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Rice Energy Inc. (RICE) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Eqt Re, Llc

CIK: 1588238

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE

Rice Energy Reports Fourth Quarter and Full-Year 2016 Financial and Operating Results

CANONSBURG, Pa. – February 22, 2017 /PRNewswire/ –

Rice Energy Inc. (NYSE: RICE) (“Rice Energy”) today reported fourth quarter and full-year 2016 financial and operational results. 2016 highlights include:

 

    Fourth quarter net production averaged 1,145 MMcfe/d, an 83% increase from prior year’s quarter (49% increase excluding acquired Vantage Energy production)

 

    2016 net production averaged 831 MMcfe/d, 4% above the high end of guidance and a 51% increase from prior year (41% increase excluding acquired Vantage Energy production)

 

    Invested $686 million of E&P capital in 2016 with development costs per foot approximately 32% below the 2015 average

 

    Reduced fourth quarter per unit operating costs to $0.61 per Mcfe, a 14% decrease from the prior year quarter

 

    Net loss of $204.5 million for the fourth quarter and $248.8 million for the full year

 

    Adjusted EBITDAX(1) of $202 million for the fourth quarter and $575.5 million for the full year

 

    Year-end 2016 proved reserves totaled 4.0 Tcfe, a 136% increase, with $1.6 billion and $3.2 billion pre-tax PV-10(1) at SEC and strip pricing(2), respectively

 

    Added approximately 100,000 net acres in Appalachia throughout the year and ended the year with approximately 248,000 net Appalachian acres

 

    Rice Midstream Holdings LLC (“RMH”) 2016 gathering throughput of 708 MDth/d, an increase of 187% relative to the prior year

 

    Acquired Vantage Energy for $2.7 billion on October 19, 2016

 

    Exited the year with liquidity of $1.9 billion(3) and leverage of 1.5x(1) net debt to 2016 Further Adjusted EBITDAX

Commenting on the results, Daniel J. Rice IV, Chief Executive Officer, said, “We faced the challenging 2016 business headwinds head on and used them as an opportunity to demonstrate the resiliency of our assets, our strategy and our team. We meaningfully reduced our development and operating costs without compromising the productivity of our core wells, which made us a leaner, more efficient organization, which in turn made our acquisition of Vantage Energy that much more attractive. The Vantage Energy acquisition checks all of our strategic boxes and allows us to operate at a greater scale with one of the largest, most concentrated drilling inventories of truly core acreage in the Appalachia basin. I am proud of our record results in 2016 that have provided the operational momentum to repeat our success in 2017.”

 

1. Please see “Supplemental Non-GAAP Financial Measures” for a description of Adjusted EBITDAX, Further Adjusted EBITDAX, PV-10 and related reconciliations to comparable GAAP financial measures.
2. Strip pricing as of 12/31/16.
3. Excludes Rice Midstream Partners LP.

 

