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Rice Energy Inc. (RICE) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Eqt Re, Llc

CIK: 1588238

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE

Rice Energy Reports Fourth Quarter and Full Year 2014 Results

CANONSBURG, Pa., March. 12, 2015 /PRNewswire/ - Rice Energy Inc. (NYSE: RICE) (“Rice Energy”) today reported fourth quarter and full-year 2014 financial and operational results. Highlights during the year include:

 

    Average net production of 398 MMcfe/d in fourth quarter 2014, a 158% increase above prior year quarter pro forma volumes(1) and a 61% increase over third quarter 2014

 

    Adjusted EBITDAX(2) of $87 million for fourth quarter 2014, a 123% increase over pro forma fourth quarter 2013

 

    2014 average net production of 274 MMcfe/d, a 118% increase above full-year 2013 pro forma volumes

 

    Adjusted EBITDAX of $247 million for the full year 2014

 

    Increased core acreage position to approximately 141,000 net acres as of December 31, 2014, consisting of 86,000 net acres in southwestern Pennsylvania and 55,000 net acres in Ohio, a 57% increase above year-end 2013 leasehold position

 

    Year-end 2014 proved reserves of 1.3 Tcfe, a 117% increase from year-end 2013 pro forma reserves

 

    Increased proved PV-10(2) value to $1.7 billion, an increase of 146% over 2013 pro forma PV-10 value

 

    Completed successful $474 million IPO of Rice Midstream Partners LP in December 2014

 

    Strong year-end 2014 liquidity position of approximately $1 billion to fund 2015 upstream and retained midstream capital investments

Commenting on the results, Daniel J. Rice IV, Chief Executive Officer, said, “Our accomplishments in 2014 reflect our team’s capabilities and opportunistic mindset. Last year, we took two companies public, Rice Energy and Rice Midstream Partners, we increased our core Marcellus and Utica acreage positions by approximately 50%, and we nearly tripled our net production. We achieved these milestones while acting as good stewards of the environment and our stakeholders’ capital. With ample liquidity and 100% core Marcellus and Utica assets, we are well-positioned to drive long term value creation for our shareholders in 2015 and beyond.”

 

(1) References to pro forma volumes and reserves throughout this earnings release give effect to our acquisition of the remaining 50% interest in our Marcellus joint venture from Alpha Natural Resources, Inc. on January 29, 2014.
(2) Please see “Supplemental Non-GAAP Financial Measures” for a description of Adjusted EBITDAX and PV-10.

 

1


The following information was filed by Eqt Re, Llc on Thursday, March 12, 2015 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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Inside this 10-K Annual Report

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 Proforma Information) (details)
Acquisitions (schedule Of Purchase Price Allocations) (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 (schedule Of Offsetting Assets And Liabilities) (details)
Derivative Instruments (schedule Of Unrealized And Realized Gains Or Losses On Derivatives) (details)
Derivative Instruments (summary Of Derivative Instruments) (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 (fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (details)
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 Subsidiaries Financial Information
Guarantor Subsidiaries Financial Information (condensed Balance Sheets) (details)
Guarantor Subsidiaries Financial Information (condensed Statement Of Cash Flows) (details)
Guarantor Subsidiaries Financial Information (condensed Statement Of Operations) (details)
Guarantor Subsidiaries Financial Information (narrative) (details)
Guarantor Subsidiaries Financial Information (tables)
Incentive Units
Incentive Units (fair Value Of Incentive Units) (details)
Incentive Units (narrative) (details)
Incentive Units (roll Forward Of Incentive Units) (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 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 (debentures) (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 (second Lien Term Loan Facility (details)
Long Term Debt (senior Secured Revolving Credit Facility) (details)
Long Term Debt (tables)
New Accounting Pronouncements
Property, Plant And Equipment
Property, Plant And Equipment (details)
Property, Plant And Equipment (tables)
Quarterly Financial Information
Quarterly Financial Information (details)
Quarterly Financial Information (tables)
Related Party Transactions
Related Party Transactions (details)
Rice Midstream Partners Lp
Rice Midstream Partners Lp (details)
Stock Compensation
Stock Compensation (performance Stock Awards) (details)
Stock Compensation (restricted Stock Unit Awards) (details)
Stock Compensation (rmp Phantom Unit Awards) (details)
Stock Compensation (tables)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Event
Subsequent Event (narrative) (details)
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 And 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) (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)
CIK: 1588238
Form Type: 10-K Annual Report
Accession Number: 0001588238-15-000006
Submitted to the SEC: Fri Mar 13 2015 9:02:45 AM EST
Accepted by the SEC: Fri Mar 13 2015
Period: Wednesday, December 31, 2014
Industry: Crude Petroleum And Natural Gas

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