EQT’s Independent Director Nominees Urge Shareholders to Vote “FOR” All 12 EQT NomineesSource: Business Wire
EQT Provides Additional Detail in a Supplemental Presentation Accessible on www.VoteGoldForEQT.com/presentations/
Dear Fellow Shareholder:
As the independent director nominees supported by both EQT and the
EQT’s director nominees have no personal agendas and are not connected, related or beholden to the Company’s management team. We are committed to holding management accountable to deliver superior results and to operate responsibly and sustainably.
Over the last six months, the EQT team has significantly improved EQT’s financial and operating results while reducing costs. The Company has delivered three consecutive quarters of strong performance and is on track to achieve
Earlier this year, EQT strengthened its talent further with the appointment of
EQT has been through enormous disruption over the last two years, from the numerous complex transactions to facilitate the spin-off of
However, we are fully cognizant that our role as independent directors is to hold management accountable for the Company’s performance. If this management team fails to deliver, we are committed to finding the most highly qualified and experienced candidates for those roles.
Shareholders can help to ensure EQT remains on the best path forward by supporting the Company’s slate of independent directors: vote today by telephone, internet or by signing, dating and returning the GOLD universal proxy card.
EQT yesterday filed a supplemental investor presentation, which can be accessed on www.VoteGoldForEQT.com/presentations/.
If you have any questions, or need assistance in voting
your shares on the GOLD universal proxy card,
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Please discard and do NOT vote using any white proxy cards you may receive from the Toby Rice Group
This communication contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this communication specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its subsidiaries, including guidance regarding projected adjusted free cash flow, cost savings and debt levels. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently available to the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. The risks and uncertainties that may affect the operations, performance and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of the Company’s Form 10-K for the year ended
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Adjusted Free Cash Flow
Adjusted free cash flow is defined as the Company’s net cash provided by operating activities less changes in other assets and liabilities, less accrual-based capital expenditures attributable to continuing operations. Adjusted free cash flow is a non-GAAP supplemental financial measure that the Company's management and external users of its consolidated financial statements, such as industry analysts, lenders and ratings agencies use to assess the Company’s liquidity. The Company believes that adjusted free cash flow provides useful information to management and investors in assessing the impact of the Company’s ability to generate cash flow in excess of capital requirements and return cash to shareholders. Adjusted free cash flow should not be considered as an alternative to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.
The Company has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its and customers’ payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and adjusted operating cash flow and adjusted free cash flow, as applicable. Natural gas prices are volatile and out of the Company’s control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, without unreasonable effort. Projected 2019 adjusted free cash flow is based on average NYMEX natural gas price (April to December) of
1 Adjusted free cash flow is a non-GAAP financial measure, see disclosures for definition and pricing assumptions.
Blake McLean – Senior Vice President, Investor Relations and Strategy
Michael Laffin – Vice President, Communications