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424B3 Filing
EQT (EQT) 424B3Prospectus supplement
Filed: 28 Sep 21, 4:39pm
| | | Per Share | | | Total | | ||||||
Public offering price | | | | $ | | | | | $ | | | ||
Underwriting discount | | | | $ | | | | | $ | | | ||
Proceeds, before expenses, to the Selling Shareholders | | | | $ | | | | | $ | | | |
| Barclays | | | J.P. Morgan | |
| | | Page | | |||
| | | | S-ii | | | |
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-1 | | | |
| | | | S-13 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-19 | | | |
| | | | S-21 | | | |
| | | | S-25 | | | |
| | | | S-31 | | | |
| | | | S-31 | | |
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| | | | 12 | | | |
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| | | Years ended December 31, | | | Six months ended June 30, | | ||||||||||||||||||||||||
(In thousands) | | | 2020 | | | 2019 | | | 2018 | | | 2021 | | | 2020 | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | (unaudited) | | |||||||||
Statements of consolidated operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of natural gas, NGLs and oil | | | | $ | 2,650,299 | | | | | $ | 3,791,414 | | | | | $ | 4,695,519 | | | | | $ | 2,208,855 | | | | | $ | 1,213,973 | | |
Gain (loss) on derivatives not designated as hedges | | | | | 400,214 | | | | | | 616,634 | | | | | | (178,591) | | | | | | (1,534,345) | | | | | | 415,862 | | |
Net marketing services and other | | | | | 8,330 | | | | | | 8,436 | | | | | | 40,940 | | | | | | 15,297 | | | | | | 4,296 | | |
Total operating revenues | | | | | 3,058,843 | | | | | | 4,416,484 | | | | | | 4,557,868 | | | | | | 689,807 | | | | | | 1,634,131 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation and processing | | | | | 1,710,734 | | | | | | 1,752,752 | | | | | | 1,697,001 | | | | | | 909,800 | | | | | | 845,470 | | |
Production | | | | | 155,403 | | | | | | 153,785 | | | | | | 195,775 | | | | | | 94,776 | | | | | | 78,709 | | |
Exploration | | | | | 5,484 | | | | | | 7,223 | | | | | | 6,765 | | | | | | 2,728 | | | | | | 1,799 | | |
Selling, general and administrative | | | | | 174,769 | | | | | | 170,611 | | | | | | 232,543 | | | | | | 94,859 | | | | | | 78,279 | | |
Depreciation and depletion | | | | | 1,393,465 | | | | | | 1,538,745 | | | | | | 1,569,038 | | | | | | 757,404 | | | | | | 680,622 | | |
Amortization of intangible assets | | | | | 26,006 | | | | | | 35,916 | | | | | | 41,367 | | | | | | — | | | | | | 14,955 | | |
Impairment/loss (gain) of sale/exchange of long-lived assets | | | | | 100,729 | | | | | | 1,138,287 | | | | | | 2,709,976 | | | | | | (18,023) | | | | | | 98,059 | | |
Impairment of intangible and other assets | | | | | 34,694 | | | | | | 15,411 | | | | | | — | | | | | | — | | | | | | — | | |
Impairment of goodwill | | | | | — | | | | | | — | | | | | | 530,811 | | | | | | — | | | | | | — | | |
Impairment and expiration of leases | | | | | 306,688 | | | | | | 556,424 | | | | | | 279,708 | | | | | | 42,391 | | | | | | 95,047 | | |
Other operating expenses | | | | | 28,537 | | | | | | 199,440 | | | | | | 78,008 | | | | | | 14,668 | | | | | | 4,745 | | |
Total operating expenses | | | | | 3,936,509 | | | | | | 5,568,594 | | | | | | 7,340,992 | | | | | | 1,898,603 | | | | | | 1,897,685 | | |
