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