Toby Rice – New EQT CEO (photo credit: Pittsburgh Post-Gazette) Monumentally BIG NEWS! The Rice boys, Toby and Derek, have won the proxy fight to elect their candidates to the EQT board. In a joint announcement made this morning, preliminary results show the Rice boys prevailed in a huge upset (80% of the vote) to
Read More...Last July a group of 100+ southwestern Pennsylvania landowners sued EQT for failure to pay them rental fees for storing natural gas under their properties (see 100+ PA Landowners Sue EQT re Gas Storage Field Payments). That same group has just filed a request in U.S. District Court to upgrade the lawsuit to class action
Read More...LOLA Energy was birthed near the end of 2015, by former EQT executives using private equity money from Denham Capital (see New Marcellus/Utica Drilling Company is Born – LOLA Energy). In July 2017, Rice Energy (later sold to EQT) bought the assets of LOLA Energy for $180 million, over the objections of LOLA CEO Jim
Read More...Yesterday Toby and Derek Rice delivered a presentation to EQT investors in connection with EQT’s upcoming annual meeting of shareholders on July 10 (full copy below). The presentation and the accompanying press release take direct aim at EQT’s second quarter preliminary results and postulates that instead of a “free cash flow generating machine,” the final
Read More...It’s hard enough for drillers to get permits town by town in Pennsylvania, where the standards are all different thanks to the seven selfish towns that appealed the Act 13 law passed in 2012 (see PA Supreme Court Rules Against State/Drillers in Act 13 Case). The PA Supreme Court has just made it even harder
Read More...click for larger version EQT yesterday launched the website VoteGoldForEQT.com in response to the website previously launched by Toby and Derek Rice (the Rice boys), to counter their attempt to take control of the company. The Rice website is EQTPathForward.com. Both websites offer each arguments and defense for why they should control the makeup of the board
Read More...A few new developments to report in the war to control EQT. Late last week brothers Toby and Derek Rice, formerly of Rice Energy, announced they are trimming their slate of proposed EQT board members by two (from nine to seven). There was no explanation for why the two were dropped from consideration, other than
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. Another day, another episode of the ongoing soap opera that is the power struggle to retain (or take over) control of the country’s largest natural gas producer: EQT. Yesterday we told you
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. The Pennsylvania Dept. of Environmental Protection (DEP) has just fined EQT $330,775 for erosion and sedimentation violations at two well sites in Forward Township, Allegheny County, PA. Water with sediment in it
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. On April 25 the Rice brothers (Toby and Derek) sued EQT alleging the company is trying to confuse shareholders by requiring some of the board candidates the Rice boys are proposing get
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. Fair or not, anything and everything that happens at EQT right now, which is under extreme pressure by the Rice brothers and several other large shareholders (see Rice Brothers Attempt to Take
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. On Monday, Toby and Derek Rice filed a proxy statement with the Securities and Exchange Commission and sent EQT shareholders a package and special proxy card (for voting) in an effort to
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. We read on a regular basis in mainstream media that shale companies spend more money than they bring in, and that investors are growing tired of pumping money into companies without a
Read More...This article is provided FREE for Google searchers. In order to access all content on Marcellus Drilling News, please visit our Subscribe page. The proxy war between Toby and Derek Rice and current management at EQT continues. It’s now turned into a press release war. Every few days one or the other (or both) sides
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