EQT Corp.’s largest shareholder on July 1 extended its support for the nominees of Toby and Derek Rice, the two brothers who sold their company to EQT more than a year ago and are pressing for changes to its board.
T. Rowe Price Associates Inc., which owns 10% of the shale gas producer, said it intends to vote for the slate of nominees of Rice brothers at the annual shareholders meeting on July 10.
Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis came up with contrasting reports last week with ISS supporting nominees of Rice brothers and Glass Lewis backing the company’s management.
__________________________________________________________________________________________________
RELATED:
Rice Brothers Unveil EQT Board Nominations As Spat Continues
Things Get ‘Awkward’ For Rice Brothers Thanks To EQT Feud
__________________________________________________________________________________________________
The Rice brothers were part of the founding team at Rice Energy, which was bought by EQT in November 2017. They say EQT management is responsible for the company's underperformance since the deal and have pushed for an overhaul of its board.
The Rice brothers already have the support of D.E. Shaw Group and Kensico Capital Management Corp., EQT’s fourth and sixth largest shareholders, respectively. These two shareholders have a combined 8.2% stake in the company, according to data from Refinitiv.
Shares of the company were up 1.2% at $16 in premarket trading.
EQT did not immediately respond to a Reuters’ request for comment.
Recommended Reading
WTI Delivered to East Houston Hits Highest Premium in Nearly Three Years
2024-05-01 - Oil takeaway capacity from the Permian Basin will tighten next month due to scheduled pipeline maintenance.
Gas Prices in a Summer of Discontent
2024-05-14 - In February, natural gas prices dropped below $2/MMBtu and stayed there. How is the market handling it, and when will the price pick back up?
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Range Resources Plans Flat Production Target in 2024
2024-02-23 - Gas producer Range Resources is focusing on system flexibility to respond to market trends.