ETRN - EQT's Future Looks Significantly Brighter As Rice Brothers Take Control Of The Board
Two years ago, Toby and Daniel Rice sold Rice Energy, the Marcellus Shale natural gas driller they had founded, to EQT (EQT) for over $6 billion. On Wednesday, the brothers won over 80% approval for their board director slate, taking control of the board and putting Toby Rice in charge of the company as CEO.
This is a significant positive development for EQT shareholders who saw terrible operating results in 2018 as EQT management was not able to effectively integrate two companies with very different operating cultures, leading to a greater than 40%