EQT Annual Shareholder Meeting – Timing Investments “Fool’s Game”

Yeterday EQT Corp., one of the biggest drillers in the Marcellus/Utica, held its annual shareholder meeting in Pittsburgh. The crowd that turned up for the meeting wasn’t much of a crowd. There were more security guards on hand than non-board members in the audience. There were no shareholder resolutions on the table, and therefore no apparent interest. Unlike previous years when (at one meeting) security had to clear the room when it got rowdy. EQT Chairman David Porges took about 10 minutes to address those assembled, followed by newly elevated CEO Steve Schlotterbeck. Perhaps the biggest insight we gained in reading about the meeting is learning about EQT’s philosophy when it comes to investing in new drilling. According to Schlotterbeck, “trying to time the market [with capex spending] is a fool’s game.” And so the company is committed to making a “steady” investment in new drilling. They’ll spend $1.5 billion this year to drill 207 new wells…

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