PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE: EQT) today announced that, based on the final tabulation provided by its proxy solicitor, EQT shareholders have approved the pending transaction with Rice Energy Inc. (NYSE: RICE) at the Company’s special meeting held earlier today. Of the total shares cast, approximately 84% percent voted in favor of the proposal to issue stock for execution of the transaction. EQT expects to file final vote results, as certified by the Judges of Election, later today and expects the transaction to close on Monday, November 13, 2017.
“We appreciate the strong support from our shareholders and are pleased that they recognize the outstanding strategic and operational fit of the Rice acquisition,” said Steve Schlotterbeck, EQT’s president and chief executive officer. “EQT is now one of the lowest-cost producers in the United States, possessing significant financial flexibility and an anticipated investment-grade credit rating, as well as more optionality to address the sum-of-the-parts discount. As a stronger, more profitable company, we are excited about the unique value creation opportunities available for EQT and look forward to continuing to unlock significant value for all EQT shareholders.”
As previously announced, immediately upon closing the Rice transaction, EQT will establish a Committee of the Board of Directors to evaluate options for addressing the sum-of-the-parts discount. EQT’s Board will announce a decision by the end of the first quarter 2018.
About EQT Corporation:
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, and transmission. With more than 125 years of experience, EQT continues to be a leader in the use of advanced horizontal drilling technology – designed to minimize the potential impact of drilling-related activities and reduce the overall environmental footprint. Through safe and responsible operations, the Company is committed to meeting the country’s growing demand for clean-burning energy, while continuing to provide a rewarding workplace and enrich the communities where its employees live and work. EQT also owns a 90% limited partner interest in EQT GP Holdings, LP. EQT GP Holdings, LP owns the general partner interest, all of the incentive distribution rights, and a portion of the limited partner interests in EQT Midstream Partners, LP.
Visit EQT Corporation at www.EQT.com.