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Rice Energy Inc. (RICE) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Eqt Re, Llc

CIK: 1588238

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Rice Energy Reports First Quarter 2017 Results and

Provides Three-Year E&P Economic Growth Outlook

CANONSBURG, Pa., May 3, 2017 /PRNewswire/ –

Rice Energy Inc. (NYSE: RICE) (“Rice Energy”) today reported first quarter 2017 financial and operating results. Highlights include:

 

    Net production averaged 1,273 MMcfe/d, an 11% increase from fourth quarter 2016

 

    Rice Midstream Holdings LLC (“RMH”) gathering throughput averaged 969 MDth/d, a 7% increase from fourth quarter 2016

 

    Net loss attributable to common stockholders of $35 million, or $0.17 per diluted share

 

    Adjusted EBITDAX(1) of $244 million, a 21% increase relative to fourth quarter 2016

 

    Pre-hedge realized natural gas price of $3.11 per Mcf, including average basis differential of ($0.29) per MMBtu

 

    Exited the quarter with low leverage(1) of 1.3x

 

    RMH evaluating sale of over one-third of Rice Olympus Midstream LLC (“ROM”) to Rice Midstream Partners LP (NYSE: RMP) (“RMP”) in second half 2017

 

    Announcing three-year outlook targeting 27% – 33% compound annual Appalachia net production growth(2) through 2019, while targeting cash flow neutrality(3) and E&P leverage below 1.5x in 2019

Commenting on the results, Daniel J. Rice IV, Chief Executive Officer, said, “We are off to a great start in 2017 on our continued path to create long-term value for our shareholders. With the Vantage Energy acquisition complete, we delivered solid first quarter 2017 operational results into an improving gas price environment. Looking ahead, we are focused on generating best-in-class E&P results to achieve our three-year E&P targeted growth outlook. In addition, because ROM’s throughput growth and asset profile make it an ideal drop candidate, we are evaluating the sale of over one-third of ROM to RMP in the second half 2017.”

 

 

  1. Please see Supplemental “Non-GAAP Financial Measures” for a description of Adjusted EBITDAX, Further Adjusted EBITDAX and related reconciliations to the comparable GAAP financial measures. Leverage is defined as the ratio of net debt to last twelve months Further Adjusted EBITDAX.
  2. Based on mid-point of 2017 annual Appalachia production guidance.
  3. Defined as fully funding D&C capital expenditures from internal E&P cash flows.

 

1


The following information was filed by Eqt Re, Llc on Wednesday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Eqt Re, Llc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Equity (unaudited)
Condensed Consolidated Statements Of Equity (unaudited) (parenthetical)
Condensed Consolidated Statements Of Operations (unaudited)
Condensed Consolidated Statements Of Operations (unaudited) (parenthetical)
Accounts Receivable
Accounts Receivable (details)
Accounts Receivable (tables)
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)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (policies)
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 (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 (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 (schedule Of Assets Of Reportable Segments) (details)
Financial Information By Business Segment (schedule Of Goodwill Of Reportable Segments) (details)
Financial Information By Business Segment (schedule Of Operating Results And Assets) (details)
Financial Information By Business Segment (tables)
Guarantor Financial Information
Guarantor Financial Information (condensed Consolidated Balance Sheets) (details)
Guarantor Financial Information (condensed Consolidated Statement Of Cash Flows) (details)
Guarantor Financial Information (condensed Consolidated Statement Of Operations) (details)
Guarantor Financial Information (narrative) (details)
Guarantor Financial Information (tables)
Impairment
Impairment (details)
Incentive Units
Incentive Units (narrative) (details)
Income Taxes
Income Taxes (narrative) (details)
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
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (schedule Of Allocation Of Stock-based Compensation) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Stockholders' Equity (schedule Of Changes In Common Shares) (details)
Stockholders' Equity (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 (schedule Of Outstanding Common Units) (details)
Variable Interest Entities (tables)
CIK: 1588238
Form Type: 10-Q Quarterly Report
Accession Number: 0001588238-17-000009
Submitted to the SEC: Thu May 04 2017 4:15:02 PM EST
Accepted by the SEC: Thu May 04 2017
Period: Friday, March 31, 2017
Industry: Crude Petroleum And Natural Gas

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