PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE: EQT) today issued the following statement in response to a presentation issued by the Toby Rice Group:
Nothing in Toby Rice’s latest presentation changes the fact that since EQT’s new management team was appointed late last year, the Company has:
- significantly improved EQT’s operational efficiency, such that today EQT is a low-cost leader among Appalachian peers;
- embraced innovative new technologies, including by drilling new wells 100% remotely, demonstrating the Company’s technology-driven vision;
- identified $175 million in annual cost reductions; and
- transformed into a free cash flow machine, generating more than $300 million of adjusted free cash flow1 in Q4’18 and Q1’19 alone.
The Toby Rice Group campaign is premised on misleading information and stale arguments that are wholly contradicted by EQT’s transformation. Their steadfast refusal to acknowledge EQT’s outstanding recent progress and results, and continued efforts to mislead shareholders by focusing only on the old EQT and its performance last summer, undermines their credibility. The Toby Rice Group’s ideas – and entire campaign to seize control of EQT – are flawed and designed to advance the interests of the Rice family, not EQT. We believe that wholesale replacement of EQT’s Board and management team, as proposed by the Toby Rice Group, would be counterproductive and destabilizing, especially amid EQT’s successful transformation.
EQT’s slate of director candidates is purpose-built to ensure that the most valuable skillsets, experiences and backgrounds are represented in the boardroom to advance the interests of the Company’s shareholders. EQT will continue to take actions that support the best interests of all EQT shareholders, including correcting the Toby Rice Group’s false and misleading claims.
The EQT Board of Directors recommends that shareholders support EQT by voting on the GOLD universal proxy card “FOR” all 12 of EQT’s highly qualified director nominees. Shareholders should simply discard and NOT vote using any white proxy cards they may receive from the Toby Rice Group.
If you have any questions, or need assistance in voting
your shares on the GOLD universal proxy card,
please call EQT’s proxy solicitor:
INNISFREE M&A INCORPORATED
TOLL-FREE at 1-877-687-1866 (from the U.S. or Canada)
Or at (412) 232-3651 (From Other Locations)
Please discard and do NOT vote using any white proxy cards you
may receive from the Toby Rice Group
1 Adjusted free cash flow is a non-GAAP financial measure, see disclosures below for definition and reconciliation to the most comparable GAAP financial measure.
About EQT Corporation:
EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a long-standing history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.
EQT Management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via the Company’s investor relationship website at ir.eqt.com.