Company Profiles

Acquisitions & Divestitures

EQT CEO Toby Rice Promotes Massive M&A in Appalachia

A year into remodeling EQT into an efficiency powerhouse, Toby Rice hangs out a “we buy Marcellus” placard with consolidation the goal.

Steve

Toon

Oil and Gas Investor

Tue, 12/01/2020 - 04:30 AM

EQT CEO Toby Rice Promotes Massive M&A in Appalachia

While analysts like to parse the metrics of publics marrying publics in Appalachia, EQT CEO Toby Rice sees a host of private operators on the consolidation table as well. (Source: Hart Energy; image of Toby Rice courtesy of EQT Corp.)

While EQT Corp. CEO Toby Rice is mum on rumors that his leading natural gas producing company is in talks with neighboring producer CNX Resources to consolidate their Appalachian companies, he’s quite vocal about the desire to pursue a corporate merger. Or multiple ones, for that matter.

“Now that we’ve got the business to a good spot, we’re focused on accelerated return of capital to our shareholders, and we think consolidation could be a vehicle that helps us accelerate that return of capital.

“It’s simple,” he said. “Consolidation could present synergy opportunities.”

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Chart reflects yearly performance.

Steve Toon

Steve Toon is Editor-in-Chief of Oil and Gas Investor magazine. He joined Hart Energy in 2007 as editor of its A&D Watch newsletter and A-Dcenter.com. He received a BA in journalism from Baylor University.

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