Shale Mogul Daniel Rice, 41, to Reap $975 Million From BP Deal

(Bloomberg) — A younger US pure fuel mogul could also be taking house almost $1 billion after a take care of oil large BP Plc.

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Daniel Rice stands to obtain about $975 million in money from the sale of Archaea Vitality Inc., a renewable fuel large he helped create from a clean test firm, in line with Bloomberg calculations based mostly on firm filings.

Rice, 41, is among the self-described “shalennial” brothers who took the reins of EQT Corp., the biggest driller of pure fuel within the US, after a proxy struggle in 2019. In 2020, he raised $237 million by the preliminary public providing of a particular objective acquisition firm, which then acquired and mixed producers of so-called renewable pure fuel to type Archaea.

Renewable fuel, which may embody issues like landfill fuel or biogas from animal waste, captures methane earlier than it enters the environment as a much more highly effective world warming agent than carbon dioxide. It’s seen as a cleaner different to standard fuel even because it nonetheless emits CO2 when burnt.

BP agreed to pay $26 per share of Archaea as a part of a $4.1 billion acquisition introduced Monday. Rice, chairman of Archaea’s board and architect of the transaction that created the corporate, has direct possession of greater than 37.5 million shares of the renewable pure fuel producer, in line with a April proxy assertion. The corporate declined to touch upon the calculation.

Rice was chief government officer of Rice Vitality Inc., a shale explorer his household constructed from scratch, when it was purchased by EQT Corp. to type the biggest US fuel driller in 2017. Daniel has a seat on the board of EQT, the place his brother Toby is the CEO.

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