EQT shareholders approve Rice Energy Buyout
Tuesday, November 21, 2017
EQT Corporation received consent from a majority of its shareholders for its acquisition of Rice Energy Inc, according to Nasdaq.
Having received approval from about 84 percent of its shareholders, EQT expects the transaction to close by Nov. 13. The Rice Energy deal will cost EQT $6.7 billion. It’s the largest deal signed in the U.S. upstream industry in three years.
In the deal, Rice Energy stockholders will get 0.37 EQT shares and $5.30 in cash. EQT will also refinance Rice Energy’s long-term debt worth $1.5 billion In the combined entity, EQT shareholders will hold around 65 percent.
Learn more: Nasdaq > EQT receives shareholders’ approval for Rice Energy buyout
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.