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Exhibit 99.1
FOR IMMEDIATE RELEASE
Rice Energy Reports Third Quarter 2017 Results
CANONSBURG, Pa., November 2, 2017 /PRNewswire/
Rice Energy Inc. (NYSE: RICE) (Rice Energy) today reported third quarter 2017 financial and operating results. Highlights include:
| Net production averaged 1,440 MMcfe/d, a 6% increase from second quarter 2017 |
| Rice Midstream Holdings LLC (RMH) gathering throughput averaged 1,438 MDth/d, a 22% increase from second quarter 2017 |
| Record low lease operating expense of $0.11 per Mcfe, a 21% decrease from second quarter 2017 |
| Net loss attributable to common stockholders of $107.1 million, or $0.49 per diluted share |
| Reported Adjusted EBITDAX(1) of $233.9 million |
| Exited the quarter with low leverage(1) of 1.4x |
| Closed the sale of the Barnett assets for $175 million(2) |
Commenting on the results, Daniel J. Rice IV, Chief Executive Officer, said, On behalf of the Rice family and our board, I want to take this opportunity to express our gratitude to our employees and shareholders for their unwavering dedication to Rice Energys mission of becoming the paradigm for oil and gas companies of the shale generation. We are proud of the shareholder value that we have created while operating within our core values of stewardship, innovation, seeking excellence and teamwork.
Mr. Rice continued, Our success is a testament to the core assets that we have acquired and developed with our shalennial(3) team and I am highly confident that our operational momentum, as evidenced by our record third quarter results, will meaningfully contribute to EQTs future success. We are excited to combine our core assets with EQTs to create one of the most complete energy companies in the United States and derive even more long-term value for our shareholders.
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. | On September 29, 2017, Rice Energy received $141 million associated with the closing of the sale of the Barnett assets, which reflects customary purchase price adjustments attributable to a January 1, 2017 effective date. |
3. | Shalennial /
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Special Meeting of Stockholders
We expect to hold a special meeting of stockholders in connection with the proposed merger with EQT Corporation (NYSE: EQT) (EQT) on November 9, 2017 at 8:00 a.m. local time at Rice Energys executive offices at 2200 Rice Drive, Canonsburg, PA 15317. Rice Energy stockholders of record at the close of business on September 21, 2017 will be entitled to receive notice of the special meeting and to vote at the special meeting.
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On a per unit basis, DD&A expense decreased $0.03 per Mcfe, or 2%, from $1.21 for the three months ended September 30, 2016 to $1.18 per Mcfe for the three months ended September 30, 2017 due primarily to well cost reductions and drilling and completion efficiencies that we have achieved during the period.
On a per unit basis, DD&A expense decreased 0.05 per Mcfe, or 4%, from $1.24 for the nine months ended September 30, 2016 to 1.19 per Mcfe for the nine months ended September 30, 2017 due primarily to well cost reductions and drilling and completion efficiencies that we have achieved during the period.
The increase in general and administrative expense period-over-period was primarily attributable to costs associated with personnel to support our growing midstream operations in Pennsylvania.
The increase in general and administrative expense period-over-period was primarily attributable to costs associated with personnel to support our growing midstream operations in Pennsylvania.
The increase in general and administrative expense period-over-period was primarily attributable to costs associated with personnel to support the Rice Midstream Holdings segments growth activities.
The increase in general and...Read more
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Eurodollar loans under the Senior...Read more
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We had $125.0 million in...Read more
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The $22.7 million, or 71%...Read more
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During the first quarter of...Read more
The increase in lease operating...Read more
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The increase in DD&A was...Read more
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The decrease in income tax...Read more
Any new accounting policies or...Read more
The $32.5 million gain on...Read more
The $183.9 million gain on...Read more
The $121.3 million gain on...Read more
Operating revenues were also positively...Read more
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The increase period-over-period was primarily...Read more
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If an event of default...Read more
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Operating revenues were also positively...Read more
Midstream Holdings was in compliance...Read more
We were in compliance with...Read more
On April 25, 2014, we...Read more
On March 26, 2015, we...Read more
The expected prolonged declines indicated...Read more
As of September 30, 2017,...Read more
Operating revenues increased from $142.2...Read more
Operating revenues increased from $41.1...Read more
Operating revenues increased from $19.0...Read more
Operating revenues increased from $41.5...Read more
The increase was primarily due...Read more
The Partnership was in compliance...Read more
The 86% increase in natural...Read more
The 154% increase in natural...Read more
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Our primary sources of liquidity...Read more
In addition to gathering and...Read more
Incentive unit expense decreased 76%...Read more
Base rate loans bear interest...Read more
Also contributing to the increase...Read more
The $662.5 million, or 134%...Read more
Gain loss on embedded derivatives....Read more
Gain loss on embedded derivatives...Read more
The 53% increase period-over-period was...Read more
The $38.8 million, or 46%...Read more
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The indentures governing the 2022...Read more
The counterparty is required to...Read more
These inputs required significant judgments...Read more
For the three months ended...Read more
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The average daily outstanding balance...Read more
The year-to-date average daily outstanding...Read more
Eurodollar loans bear interest at...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Eqt Re, Llc provided additional information to their SEC Filing as exhibits
CIK: 1588238
Form Type: 10-Q Quarterly Report
Accession Number: 0001588238-17-000020
Submitted to the SEC: Thu Nov 02 2017 4:06:29 PM EST
Accepted by the SEC: Thu Nov 02 2017
Period: Saturday, September 30, 2017
Industry: Crude Petroleum And Natural Gas