Strange: EQT Interim CEO Porges Skips Quarterly Conference Call

David Porges – MIA

Something strange is going on at EQT. Not only did interim CEO David Porges skip the company’s recent annual meeting in June (unheard of, see EQT CEO Didn’t Show Up for Annual Mtg – CFO Talks of Wild Ride), Porges also skipped yesterday’s quarterly analyst phone call to update big investors on the company’s performance (equally unheard of). Once again the heavy lifting fell to Robert McNally, EQT CFO, to be “the guy” sent out front and center to talk about the company. EQT, following its purchase of Rice Energy, is now the largest natural gas producer in the U.S. EQT has been without a permanent CEO following the exit of Steve Schlotterbeck in March, who left because the board refused to compensate him at a level commensurate with CEOs at other top producers in the region (see EQT CEO Steve Schlotterbeck Suddenly Quits, Leaves Company). EQT is currently conducting a search to find a new CEO. In the meantime, board chairman and former CEO David Porges stepped back into the role of CEO. But judging from his absence at critical events where the CEO always shows up, it’s pretty obvious he isn’t actually running the company. Looks to us like McNally is the guy running the company. We hope he’s being compensated commensurate with his added responsibilities in running the largest shale gas producer on the planet. At any rate, the news coming from yesterday’s 2Q18 update shows that sales were up, profits were down, and EQT’s Mountain Valley Pipeline has gotten a new (later) in-service date…

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