1


The following information was filed by Eqt Re, Llc on Thursday, February 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Statements Of Consolidated Equity
Statements Of Consolidated Equity (parenthetical)
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (schedule Of Purchase Price And Preliminary Estimated Values Of Assets And Liabilities Assumed) (details)
Acquisitions (schedule Of Unaudited Pro Forma Combined Financial Information) (details)
Acquisitions (tables)
Asset Retirement Obligations
Asset Retirement Obligations (details)
Asset Retirement Obligations (tables)
Commitments And Contingencies
Commitments And Contingencies (commitment For Gathering And Firm Transportation) (details)
Commitments And Contingencies (details)
Derivative Instruments
Derivative Instruments (narrative) (details)
Derivative Instruments (schedule Of Offsetting Assets And Liabilities) (details)
Derivative Instruments (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (schedule Of Assets And Liabilities Measured At Fair Value) (details)
Fair Value Of Financial Instruments (schedule Of The Estimated Fair Value And Carrying Amount Of Long-term Debt) (details)
Fair Value Of Financial Instruments (tables)
Financial Information By Business Segment
Financial Information By Business Segment (details)
Financial Information By Business Segment (tables)
Guarantor Financial Information
Guarantor Financial Information (condensed Balance Sheets) (details)
Guarantor Financial Information (condensed Statement Of Cash Flows) (details)
Guarantor Financial Information (condensed Statement Of Operations) (details)
Guarantor Financial Information (narrative) (details)
Guarantor Financial Information (tables)
Incentive Units
Incentive Units (fair Value Of Incentive Units) (details)
Incentive Units (narrative) (details)
Incentive Units (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Components Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Components Of Income Tax Provision) (details)
Income Taxes (schedule Of Effective Income Tax Rate) (details)
Income Taxes (tables)
Lease Obligations
Lease Obligations (details)
Lease Obligations (tables)
Long- Term Debt
Long- Term Debt (6.25% Senior Notes Due 2022) (details)
Long- Term Debt (7.25% Senior Notes Due 2023) (details)
Long- Term Debt (midstream Holdings Revolving Credit Facility) (details)
Long- Term Debt (rmp Revolving Credit Facility) (details)
Long- Term Debt (schedule Of Expected Maturities Of Notes Payable) (details)
Long- Term Debt (schedule Of Long-term Debt) (details)
Long- Term Debt (senior Secured Revolving Credit Facility) (details)
Long- Term Debt (tables)
Mezzanine Equity
Mezzanine Equity (narrative) (details)
Mezzanine Equity (schedule Of Redeemable Noncontrolling Interest) (details)
Mezzanine Equity (tables)
New Accounting Pronouncements
New Accounting Pronouncements (details)
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions (details)
Rice Midstream Partners Lp
Rice Midstream Partners Lp (details)
Rice Midstream Partners Lp (schedule Of Common And Subordinated Units Issued) (details)
Rice Midstream Partners Lp (tables)
Stock-based Compensation
Stock-based Compensation (performance Stock Awards) (details)
Stock-based Compensation (restricted Stock Unit Awards) (details)
Stock-based Compensation (rmp Phantom Unit Awards) (details)
Stock-based Compensation (schedule Of Allocation Of Stock-based Compensation) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (schedule Of Changes In Common Shares) (details)
Stockholders' Equity (tables)
Summary Of Significant Accounting Policies And Related Matters
Summary Of Significant Accounting Policies And Related Matters (narrative) (details)
Summary Of Significant Accounting Policies And Related Matters (policies)
Summary Of Significant Accounting Policies And Related Matters (schedule Of Accounts Receivable) (details)
Summary Of Significant Accounting Policies And Related Matters (schedule Of Goodwill) (details)
Summary Of Significant Accounting Policies And Related Matters (schedule Of Intangible Assets) (details)
Summary Of Significant Accounting Policies And Related Matters (schedule Of Interest Incurred) (details)
Summary Of Significant Accounting Policies And Related Matters (tables)
Supplemental Information On Gas-producing Activities (unaudited)
Supplemental Information On Gas-producing Activities (unaudited) (capitalized Costs Relating To Gas Producing Activities) (details)
Supplemental Information On Gas-producing Activities (unaudited) (costs Incurred For Property Acquisitions, Exploration And Development) (details)
Supplemental Information On Gas-producing Activities (unaudited) (narrative) (details)
Supplemental Information On Gas-producing Activities (unaudited) (reserve Quantity Information) (details)
Supplemental Information On Gas-producing Activities (unaudited) (results Of Operations Related To Natural Gas Production) (details)
Supplemental Information On Gas-producing Activities (unaudited) (schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows) (details)
Supplemental Information On Gas-producing Activities (unaudited) (standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves) (details)
Supplemental Information On Gas-producing Activities (unaudited) (tables)
Variable Interest Entities
Variable Interest Entities (narrative) (details)
Variable Interest Entities (schedule Of Change In Limited Partner Ownership Of Partnership) (details)
Variable Interest Entities (schedule Of Financial Information Of Assets And Liabilities Of Variable Interest Entity) (details)
Variable Interest Entities (schedule Of Financial Performance Of Variable Interest Entity) (details)
Variable Interest Entities (tables)
CIK: 1588238
Form Type: 10-K Annual Report
Accession Number: 0001588238-17-000006
Submitted to the SEC: Wed Mar 01 2017 1:03:51 PM EST
Accepted by the SEC: Wed Mar 01 2017
Period: Saturday, December 31, 2016
Industry: Crude Petroleum And Natural Gas

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