EQT Corporation (NYSE: EQT) today announced that it has completed its acquisition of Rice Energy Inc.
“With the closing of the transaction, we are combining two of the leading operators in the Appalachian Basin to create an even stronger company that is positioned to deliver greater returns to shareholders through operating efficiencies and improved overall well economics,” said Steve Schlotterbeck, EQT’s president and chief executive officer. “This transaction complements our production and midstream businesses and will deliver significant operational synergies to help us maintain our status as one of the lowest-cost operators in the United States. The EQT Board and management team have taken considerable steps to strengthen the Company’s platform and we look forward to identifying additional opportunities to maximize value for all EQT shareholders.”
In conjunction with the closing, and as previously announced under the terms of the merger agreement, two former Rice directors, Daniel J. Rice IV and Robert F. Vagt, have joined the EQT Board, effective immediately.
In addition, the Company previously announced that it had commenced a search for two additional, independent Board members with extensive midstream experience to be appointed to the Board and serve on the Committee being formed to evaluate options for addressing the Company’s sum-of-the-parts discount. A separate news release is expected to be issued later today regarding EQT’s new director appointments.