Operating (loss) income | | | | | (877,666) | | | | | | (1,152,110) | | | | | | (2,783,124) | | | | | | (1,208,796) | | | | | | (263,554) | | |
Gain on Equitrans Share Exchange | | | | | (187,223) | | | | | | — | | | | | | — | | | | | | — | | | | | | (187,223) | | |
Loss (income) on investments | | | | | 314,468 | | | | | | 336,993 | | | | | | 72,366 | | | | | | (23,677) | | | | | | 307,645 | | |
Dividend and other income | | | | | (35,512) | | | | | | (91,483) | | | | | | (7,017) | | | | | | (7,069) | | | | | | (28,304) | | |
Loss on debt extinguishment | | | | | 25,435 | | | | | | — | | | | | | — | | | | | | 9,756 | | | | | | 16,963 | | |
Interest expense | | | | | 271,200 | | | | | | 199,851 | | | | | | 228,958 | | | | | | 152,085 | | | | | | 127,760 | | |
Loss from continuing operations before income taxes | | | | | (1,266,034) | | | | | | (1,597,471) | | | | | | (3,077,431) | | | | | | (1,339,891) | | | | | | (500,395) | | |
| | | Years ended December 31, | | | Six months ended June 30, | | ||||||||||||||||||||||||
(In thousands) | | | 2020 | | | 2019 | | | 2018 | | | 2021 | | | 2020 | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | (unaudited) | | |||||||||
Income tax (benefit) expense | | | | | (298,858) | | | | | | (375,776) | | | | | | (696,511) | | | | | | (362,340) | | | | | | (70,181) | | |
Loss from continuing operations | | | | | (967,176) | | | | | | (1,221,695) | | | | | | (2,380,920) | | | | | | (977,551) | | | | | | (430,214) | | |
Income from discontinued operations, net of tax | | | | | — | | | | | | — | | | | | | 373,762 | | | | | | — | | | | | | — | | |
Net loss | | | | | (967,176) | | | | | | (1,221,695) | | | | | | (2,007,158) | | | | | | (977,551) | | | | | | (430,214) | | |
Less: Net loss attributable to noncontrolling interest | | | | | (10) | | | | | | — | | | | | | — | | | | | | (576) | | | | | | — | | |
Less: Net income from discontinued operations attributable to noncontrolling interests | | | | | — | | | | | | — | | | | | | 237,410 | | | | | | — | | | | | | — | | |
Net loss attributable to EQT Corporation | | | | $ | (967,166) | | | | | $ | (1,221,695) | | | | | $ | (2,244,568) | | | | | | (976,975) | | | | | | (430,214) | | |
Amounts attributable to EQT Corporation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss from continuing operations | | | | $ | (967,166) | | | | | $ | (1,221,695) | | | | | $ | (2,380,920) | | | | | | (976,975) | | | | | | (430,214) | | |
Income from discontinued operations, net of tax | | | | | — | | | | | | — | | | | | | 136,352 | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (967,166) | | | | | $ | (1,221,695) | | | | | $ | (2,244,568) | | | | | | (976,975) | | | | | | (430,214) | | |
Statements of consolidated cash flows | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities | | | | $ | 1,537,701 | | | | | $ | 1,851,704 | | | | | $ | 2,976,256 | | | | | | 443,394 | | | | | | 947,121 | | |
Investing activities | | | | | (1,555,800) | | | | | | (1,601,142) | | | | | | (3,979,104) | | | | | | (674,898) | | | | | | (348,970) | | |
Financing activities | | | | | 31,713 | | | | | | (249,453) | | | | | | 859,020 | | | | | | 544,064 | | | | | | (599,779) | | |
| | | As of December 31, | | | As of June 30, 2021 | | ||||||||||||
(In thousands) | | | 2020 | | | 2019 | | ||||||||||||
| | | | | | | | | | | | | | | (unaudited) | | |||
