Rice Energy, Inc. (RICE) Misses Q2 EPS by 3c; Will Pursue Formation of Midstream MLP

Rice Energy, Inc. (NYSE: RICE) reported Q2 EPS of $0.03, $0.03 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $91.94 million versus the consensus estimate of $90.02 million.

The company also announced that it is pursuing the formation of a midstream master limited partnership (MLP) and intends to confidentially submit a draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission for an initial public offering (IPO) of common units of the MLP. The offering is expected to be completed in the first half of 2015.

It is expected that the initial assets of the MLP will consist of Rice Energy's Pennsylvania gas gathering and water sourcing and distribution assets. Following the closing of the contemplated IPO, Rice Energy will control the general partner of the MLP and will own 100% of the incentive distribution rights and a majority of the MLP limited partnership units.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For earnings history and earnings-related data on Rice Energy, Inc. (RICE) click here.

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