About Toby Rice
Toby Rice, president and CEO of EQT, has been promoting the concept of "energy abundance" in recent public appearances. In a June 2026 speech at the ARC Conference, Rice argued that the world needs to triple energy production and consumption to lift billions out of energy poverty, stating that doing so could increase global GDP fivefold. He criticized the net-zero movement, saying it "created a world where energy had become the enemy and scarcity was celebrated." On CNBC in July 2026, Rice discussed EQT's quarterly results, noting that production beat guidance and that the company was increasing its production forecast by over 90 BCF while reducing capital expenditures. He also highlighted the company's role in meeting growing natural gas demand, citing over 45 projects totaling about 20 BCF per day of potential demand, much of which he said would appear in Appalachia.
In other appearances, Rice addressed the impact of geopolitical events on energy markets. On CNBC in June 2026, he stated that the Iran situation had "laid waste" to concerns that LNG exports would raise domestic prices, noting that international prices rose 50-80% while U.S. natural gas prices dropped. On the podcast "Longer Laterals," Rice discussed EQT's record for the longest lateral well drilled in the continental U.S., measuring over 5.12 miles, and emphasized the need for permit reform, saying "it should be harder to do the subsurface than it is the surface." He also expressed excitement about the "energy dominance" agenda, describing it as the most exciting time to be in energy since the shale revolution.
Source: AI-verified profile updated from Toby Rice's recent appearances.
Browse all interviews →
Transcript (19 segments)
A
Ann0:00
Every day, independent oil and gas producers are drilling smarter and delivering energy that fuels our economy and strengthens national security. This podcast dives into the tech, policy, and production behind American energy. This is Longer Laterals. Welcome back. Today we discuss EQT's record-setting Longwell 9H well, with a lateral over 5.5 miles, completed safely. Joining me is Toby Rice, President and CEO of EQT. Toby, congratulations and welcome.
T
Toby Rice1:38
Hey, thanks. All the congratulations go to the EQT team. They did a fantastic job setting this record.
A
Ann1:45
Absolutely. Let's level set for listeners. Can you explain what a lateral is and the benefits of longer laterals?
T
Toby Rice2:07
Yeah. There were two records broken: measured depth and lateral length. Measured depth is over 37,000 ft including vertical, curve, and lateral. The lateral section is over 29,000 ft within the shale, which will be completed and produce. This well is expected to produce over 50 million cubic feet of natural gas, enough to power a few hundred megawatts. For context, my first well in 2010 was a 2,000 ft horizontal well.
T
Toby Rice3:43
It took us 45 days to drill that first well. Ten years later, the longest lateral was 18,000 ft. Now we're drilling over 29,000 horizontal feet in a handful of days. This shows the industry's innovation. We're producing record energy with fewer rigs; productivity per rig has increased over 25-fold since the shale revolution began. This record highlights those innovations.
A
Ann4:54
And what does that mean for surface footprint? If you're drilling over five miles underground, how does that affect the number of wells per pad?
T
Toby Rice5:11
With standard design, a 20-acre pad with 15,000 ft laterals can develop 4,000 acres. With 30,000 ft laterals, that becomes 8,000 acres. This minimizes environmental impact while increasing energy output.
A
Ann5:34
Think about that land use perspective. The 29,000 ft lateral is equivalent to 109 soccer fields. This has been building over time. Brendan talked about stacked innovation. Tell us what you've learned that made this possible and why this location was record-setting.
T
Toby Rice6:52
This wasn't easy; it's been decades in the making. Innovations in drill bit design, drilling mud, casing connections, cementing, and completions all played a role. There are over 400 services that need to be optimized. Now we need to improve completions for this length, like friction reduction for fracturing and plug drill-out. We're pushing the limits of materials like stronger steel. After 20 years, the industry still finds ways to push boundaries.
A
Ann9:57
Amazing. Safety is paramount. The well was completed with zero hazard points and 100% lateral in target formation. What technologies and planning made that possible?
T
Toby Rice10:30
Our number one value is trust. Everything can be done safely with robust controls, teamwork, and communication. We apply the same base planning to this record well as to our standard operations. We are proud to achieve this without any safety issues. The safety record is the first record; the lateral length is second.
A
Ann11:26
Let's look forward. What advances are needed to push development further, and what does this mean for Appalachian gas and US oil and gas generally?
T
Toby Rice11:52
We have great collaboration with service providers. Innovation cycles are in motion. This industry continues to be one of the most innovative in the world. We have a challenge to increase natural gas production by 20-40% to win the AI race and provide energy security to allies. This long well shows that innovation exists to unlock inventory safely and affordably.
A
Ann13:09
So operators are pushing boundaries underground. We need permitting reform to build infrastructure above ground to move that product.
T
Toby Rice13:32
Ann, you put it in context. We built a 7-mile well underground 8,000 ft below surface. It's easier to do that than to build a pipeline on the surface. That needs to change with permitting reform.
A
Ann14:07
This well was drilled in Wetzel County, West Virginia. Is there anything special about that location?
T
Toby Rice14:18
I get this question a lot. People ask why the Permian or Haynesville can't drill world records. They will in time. Right now Appalachia holds the belt. But this record will be broken, hopefully by our crew. Healthy competition moves us all forward. That's why America is the world's energy powerhouse.
A
Ann15:24
Well, Toby, thank you for joining to discuss EQT's historic achievement and the role of longer laterals in American energy. That wraps another episode of Longer Laterals. Thanks for tuning in.
