EQT Corporation (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.
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.