Climate & Energy · August 2026

“I don't have an infatuation with natural gas. I have an infatuation with energy.” — Toby Rice, The Energy Gang

Toby Rice, CEO of natural gas producer EQT, on how he weighs different energy sources against each other. He frames his company's commitment as being to whatever energy is cheapest, most reliable, and cleanest — not to gas specifically.

The Energy Gang · 2026-08-18 Listen to the episode → More from Toby Rice →

Transcript

The Energy Gang Around 35:56 into the episode
Toby Rice

Yeah, which has been a poster chop. Canada has been a poster child of energy scarcity. And with an attitude of abundance, we can create energy security. And I think everything that we've developed here in America, these are solutions that we can bring to other parts of the world. Now, let's make sure we realize full potential of our resources here in the U.S. before we start thinking about going to other places. A lot of these issues are self-inflicted from an energy security perspective.

Amy Myers-Jaffe

So in all of the above, just to sort of level set with the listeners, you and your brothers, or maybe it was just your brothers, invested in renewable natural gas, which is kind of something in other countries, might have a lot of potential if you're talking about domestic, because you're talking about basically turning waste, whether that's landfill waste or whether it's some other kind of waste into energy. And that's been sort of price challenged and biofuels have been sort of price challenged. But now with the disruption in the Gulf, I have one friend who's a owner of a container ship company. And early into the crisis, I didn't believe that the strait was going to open right away. And I advised her to go out and get some marine, you know, biofuel supplement marine fuel to, you know, to replace bunkers. And she said she's done very well doing that. So, and now with AI, maybe we could have a better solution for sustainable aviation fuel. Like when you look out over the landscape, do you still feel like all these things are marginal or you feel like countries are going to double down now because they want something that they control inside their border?

Toby Rice

Yeah, I think a couple of things. You know, people need to understand, you know, I don't have an infatuation with natural gas. I have an infatuation with energy. And we're going to produce the energy that's the cheapest, most reliable, cleanest. It is an example that, you know, the brothers, you know, we had a, we got into the renewable natural gas business and we created alongside the management team, you know, one of the largest renewable natural gas businesses in this country. And we sold it to BP, whose company was called Arkea.

Amy Myers-Jaffe

Which they're selling it, by the way, this week. They're now selling it again. But anyway, go ahead.

Toby Rice

Yeah. So this is an amazing thing. When we talk to utilities and they say, what's your energy plans? They say, well, we're going to do renewable natural gas. We're going to lean in on that. Well, what you need to understand is the scalability of these solutions. Amy, if we captured every molecule of methane from every landfill in the country, that would allow us to produce a BCF a day of renewable natural gas. Compared to the 110 BCF a day natural gas market, it's a drop in the bucket. It's helpful. But when we think about the scalability of these solutions, they're just small. Now, one of these things that's really important for people to understand, though, is our energy systems that we're building today are going to set the table and provide the infrastructure for these energy solutions of the future. The pipelines we're building today, they're going to be able to move other, like renewable natural gas in the future if that becomes, if they can crack the code. But I think the world, when you look at the crippling energy prices that we're seeing around the world, I mean, in the U.S., electricity prices are up almost 50%. In Europe and Germany, they're up over 100% compared to China, where electricity prices are down over 30% over the last 15 years. The world, I think, is really has a bigger appetite for more affordable energy, and that's where we need to start. And the scalability of those is what's going to happen. But people need to understand the energy solution. I think the energy transition solutions, they're going to come from the companies that have gone through energy transitions. And American energy, we've gone through one of the biggest energy transitions going from conventional to shale. And so we have some other really amazing tools that we're focusing on here. Carbon capture could be another game-changing technology. I mean, we say carbon capture could be as impactful as hydraulic fracturing. Now, that is a very bold statement because hydraulic fracturing changed the world and made America the energy superpower. We are currently producing over 30 million barrels a day worth of energy when you add up everything together and put on an equivalent. That's more than Russia and Saudi Arabia combined. So to say something like carbon capture could be as impactful as hydraulic fracturing is very bold. But when you look at, you know, when we produce these wells, we're only getting maybe 15 to 25% of the energy out of the oil out of these reservoirs. That's thanks to hydraulic fracturing. But putting CO2 into these reservoirs, you know, we call that tertiary recovery, we can get another, call it 15 to 20% of the energy out of the ground. Well, guess what? You get another 15 to 20%. That's pretty similar to what you started with with hydraulic fracturing. It could be as impactful. The challenge with carbon capture, the chicken and the egg situation, really is where can you actually get the CO2? And so getting those pure streams of CO2, if you can give that to this industry, the industry will find ways to put it underground and increase the energy production, but also be decarbonizing the same form. Those are just examples of solutions that this industry is working on. And when they are commercial and they are going to be a more cost-effective, reliable cleaner form of energy, this industry is going to be the ones that bring that to the market. But I think pushing and trying to force energy solutions that maybe are not profitable or truly sustainable today, I think is one of the reasons why the world is being faced with higher energy bills. And we just need to step back, take a more practical approach. We hear you loud and clear. People want cleaner energy solutions. We think it's a big prize. We think that's one of the biggest races is to be the first energy solution that is affordable, reliable, and zero carbon. That would be winner-take-all. So we are in that race with carbon capture, but we're going to take a much, a real practical approach towards this and realize what we need to do today to meet the energy needs of the world, which is pretty massive.

Speaker 4

That is very interesting. How far away is actual commercial deployment of carbon capture for you in that way? I mean, you were talking about the problems in terms of securing streams of pure enough CO2 to make that viable for you. Is that still going to be somewhere in the future or is that a near-term prospect?

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