EQT Corporation (NYSE: EQT) (“EQT” or “the Company”) today announced
that its Board of Directors has determined to hold the Company’s 2019
Annual Shareholders Meeting on Wednesday, July 10, 2019, which is within
30 days of the anniversary of the Company’s 2018 Annual Meeting on June
21, 2018.
EQT’s bylaws, which are customary and in line with common corporate
practices, enable shareholders to nominate or submit proposals between
90 and 120 days before the anniversary of last year’s Annual
Shareholders Meeting. The Company believes its decision to hold its 2019
Annual Shareholders Meeting approximately 12 months after the 2018
Annual Shareholders Meeting provides shareholders with ample time to
decide on any nominations or proposals and make an informed voting
decision. To date, the Company has not received any director nominations
or other proposals.
The Company issued the following statement:
As is customary, EQT’s 2019 Annual Meeting will be held approximately
one year after the 2018 Annual Meeting. The meeting will also be
approximately seven months after the appointment of four new independent
directors and a new management team, including a new CEO, CFO, general
counsel, executive vice president of production and head of investor
relations.
EQT values and is responsive to shareholder feedback – as evidenced by
the Company’s actions over the last several years and its transformative
spinoff of Equitrans Midstream Corporation in November 2018. The Board
carefully considered shareholder input in determining the appropriate
time to hold the 2019 Annual Meeting.
The Company is successfully executing its strategic plan, and the
scheduling of the Annual Meeting takes into account the operational work
underway to deliver value to shareholders. EQT believes it is
appropriate for shareholders to have adequate time to evaluate the
Company's performance and progress when voting at the Annual Meeting.
The Board also considered that, today, EQT is stronger than ever,
operating safely and efficiently, accelerating free cash flow growth and
creating shareholder value. Most importantly, because of recent
operational, organization, leadership and personnel changes, and new
initiatives now underway, EQT’s prospects for both near-term and
sustainable cash flow growth and value creation are very bright.
EQT is poised to outperform because the Company has undergone a cultural
and strategic shift to focus on development optimization, operational
efficiency and free cash flow generation. In December 2018, shortly
after the separation transaction and appointment of the new leadership
team, the EQT Board formed a new Operating and Capital Efficiency
Committee, which is composed of four independent directors. The
committee, alongside the new management team, has been engaged in an
active review to optimize operations, and that important work is ongoing.
The Board and management team look forward to delivering on the
tremendous potential of EQT, and engaging with the Company’s
shareholders in the weeks and months ahead.
Goldman Sachs & Co. LLC is serving as financial advisor to EQT and
Wachtell, Lipton, Rosen & Katz is serving as legal counsel.
About EQT Corporation:
EQT Corporation is a natural gas production company with emphasis in the
Appalachian Basin and operations throughout Pennsylvania, West Virginia
and Ohio. With 130 years of experience and a long-standing history of
good corporate citizenship, EQT is the largest producer of natural gas
in the United States. As a leader in the use of advanced horizontal
drilling technology, EQT is committed to minimizing the impact of
drilling-related activities and reducing its overall environmental
footprint. Through safe and responsible operations, EQT is helping to
meet our nation’s demand for clean-burning energy, while continuing to
provide a rewarding workplace and support for activities that enrich the
communities where its employees live and work. Visit EQT Corporation at www.EQT.com;
and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.
Cautionary Statements
This news release contains certain forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and Section 27A of the Securities Act of 1933, as amended.
Statements that do not relate strictly to historical or current facts
are forward-looking. Without limiting the generality of the foregoing,
forward-looking statements contained in this news release specifically
include the expectations of plans, strategies, objectives and growth,
and anticipated financial and operational performance of the Company and
its subsidiaries. These statements involve risks and uncertainties that
could cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
Company has based these forward-looking statements on current
expectations and assumptions about future events, taking into account
all information currently available to the Company. While the Company
considers these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks and uncertainties, many of which are
difficult to predict and beyond the Company's control. The risks and
uncertainties that may affect the operations, performance and results of
the Company's business and forward-looking statements include, but are
not limited to, those set forth under Item 1A, "Risk Factors" of the
Company's Form 10-K for the year ended December 31, 2018, as updated by
any subsequent Form 10-Qs, and those set forth in the other documents
the Company files from time to time with the SEC. Any forward-looking
statement speaks only as of the date on which such statement is made,
and the Company does not intend to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law.
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