• Energy Tax Facts
  • 14 Jul 21

Charleston Gazette-Mail: Toby Rice: WV is leading carbon emission reductions

By Toby RIce, president and chief executive officer of EQT Corp., the largest natural gas producer in the United States

Natural gas is not “big oil.” Unlike foreign and integrated oil and natural gas companies, independent companies like EQT depend on sound energy policies that support our ambitions to leverage technology and innovation to meet our toughest challenges. As we seek a fundamental reshaping of our energy ecosystem, the energy industry needs to be sustainable, not selectively defunded.

Any changes to federal tax policy that punitively target the industry, such as changes to current tax policy on intangible drilling costs, will only undermine our efforts, limiting investable capital in innovation and emissions detection and capture technologies, while driving up energy prices.

Much of the great work we have done to invest in this region’s economy and our country’s environmental leadership has been influenced by our ability to recover our drilling costs consistent with longstanding federal tax policy. Eliminating intangible drilling costs would be a step back.

Our ability to provide good-paying jobs, invest in local communities and drive the low-carbon energy transition with innovation and technology investments would be put at risk, if the current tax policy on drilling costs is changed.

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