THREE MEN AND A DRILL | Brothers Daniel, Toby and Derek Rice at a Greene County, Pennsylvania, site where they plan to drill 10 wells, each more than two miles long, to tap 3,000 acres of shale from 25 surface acres.The Rice brothers, who control EQT Corp., America’s largest natural gas producer, argue fracking can help green the world.going back 133 years to the earliest days of gas drilling in Pennsylvania, with headquarters in a granite-and-glass tower in Pittsburgh.
Toby, Daniel and Derek grew up in Boston, living with their mother after their parents divorced. The boys played baseball and learned about business watching their entrepreneurial family of Armenian-immigrant cousins, aunts and uncles. Mom was a caterer, while their father, Daniel Rice III, managed a natural-resources portfolio at BlackRock. He made a windfall in hedge fund performance fees and decided his sons should do something big with it.
Frackers use steerable drill bits that bore down two miles to intersect a thin layer of hydrocarbon-bearing shale, then turn sideways through the shale layer. After cementing pipe into the hole, the driller uses pinpoint charges to blast holes in the pipe, then fractures the rock by injecting millions of gallons of water mixed with sand down the pipe at high pressure.
“Mentally we were prepared to run this company forever,” Daniel says, but in 2017 EQT made a generous offer: $6.7 billion in stock and cash, plus the assumption of $1.5 billion in debt. The Rice family got about $200 million in cash and nearly 3% of EQT shares. EQT Midstream Partners acquired the Rice-founded pipeline partnership for another $2.4 billion.
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