The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: Elderberry on July 14, 2019, 03:32:56 am
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Houston Chronicle by Jordan Blum July 12, 2019
The three Rice brothers who built Rice Energy into a shale gas power and sold it to their bigger Pittsburgh rival EQT Corp. could have rested on their laurels as young billionaires.
Instead, unsatisfied with the direction of the expanded EQT, they leveraged their 3 percent ownership of the combined company to stage an internal coup, successfully taking control of the board via a proxy war and installing one of the brothers as the new chief executive on Wednesday.
The now-ousted EQT management essentially made the brothers out to be three blind mice, proposing unrealistic business plans that didn’t mesh with the real world. Now, we’ll get to see how they run.
Sorry for the corny nursery rhyme quip. It’s about as eye roll-inducing as the brothers describing themselves as innovative “shalennials.†That is, they’re 30-something millennials taking over a major shale energy firm.
What happens next is a mystery.
More: https://www.houstonchronicle.com/business/energy/article/A-curious-case-of-a-fracking-coup-14089717.php (https://www.houstonchronicle.com/business/energy/article/A-curious-case-of-a-fracking-coup-14089717.php)
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Well, EQT was a serious underperformer in industry as it had targeted natural gas over liquids during a time when natural gas prices have remained dormant.
I guess investors were looking for someone to wake up management and when the Rices' called, they answered yes.
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You guys think the plan is to get into some way to supply the NE with wintertime heating fuel?
@Elderberry
@IsailedawayfromFR
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You guys think the plan is to get into some way to supply the NE with wintertime heating fuel?
@Elderberry
@IsailedawayfromFR
Nope. Liquid fuels are out save perhaps butane and propane. Natural gas fuel is restricted due to lack of natural gas pipelines due to NIMBY. Not to mention the continued closing of coal and nuclear plants.
Despite being next to the largest natural gas deposit every found in this country, the Northeast is screwed due to politics.
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Nope. Liquid fuels are out save perhaps butane and propane. Natural gas fuel is restricted due to lack of natural gas pipelines due to NIMBY. Not to mention the continued closing of coal and nuclear plants.
Despite being next to the largest natural gas deposit every found in this country, the Northeast is screwed due to politics.
Thanks for the info. I haven't read any follow-ups on that situation.