As the Company’s first quarter 2019 results demonstrate, EQT’s plan is working. Management is delivering significant operational improvements and the Company is achieving its ambitious targets, with substantial increases in volumes, adjusted free cash flow and earnings per share.
In advance of EQT’s Annual Meeting on July 10, 2019, investors have an important decision to make regarding EQT’s future. We urge you to vote for the team that is achieving strong results. We believe that Toby Rice is singularly focused on installing himself as CEO, packing the EQT Board and management team with his friends and family and pursuing a risky and value-destructive strategy.
Self-Serving Rice Platform
- Unreasonable, seeking to take control of the EQT Board without paying a control premium to other shareholders
- Self-interested demands, which include firing EQT’s new, successful CEO and installing Toby as CEO
- Value destructive, by replacing up to 15 of EQT’s department heads with Rice Energy personnel, and potentially destabilizing EQT and derailing the Company’s progress
- Unqualified director nominees, consisting mainly of family, friends and former business associates who have potential conflicts of interest with EQT and several of whom oversaw poor governance practices as directors of Rice Energy
EQT’s Successful Approach
- Strong leadership team, with recently appointed CEO, COO, CFO, General Counsel and Head of IR
- Talented Board, with five new directors in 2018 (four of whom are independent) and three new independent nominees in 2019 who bring extensive upstream, operating and executive experience
- Operationally focused, as evidenced by increased production and the realization of substantial operational efficiencies and cost savings
- Committed to substantial and sustainable free cash flow growth, with strong investment grade balance sheet. Approximately $300 to $400 million in adjusted free cash flow expected in 2019 and at least $2.9 billion through 20231
- Transparent, with focus on management accountability and best-in-class governance practices