You didn't miss much. Lasted an hour. Toby talked about his start in the gas industry...selling to eqt…and his commitment to treating landowners fair. Answered a few questions from the crowd and that was it.
thank you still no really good info as to what he's going to do
there has to be a way for both sides to get a fair shake in this. I sure hope Toby Rice is the answer
I am very pleased to see that Toby is back in charge. I am in the Ohio group and before the change in ownership, Rice had numerous fairly regular meetings with the landowners. We felt that we at least had a clue as to what was happening. I am glad that he is taking the time once again to talk to folks, even if only briefly as bootmud said. At least we are back in the loop.
yes I agree Rice was not bad to work with before they sold to EQT.
We went to Toby’s Bentleyville Town Hall/Landowner meeting last night and felt like we’d come home, again, after a year of working with EQT. As Rice Energy landowners from the beginning, the disconnect with EQT was disconcerting and even disturbing. We often felt like we were working with the CIA, rather than a drilling company, with NO transparency or communication with landowners; which they would have nothing without. After all, it's our gas that allow them to even be in business. Having the Rice Team back at the helm was like a breath of fresh air. Although he’s only begun the task of bringing Rice values, innovation, and strategy to EQT, most of we Rice Energy landowners have well earned confidence in his ability to make a difference not only to landowners but to the local communities where they drill. I saw a lot of smiling faces after the meeting. The only down side was the location's poor acoustics and speaker placements, combined with loud talkers in the rear of the auditorium making it almost impossible for those in the back to hear. We however made sure to have seats near the front. Toby's explanation for returning to well sites once, to drill north the first time and south the next to save on cost was so basic that I never understood why other drillers didn’t adopt it. If you’ve already spent the millions on leasing a unit, prepping a pad, and drilling 4 or 5 laterals in one direction, why wouldn’t you capitalize on that investment and go BACK to what you have already set up to drill more, rather than hopping around, spending the same money on different sites? There are MANY 4 or 5 well units that are ready to have a rig on to increase the number of wells, reducing costs by eliminating the need for additional leasing, unit development, geological survey and pad prep (to say nothing of securing permits to develop the unit). Also, drilling longer laterals. Longer well = more production. The old boys from old companies such as EQT didn’t embrace the advances of modern technology and were stuck in their set ways. Innovation and taking that extra step is where its at. And Toby Rice is king of those very things. I give Toby Rice a lot of credit for being willing to go through the wringer that he did in order to get into a position to improve what was failing miserably under the former management. It couldn't have been easy to be dragged through the mud while old boy cronyism tried to keep their jobs and discredit him. This landowner/shareholder is thankful for his efforts and is thrilled to have Toby back at the helm and looking forward confidently in what’s to come as he rolls out his vision and plan ahead. The meeting last night cemented our confidence in good things to come.
Thanks Lori I feel the same way. Lots of well pads with one laterals drilled and nothing going on after that. the roads and pads are in use it. to your advantage duh
Hi Jeff. Whether it was the market, Rice influence, a coincidence, or a signal from God of taking the right path, but many landowners under EQT noticed a much more sensible royalty payment last month, when the Rice Team were voted in with hopes that it truly was a signal of improvements ahead. Production was up where it belonged and despite shrinking market prices, gas was at least sold at or above PA averages. Although that is more in the administrative depts of the company, it is also under CEO management, as well, setting the valves releasing gas production for sale from existing wells and auditing the sales depts to market the gas at the best prices. Under old EQT, we saw our royalties drop to such lows that our tax accountant questioned our drastic drop in income this tax prep meeting for 2018. As a many years farm/gas accountant she was shocked by the decrease (as were we). Amazingly, the month that the Rice Team began gaining steam and support, looking like they would overtake the stagnant EQT mgt, production increased and sales improved to be more consistent with local avgs. I suppose future royalties will tell the real story but everything I've seen is predicting a much brighter, less mismanaged future with the company. I understand that Toby has a 100 day plan of action to correct the practices and condition of EQT and I am looking forward with a lot of optimism to seeing it come to fruition. We worked hard over the years to maintain and hang on to this land through some tough times, when it threatened to take us down, but determination and love for the family farm kept us going for many years. Rice Energy and the rich Marcellus gas below us rewarded us for our hard work and sacrifices to keep it going for us and our kids and grandkids and we have renewed optimism for us and our future generations. I believe that Toby has the right goals and ideas, just as he did with Rice Energy, and that he will do right not only by existing units, but also those in the future. But, as with anything, time will surely tell. :)
I hope your right as I just talked to a eqt landman and he told me the Dragon Chan 6 is going thru our Prop. but it is only using half of the acres ( BUMMER ) And he told me the other prop I have ( producing ) will not get any thing done for yrs Its a old Chesp. well Its the Michael McNicholas gr8h site. landman said to call back in 45 days as to Tobys 100 day plan. There are 12 permits on the McNicholas pad and he said not to count on them as we may get drilled from a different pad. not using the existing pad Thanks please keep me in the loop
I have been with EQT from the beginning.I am having an issue with the division orders on one well and I can't seem to get the issue resolved...I hope the Rice leadership will be more helpful to the landowners the EQT has been.