Consolidated balance sheets | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 18,113,469 | | | | | $ | 18,809,227 | | | | | $ | 18,985,257 | | |
Net property, plant and equipment | | | | | 16,054,265 | | | | | | 16,155,490 | | | | | | 15,819,071 | | |
Total debt | | | | | 4,925,466 | | | | | | 5,292,979 | | | | | | 5,496,318 | | |
Total common shareholders’ equity | | | | | 9,255,240 | | | | | | 9,803,588 | | | | | | 8,291,758 | | |
Total equity | | | | | 9,262,730 | | | | | | 9,803,588 | | | | | | 8,302,422 | | |
(In thousands) | | | Last twelve months ended June 30, 2021 | | | Three months ended June 30, 2021 | | | Three months ended March 31, 2021 | | | Three months ended December 31, 2020 | | | Three months ended September 30, 2020 | | |||||||||||||||
Other financial data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1) | | | | $ | 1,744,777 | | | | | $ | 444,967 | | | | | $ | 555,205 | | | | | $ | 410,399 | | | | | $ | 334,206 | | |
(In thousands) | | | Last twelve months ended June 30, 2021 | | | Three months ended June 30, 2021 | | | Three months ended March 31, 2021 | | | Three months ended December 31, 2020 | | | Three months ended September 30, 2020 | | |||||||||||||||
Net (loss) income | | | | $ | (1,514,513) | | | | | $ | (936,519) | | | | | $ | (41,032) | | | | | $ | 63,678 | | | | | $ | (600,640) | | |
Add (deduct): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | 295,525 | | | | | | 76,986 | | | | | | 75,099 | | | | | | 74,286 | | | | | | 69,154 | | |
Income tax benefit | | | | | (591,017) | | | | | | (347,846) | | | | | | (14,494) | | | | | | (2,920) | | | | | | (225,757) | | |
Depreciation and depletion | | | | | 1,470,247 | | | | | | 380,288 | | | | | | 377,116 | | | | | | 371,816 | | | | | | 341,027 | | |
Amortization of intangible assets | | | | | 11,051 | | | | | | — | | | | | | — | | | | | | 3,573 | | | | | | 7,478 | | |
(Gain) loss on sale/exchange of long-lived assets | | | | | (15,353) | | | | | | (16,816) | | | | | | (1,207) | | | | | | (1,992) | | | | | | 4,662 | | |
Impairment of intangible and other assets | | | | | 34,694 | | | | | | — | | | | | | — | | | | | | 34,694 | | | | | | — | | |
Impairment and expiration of leases | | | | | 254,032 | | | | | | 25,634 | | | | | | 16,757 | | | | | | 161,192 | | | | | | 50,449 | | |
Loss (gain) on derivatives not designated as hedges | | | | | 1,549,993 | | | | | | 1,345,532 | | | | | | 188,813 | | | | | | (411,534) | | | | | | 427,182 | | |
Net cash settlements received (paid) on derivatives not designated as hedges | | | | | 226,480 | | | | | | (71,441) | | | | | | (38,140) | | | | | | 83,972 | | | | | | 252,089 | | |
Premiums (paid) for derivatives that settled during the period | | | | | (16,196) | | | | | | (9,579) | | | | | | (9,726) | | | | | | 1,026 | | | | | | 2,083 | | |
Other operating expenses(a) | | | | | 38,460 | | | | | | 5,225 | | | | | | 9,443 | | | | | | 17,261 | | | | | | 6,531 | | |
(Income) loss from investments | | | | | (16,854) | | | | | | (11,829) | | | | | | (11,848) | | | | | | 10,624 | | | | | | (3,801) | | |
Loss on debt extinguishment | | | | | 18,228 | | | | | | 5,332 | | | | | | 4,424 | | | | | | 4,723 | | | | | | 3,749 | | |
Adjusted EBITDA | | | | $ | 1,744,777 | | | | | $ | 444,967 | | | | | $ | 555,205 | | | | | $ | 410,399 | | | | | $ | 334,206 | | |
| | | As of December 31, 2020 | | |||
| | | (Bcfe) | | |||
Proved developed reserves | | | | | 13,641 | | |
Proved undeveloped reserves | | | | | 6,161 | | |
Total proved reserves | | | | | 19,802 | | |
| | | As of December 31, 2020 | | |||
| | | (In millions) | | |||
Standardized measure (SEC pricing)(1) | | | | $ | 3,366 | | |
Strip pricing(2)(3) | | | | $ | 8,952 | | |
| | | Years ended June 30, | | |||||||||
(In thousands) | | | 2021 | | | 2020 | | ||||||
Combined statements of operations | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Natural gas revenue | | | | $ | 622,754 | | | | | $ | 448,076 | | |
Other operating revenue | | | | | 21,538 | | | | | | 15,217 | | |
Net (loss) gain on commodity risk management activities | | | | | (58,326) | | | | | | 103,716 | | |
Total revenues | | | | | 585,966 | | | | | | 567,009 | | |
Costs and expenses: | | | | | | | | | | | | | |
Gathering, transportation and compression | | | | | 140,714 | | | | | | 109,670 | | |
Direct operating | | | | | 62,220 | | | | | | 55,799 | | |
Depreciation, depletion and amortization | | | | | 178,193 | | | | | | 171,562 | | |
Impairment of natural gas properties | | | | | 631,641 | | | | | | 139,063 | | |
General and administrative | | | | | 5,540 | | | | | | 8,631 | | |
Accretion of asset retirement obligations | | | | | 1,780 | | | | | | 1,618 | | |
Total costs and expenses | | | | | 1,020,088 | | | | | | 486,343 | | |
Other (expense) income: | | | | | | | | | | | | | |
Interest expense, net and other | | | | | (29,011) | | | | | | (35,048) | | |
Net gain (loss) on interest rate derivatives | | | | | 2,125 | | | | | | (12,786) | | |
Total other expense | | | | | (26,886) | | | | | | (47,834) | | |
Net (loss) income | | | | $ | (461,008) | | | | | $ | 32,832 | | |
Combined statements of cash flows | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | |
Operating activities | | | | $ | 445,854 | | | | | $ | 356,987 | | |
Investing activities | | | | | (288,707) | | | | | | (269,627) | | |
Financing activities | | | | | (154,632) | | | | | | (102,477) | | |
| | | As of June 30, | | |||||||||
(In thousands) | | | 2021 | | | 2020 | | ||||||
Combined balance sheets | | | | | | | | | | | | | |
Total assets | | | | $ | 1,033,425 | | | | | $ | 1,516,723 | | |
Net property and equipment | | | | | 878,841 | | | | | | 1,422,837 | | |
Long-term debt, net | | | | | 471,374 | | | | | | 604,155 | | |
Total equity | | | | | 262,508 | | | | | | 742,516 | | |
| | | As of June 30, 2021 | | | As of December 31, 2020 | | ||||||
| | | (Bcf) | | | (Bcf) | | ||||||
Proved developed reserves | | | | | 2,207 | | | | | | 1,945 | | |
Proved undeveloped reserves | | | | | 1,901 | | | | | | 2,186 | | |
Total proved reserves | | | | | 4,108 | | | | | | 4,131 | | |
| | | As of June 30, 2021 | | | As of December 31, 2020 | | ||||||
| | | (In millions) | | |||||||||
Standardized measure (SEC pricing)(1) | | | | $ | 1,459 | | | | | $ | 790 | | |
Strip pricing(2)(3) | | | | | | | | | | $ | 2,346 | | |
(In thousands) | | | Six months ended June 30, 2021 | | | Year ended December 31, 2020 | | ||||||
Unaudited pro forma condensed combined statements of operations data | | | | | | | | | | | | | |
Sale of natural gas, NGLs and oil | | | | $ | 2,598,753 | | | | | $ | 3,092,762 | | |
Net loss attributable to EQT Corporation | | | | | (975,792) | | | | | | (939,552) | | |
(In thousands) | | | As of June 30, 2021 | | |||
Unaudited pro forma condensed combined balance sheet data | | | | | | | |
Total assets | | | | $ | 22,141,382 | | |
Net property, plant and equipment | | | | | 18,983,073 | | |
Total debt | | | | | 6,350,068 | | |
Total equity | | | | | 10,215,412 | | |
| | | As of December 31, 2020 | | |||
| | | (Bcfe) | | |||
Proved developed reserves | | | | | 15,586 | | |
Proved undeveloped reserves | | | | | 8,347 | | |
Total proved reserves | | | | | 23,933 | | |
| | | As of December 31, 2020 | | |||
| | | (In millions) | | |||
Standardized measure (SEC pricing)(1) | | | | $ | 4,152 | | |
Strip pricing(2)(3) | | | | $ | 10,956 | | |
| | | | | | | | | | | | | | | Assuming No Exercise of the Underwriters’ Option to Purchase Additional Shares | | | Assuming Full Exercise of the Underwriters’ Option to Purchase Additional Shares | | ||||||||||||||||||||||||||||||
| | | Shares of Common Stock Beneficially Owned Prior to this Offering(1) | | | Number of Shares of Common Stock Being Offered Hereby | | | Shares of Common Stock Beneficially Owned After Completion of this Offering(1) | | | Number of Shares of Common Stock Being Offered Hereby | | | Shares of Common Stock Beneficially Owned After Completion of this Offering(1) | | |||||||||||||||||||||||||||||||||
Name | | | Number of Shares | | | Percentage of Outstanding Shares(2) | | | Number of Shares | | | Percentage of Outstanding Shares(2) | | | Number of Shares | | | Percentage of Outstanding Shares(2) | | ||||||||||||||||||||||||||||||
ARI 1740 Fund, L.P.(3) | | | | | 4,562,249 | | | | | | 1.2% | | | | | | 793,203 | | | | | | 3,769,046 | | | | | | * | | | | | | 912,183 | | | | | | 3,650,066 | | | | | | * | | |
Entities affiliated with the Baupost Group, L.L.C.(4) | | | | | 17,419,495 | | | | | | 4.6% | | | | | | 15,142,970 | | | | | | 2,276,525 | | | | | | * | | | | | | 17,414,415 | | | | | | 5,080 | | | | | | * | | |
Conrad N. Hilton Foundation(5) | | | | | 1,244,250 | | | | | | * | | | | | | 270,410 | | | | | | 973,840 | | | | | | * | | | | | | 310,972 | | | | | | 933,278 | | | | | | * | | |
Edward J. Greenberg Revocable Trust(6) | | | | | 595,079 | | | | | | * | | | | | | 129,327 | | | | | | 465,752 | | | | | | * | | | | | | 148,726 | | | | | | 446,353 | | | | | | * | | |
GSO Entities(7) | | | | | 7,213,042 | | | | | | 1.9% | | | | | | 1,567,597 | | | | | | 5,645,445 | | | | | | 1.5% | | | | | | 1,802,737 | | | | | | 5,410,305 | | | | | | 1.4% | | |
Indigo 2009, LLC(8) | | | | | 12,857,247 | | | | | | 3.4% | | | | | | 3,353,087 | | | | | | 9,504,160 | | | | | | 2.5% | | | | | | 3,856,050 | | | | | | 9,001,197 | | | | | | 2.4% | | |
J. Todd Mitchell | | | | | 2,444,209 | | | | | | * | | | | | | 530,280 | | | | | | 1,913,929 | | | | | | * | | | | | | 609,822 | | | | | | 1,834,387 | | | | | | * | | |
Nicola Atkinson | | | | | 101,936 | | | | | | * | | | | | | 44,307 | | | | | | 57,629 | | | | | | * | | | | | | 50,953 | | | | | | 50,983 | | | | | | * | | |
Red Alta LLC(9) | | | | | 8,294,998 | | | | | | 2.2% | | | | | | 1,081,640 | | | | | | 7,213,358 | | | | | | 1.9% | | | | | | 1,243,886 | | | | | | 7,051,112 | | | | | | 1.9% | | |
Susan M. Greenberg Revocable Trust(10) | | | | | 595,079 | | | | | | * | | | | | | 129,327 | | | | | | 465,752 | | | | | | * | | | | | | 148,726 | | | | | | 446,353 | | | | | | * | | |
The David and Lucile Packard Foundation(11) | | | | | 3,317,999 | | | | | | * | | | | | | 2,884,375 | | | | | | 433,624 | | | | | | * | | | | | | 3,317,031 | | | | | | 968 | | | | | | * | | |
Townes G. Pressler 2012 GTSE Family Trust(12) | | | | | 41,475 | | | | | | * | | | | | | 3,477 | | | | | | 37,998 | | | | | | * | | | | | | 3,999 | | | | | | 37,476 | | | | | | * | | |
Name | | | Number of shares | | |||
Barclays Capital Inc. | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
Total | | | | | 25,930,000 | | |
| | | No exercise | | | Full exercise | | ||||||
Per Share | | | | $ | | | | | $ | | | ||
Total | | | | $ | | | | | $ | | | |
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Name | | | Shares of Common Stock Beneficially Owned Prior to the Offering(1) | | | Number of Shares of Common Stock Being Offered Hereby | | | Shares of Common Stock Beneficially Owned After Completion of the Offering(1) | | |||||||||||||||||||||
| Number of Shares | | | Percentage of Outstanding Shares(2) | | | Number of Shares | | | Percentage of Outstanding Shares | | ||||||||||||||||||||
Alotta Oil Company(3) | | | | | 82,951 | | | | | | * | | | | | | 82,951 | | | | | | — | | | | | | — | | |
ARI 1740 Fund, L.P.(4) | | | | | 4,562,249 | | | | | | 1.2% | | | | | | 4,562,249 | | | | | | — | | | | | | — | | |
Aviral Sharma | | | | | 152,905 | | | | | | * | | | | | | 152,905 | | | | | | — | | | | | | — | | |
Baupost Group Securities, L.L.C.(5) | | | | | 17,419,495 | | | | | | 4.6% | | | | | | 17,419,495 | | | | | | — | | | | | | — | | |
Bufflehead Exploration, Inc.(6) | | | | | 174,987 | | | | | | * | | | | | | 174,987 | | | | | | — | | | | | | — | | |
Bufflehead Holdings, LLC(7) | | | | | 124,426 | | | | | | * | | | | | | 124,426 | | | | | | — | | | | | | — | | |
Conrad N. Hilton Foundation(8) | | | | | 1,244,250 | | | | | | * | | | | | | 1,244,250 | | | | | | — | | | | | | — | | |
Dolomite Resources, Inc.(9) | | | | | 446,213 | | | | | | * | | | | | | 446,213 | | | | | | — | | | | | | — | | |
Doug Van Brunt(10) | | | | | 179,806 | | | | | | * | | | | | | 179,806 | | | | | | — | | | | | | — | | |
Edward J. Greenberg Revocable Trust(11) | | | | | 595,079 | | | | | | * | | | | | | 595,079 | | | | | | — | | | | | | — | | |
FA Corp.(12) | | | | | 11,198,247 | | | | | | 3.0% | | | | | | 11,198,247 | | | | | | — | | | | | | — | | |
GMB Ventures, LLC(13) | | | | | 165,902 | | | | | | * | | | | | | 165,902 | | | | | | — | | | | | | — | | |
GSO Entities(14) | | | | | 7,213,042 | | | | | | 1.9% | | | | | | 7,213,042 | | | | | | | | | | | | | | |
Indigo 2009, LLC(15) | | | | | 12,857,247 | | | | | | 3.4% | | | | | | 12,857,247 | | | | | | — | | | | | | — | | |
J. Todd Mitchell | | | | | 2,444,209 | | | | | | * | | | | | | 2,444,209 | | | | | | — | | | | | | — | | |
Jennifer McCarthy(16) | | | | | 6,816,604 | | | | | | 1.8% | | | | | | 6,815,304 | | | | | | 1,300 | | | | | | * | | |
Jennifer Odinet(10) | | | | | 235,119 | | | | | | * | | | | | | 235,119 | | | | | | — | | | | | | — | | |
John Montgomery(10)(16) | | | | | 251,208.546 | | | | | | * | | | | | | 250,702 | | | | | | 506.546 | | | | | | * | | |
