The founder of Rice Energy, the U.S. natural gas producer acquired by larger pee...
NEW YORK - The founder of Rice Energy, the U.S. natural gas producer acquired by larger peer EQT Corp for $6.7 billion in 2017, told Reuters on Tuesday that only by giving him control of the EQT board would the business be able to make the changes he believes it needs.
Toby Rice has put forward himself, his brother Daniel and five more nominees to sit on EQT’s 12-member board, arguing the company has mismanaged the acquisition, with its inefficient production methods leading to significant shareholder value destruction. “We’ve tried having a voice with just a couple of board seats, and that hasn’t worked, so clearly we need more influence on this business to effect the change that needs to happen,” Toby Rice told Reuters in an interview.
The consequence, according to Rice, has been significant inefficiencies and the highest production costs for EQT among Appalachian producers - a charge which EQT has denied.
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