Rice

A coup of sorts is underway in Pittsburgh as two brothers brazenly push to take over EQT Corp., which became the nation’s largest natural gas producer after it acquired Rice Energy Inc. in a multi-billion dollar deal that helped transform the juggernaut and generated a windfall for the family.

A coup of sorts is underway in Pittsburgh as two brothers brazenly push to take over EQT Corp., which became the nation’s largest natural gas producer after it acquired Rice Energy Inc. in a multi-billion dollar deal that helped transform the juggernaut and generated a windfall for the family.

EQT Corp. CEO Robert McNally on Tuesday vigorously defended the country’s largest natural gas producer’s direction, calling a proposal put forward by Rice Energy co-founders to generate more value “fundamentally flawed,” and highlighting a plan to better control costs and improve operations.

EQT Corp. in a letter to shareholders late Monday said it has reduced its workforce in a broader effort to appease restive investors and to drive stronger results.

Rice Energy co-founders Toby Rice and Derek Rice on Monday called for a “course correction” at EQT Corp., which they said is severely undervalued and in need of more executives with “proven operational experience” like themselves.

Former Rice Energy Inc. executives have formed a $200 million investment firm to pursue investments of $1 million to $40 million across the oil and gas sector. Rice Energy was founded by the Rice brothers. Daniel, Toby, Derek and Ryan Rice have partnered, along with another company executive, Kyle Derham, to form the Rice Investment Group based in Pittsburgh. The company is targeting investments in the upstream, midstream, oilfield services and energy technology sectors. Appalachian pure-play Rice Energy was sold to EQT Corp. in 2017 for $8.2 billion.

EQT Corp. produced an astounding 4 Bcfe/d in December, its first full month of integrated operations after completing the acquisition of Rice Energy Inc. in a deal that gave rise to the nation’s largest natural gas producer.

EQT Corp. on Thursday cleared the final hurdle to create the nation’s largest natural gas producer after receiving necessary shareholder approvals to acquire Rice Energy Inc.

Appalachian pure-play Rice Energy Inc. announced record production of 1.440 Bcfe/d in the third quarter in what could be its last earnings report if EQT Corp.’s $8 billion acquisition of the company is approved by shareholders at special meetings on Thursday.