GREENWICH, Conn.--(BUSINESS WIRE)--Kensico Capital Management Corp. (“Kensico”), which currently owns approximately 9.3 million shares of EQT Corporation (“EQT” or the “Company”), today issued the following statement regarding the Company’s July 10, 2019 Annual General Meeting:
“Kensico intends to vote in favor of all seven Rice director nominees at the upcoming Annual Meeting. We believe this vote is a compelling opportunity to install highly experienced and proven industry executives. The Rice team intimately knows the asset base and has a credible plan to substantially improve the Company’s cost structure. The Rice team operated Rice Energy with great success, generating cumulative returns of 40% since IPO, vs -54% return for gas E&P peers and -29% for EQT over the same period. In addition, the Rice team is highly aligned with EQT shareholders due to their ownership in excess of seven million shares.
“The disappointing operational performance and misguided capital allocation by management in 2018 convince us that change is needed at EQT. We strongly believe the incumbent management team’s plan is inadequate compared to what could be achieved by the Rice team. This vote is a rare opportunity to set EQT on a new path with proven operators who have had a stellar track record of success, and we intend to vote our shares in favor of all Rice nominees.”
About Kensico Capital Management
Kensico Capital Management Corp. is an SEC-registered Investment Adviser to certain funds. Kensico was founded in January of 2000 and is based in Greenwich Connecticut. The investment objective of Kensico’s funds is to achieve long term growth of capital by utilizing a variety of different strategies and instruments in pursuit of an acceptable risk-adjusted return.
This press release reflects the opinions of Kensico Capital Management Corp. (“Kensico”) on behalf of certain investment funds managed or advised by it that currently beneficially own, or otherwise have an economic interest in, shares of EQT Corporation (the “Company”). This press release is for informational purposes only and does not constitute investment advice or convey an offer or solicitation of any type with respect to any securities or other financial products. The views expressed in this press release are expressed as of the date hereof and are based on publicly available information and Kensico’s analyses. This press release contains statements reflecting Kensico’s opinions and beliefs with respect to the Company and its business based on Kensico’s research, analysis, and experience; all such statements are based on Kensico’s opinion and belief, whether or not those statements are expressly so qualified. Kensico acknowledges that the Company may possess information that could lead the Company to disagree with Kensico’s views and/or analyses. Nothing contained in this press release may be relied upon as a guarantee, promise, assurance, or representation as to future events. The investment funds managed or advised by Kensico are in the business of trading (i.e., buying and selling) securities, and it is expected that they will from time to time engage in transactions that result in changes to their beneficial and/or economic interest in the Company. Please note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions.