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(Bloomberg) — A younger US pure gasoline mogul could also be taking dwelling almost $1 billion after a take care of oil big BP Plc.
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Daniel Rice stands to obtain about $975 million in money from the sale of Archaea Power Inc., a renewable gasoline big he helped create from a clean verify firm, in response to Bloomberg calculations primarily based on firm filings.
Rice, 41, is without doubt one of the self-described “shalennial” brothers who took the reins of EQT Corp., the biggest driller of pure gasoline within the US, after a proxy battle in 2019. In 2020, he raised $237 million by way of the preliminary public providing of a particular goal acquisition firm, which then acquired and mixed producers of so-called renewable pure gasoline to kind Archaea.
Renewable gasoline, which might embrace issues like landfill gasoline or biogas from animal waste, captures methane earlier than it enters the ambiance as a much more highly effective international warming agent than carbon dioxide. It’s seen as a cleaner various to standard gasoline 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 gasoline producer, in response to a April proxy assertion. The corporate declined to touch upon the calculation.
Rice was chief government officer of Rice Power Inc., a shale explorer his household constructed from scratch, when it was purchased by EQT Corp. to kind the biggest US gasoline driller in 2017. Daniel has a seat on the board of EQT, the place his brother Toby is the CEO.
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