13D Filing: JANA Partners and EQT Corp (EQT)

E Q T / R I C E C a n no t E a s il y O b t a i n C o n t i gu o u s A c r ea ge D e li v e r i ng E Q T ’ s c l a i m e d b e n e f i t s f r om ac q u i r i ng R I C E w o u l d r e q u i r e o b t a i n i ng s ub s t a n t i a l ac r e a ge v i a ac q u i s i t i on s ( r e q u i r i ng s i g n i f i c a n t a d d i t i o n a l c a p i t a l) a nd l ea s e s . W A S H I N G T O N / G R EE N E AC R E A G E O W N E R S H I P Ź S i gn i f i ca n t a c r e a ge i s a l r ea d y h e l d b y t h i r d p a r t y o p e r a t o r s Ź A b ili t y t o g a i n a c ce s s t o a b u t t i ng a c r ea g e i s f u r t h e r c o m p li ca t e d b y l ac k o f “ f o r ce d p o o li n g ” i n M a r c e ll u s , c r e a t i n g s i g n i f i c a n t h o l d u p v a l ue E Q T A c re a g e RI C E A c r e a g e O t h e r o w n e r s □ P o t e n t i a l f o r a c r e a g e n o t “ h e l d – b y – p r od u c t i o n ” t o r e v e r t b a c k t o l a nd o w n e r s a m p li f i e s t h e c h a ll e n g e I f a b u t t i ng ac r e a ge w a s r e a d il y o b t a i n a b l e , E Q T o r R I C E w ou l d a l r e a d y h a v e g a i n e d ac c e s s t o i t . 7 S o u r c e : J A N A e x p e r t s ’ a n a l y s i s .