Has the oil and gas industry ever before witnessed what took place last month at EQT—in which a disgruntled investor effectively staged a coup to seize control of the board and management of a major E&P company, and then took over operations? Then again, has the management team of an acquired and long-closed company ever said, “We want our assets back because we think we can do better than you”—and get them?


Sure, we’ve seen individual E&P shareholders become “activist investors” and buy up a sizeable interest to shake up management. Think Carl Icahn and his impact on Chesapeake Energy Corp. and in SandRidge Energy Inc. Fir Tree Capital Management wrested control of Halcón Resources Corp. and continues to look for an exit. Lion Point Management took formidable stakes in Resolute Energy Corp. and Carrizo Oil & Gas Inc. and pushed for sales of each earlier this year—and each did.

But neither Icahn, nor Fir Tree’s Evan Lederman, nor Lion Point’s Didric Cederholm took the captain’s chair to run the company according to their visions.

Toby Rice did.

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