Joseph C. Walton and Molly E. Walton(17) | | | | | 174,987 | | | | | | * | | | | | | 174,987 | | | | | | — | | | | | | — | | |
Joseph Greenberg | | | | | 11,379,790 | | | | | | 3.0% | | | | | | 11,379,790 | | | | | | — | | | | | | — | | |
Katherine Brooks | | | | | 119,871 | | | | | | * | | | | | | 119,871 | | | | | | — | | | | | | — | | |
KiwiEnergy, Ltd.(18) | | | | | 248,853 | | | | | | * | | | | | | 248,853 | | | | | | — | | | | | | — | | |
Laura Drum | | | | | 356,624 | | | | | | * | | | | | | 356,624 | | | | | | — | | | | | | — | | |
Lauren Ford | | | | | 254,688 | | | | | | * | | | | | | 254,688 | | | | | | — | | | | | | — | | |
Maria Clare Mitchell 2012 Gift Trust(19) | | | | | 611,052 | | | | | | * | | | | | | 611,052 | | | | | | — | | | | | | — | | |
Nicholas Colyer Mitchell 2012 Gift Trust(19) | | | | | 611,052 | | | | | | * | | | | | | 611,052 | | | | | | — | | | | | | — | | |
Nicola Atkinson | | | | | 101,936 | | | | | | * | | | | | | 101,936 | | | | | | — | | | | | | — | | |
Owen Hammond Worley | | | | | 224,796 | | | | | | * | | | | | | 224,796 | | | | | | — | | | | | | — | | |
Piney Point Energy Ventures, LLC(9) | | | | | 472,820 | | | | | | * | | | | | | 472,820 | | | | | | — | | | | | | — | | |
Red Alta LLC(20) | | | | | 8,294,998 | | | | | | 2.2% | | | | | | 8,294,998 | | | | | | — | | | | | | — | | |
Richard Alan Shortz Rollover IRA(21) | | | | | 72,131 | | | | | | * | | | | | | 72,131 | | | | | | — | | | | | | — | | |
Richard K. Steeg | | | | | 1,348,165 | | | | | | * | | | | | | 1,348,165 | | | | | | — | | | | | | — | | |
Stedman West Family Partnership, Ltd.(22) | | | | | 2,073,771 | | | | | | * | | | | | | 2,073,771 | | | | | | — | | | | | | — | | |
Stephen Kelly | | | | | 134,817 | | | | | | * | | | | | | 134,817 | | | | | | — | | | | | | — | | |
Susan M. Greenberg Revocable Trust(23) | | | | | 595,079 | | | | | | * | | | | | | 595,079 | | | | | | — | | | | | | — | | |
The Broad Foundation(24) | | | | | 414,750 | | | | | | * | | | | | | 414,750 | | | | | | — | | | | | | — | | |
Name | | | Shares of Common Stock Beneficially Owned Prior to the Offering(1) | | | Number of Shares of Common Stock Being Offered Hereby | | | Shares of Common Stock Beneficially Owned After Completion of the Offering(1) | | |||||||||||||||||||||
| Number of Shares | | | Percentage of Outstanding Shares(2) | | | Number of Shares | | | Percentage of Outstanding Shares | | ||||||||||||||||||||
The David and Lucile Packard Foundation(25) | | | | | 3,317,999 | | | | | | * | | | | | | 3,317,999 | | | | | | — | | | | | | — | | |
Townes G. Pressler 2012 GTSE Family Trust(26) | | | | | 41,475 | | | | | | * | | | | | | 41,475 | | | | | | — | | | | | | — | | |
Trust Under Article Sixth of Will and Codicils of Rachel Mellon Walton Deceased for the benefit of James M. Walton(27) | | | | | 82,951 | | | | | | * | | | | | | 82,951 | | | | | | — | | | | | | — | | |
Walton Mitchell and Company, Inc.(28) | | | | | 41,475 | | | | | | * | | | | | | 41,475 | | | | | | — | | | | | | — | | |
Wesley West Minerals, Ltd.(29) | | | | | 595,079 | | | | | | * | | | | | | 595,079 | | | | | | — | | | | | | — | | |
William Iley Chenault, III(16) | | | | | 359,124 | | | | | | * | | | | | | 356,624 | | | | | | 2,500 | | | | | | * | | |
Yana Management Company(30) | | | | | 248,853 | | | | | | * | | | | | | 248,853 | | | | | | — | | | | | | — | | |