstocks like ammonia, which is used to make nitrogenous fertilizer, are produced from natural gas. America’s farms and ranches have been key beneficiaries of the growth in U.S. natural gas production.
MARCELLUS/UTICA REGION: New York goes full central planning for the electricity sector; NATIONAL: Huge incentives, rising demand drive boom in clean ammonia projects; Kinder Morgan beats profit estimates on higher natgas, jet fuel volumes; Baker Hughes sees ‘multi-decade growth opportunity’ for natural gas; Clarity from Supreme Court needed on climate change litigation mess; Republicans, Democrats report progress on permitting reform legislation.