Rice Team Responds to Series of Misleading Statements from EQT
Reiterates that the Rice Team Has the Only Plan that Can Create a Modern, Technology-Enabled and Sustainable EQT
Notes EQT Stock Traded This Week at Ten-Year Low
Urges Shareholders to Vote the WHITE Universal Proxy Card for Proven Transformational Change by Supporting All Seven Rice Team Director Nominees and the Five EQT Nominees Supported By Rice Team
The Rice Team recently provided shareholders with a comprehensive, 188-page presentation analyzing EQT’s past performance and EQT’s so-called “plan.” In the presentation, the Rice Team noted that EQT’s costs remain the highest of any energy producer in the
EQT has failed to address the dozens of analyses offered by the Rice Team on the key performance issues driving EQT’s underperformance or the merits of the Rice Team’s plan.
Instead, EQT has responded by delivering a misleading presentation and letter to shareholders.
In its presentation, EQT claims it will generate between now and 2023 more than
EQT has also claimed that an “independent analysis” demonstrated that EQT was as efficient as Rice Energy at drilling and completions. This claim is at odds with several publicly available analyses authored by sell-side research analysts. EQT misleadingly fails to mention that the study to which it refers is not a public sell-side report nor is it “independent,” but is in fact a “bespoke study” that EQT itself commissioned and paid for that is not yet available for review by anyone other than EQT.
In a transparent and desperate attempt to deflect attention from its own performance and lack of an effective plan, EQT today released selective excerpts and summaries of cherry-picked internal Rice Energy emails from more than four years ago in an effort to impugn Toby Rice’s performance as President and Chief Operating Officer of Rice Energy.
“Toby Rice led a technological transformation of Rice Energy that digitized our workflows and changed the way our employees collaborated,” said
“I have served on nine public company boards and have been the Chairman or Vice Chairman of three of them,” said
Mr. McCartney continued, “I find it incongruous that the EQT Chairman, board and management, with their long and documented record of insularity, underperformance and lack of transparency with shareholders, believes that their best approach in this contest is to engage in scurrilous personal attacks against an executive with an outstanding performance record instead of defending their own record and plan.”
The Rice Team believes EQT can be a great and sustainable energy producer. However, with the stock at a ten-year low and years of underperformance, shareholders should not expect EQT to realize the potential of its world-class assets without substantial changes in the board and leadership team. Instead of acknowledging its underperformance and developing a detailed plan for transformation, EQT has resorted to misleading its shareholders and distorting old emails.
The Rice Team has a detailed plan for transforming EQT, which is available here. Today’s disappointing statements from EQT underline the reality that transforming EQT can only be executed if a majority of the Board of EQT is changed at the annual meeting. Accordingly, the Rice Team urges all shareholders to vote for the Rice Team nominees on the white universal proxy card.
VOTE FOR ALL SEVEN OF THE RICE TEAM’S NOMINEES
AND THE FIVE EQT NOMINEES SUPPORTED BY THE RICE TEAM.
The Rice Team encourages shareholders to review its proxy materials, shareholder letters and its analysis of EQT, all of which are available at www.EQTPathForward.com. For questions about how to vote your shares, please contact our proxy solicitor,
Source: The Rice Team
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