- EQT Corp. (NYSE:EQT) says it is postponing its conference call to discuss 2019 guidance and updated analyst presentation because of scheduling conflicts due to the passing of a family member of CEO Robert McNally.
- EQT +1.2% pre-market, extending yesterday's 6.6% surge that followed calls for a shakeup at the company from shareholders Toby Rice and Derek Rice, who sold Rice Energy to EQT last year and collectively own 7M EQT shares.
- In its EQT business plan, the Rice brothers noted EQT's goals for well development costs of $1,000/ft. in 2018 and $900/ft. in 2019 "represent no improvement to their 2017 development plan which was established well before the RICE merger and contemplated shorter lateral lengths... RICE and peers have already demonstrated an ability to achieve much lower well costs per foot."
- "If EQT can't maximize the utility of cost per ft. [of well dev], the initial EQT/RICE transaction rationale doesn't map to the transaction being justified," Dallas Salazar says, adding this is "where the RICE team should have focused and did."
- Now read: Cenvous Energy sees 4% lower capex, 3% more production in 2019
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