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Rice Energy Inc. (RICE) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Eqt Re, Llc

CIK: 1588238

Exhibit 99.1

 

LOGO

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 Energy’s 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 EQT’s future success. We are excited to combine our core assets with EQT’s 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 / LOGO / noun: (1) an evolving, tech-driven leader of the shale generation; (2) an employee of Rice Energy

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 Energy’s 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.

 

1


The following information was filed by Eqt Re, Llc on Thursday, November 2, 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 And Divestitures
Acquisitions And Divestitures (narrative) (details)
Acquisitions And Divestitures (schedule Of Purchase Price And Preliminary Estimated Values Of Assets And Liabilities Assumed) (details)
Acquisitions And Divestitures (schedule Of Unaudited Pro Forma Combined Financial Information) (details)
Acquisitions And Divestitures (tables)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (narrative) (details)
Basis Of Presentation And Principles Of Consolidation (policies)
Commitments And Contingencies
Commitments And Contingencies (commitment For Firm Transportation) (details)
Commitments And Contingencies (details)
Derivative Instruments
Derivative Instruments (schedule Of Offsetting Assets) (details)
Derivative Instruments (schedule Of Offsetting 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)
Subsequent Events
Subsequent Events (details)
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 And Preferred Stock) (details)
Variable Interest Entities (tables)
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

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