by Matthew V. Veazey
Wednesday, September 11, 2019
The Pittsburgh-based natural gas producer expects to save approximately $50 million annually from the layoffs.
Appalachian Basin natural gas producer EQT Corp. reported Tuesday afternoon that it is cutting 196 positions, or approximately 23 percent of its workforce, in conjunction with an “organizational streamlining.”
Pittsburgh-based EQT, on the heels of a successful proxy fight by activist shareholders, stated that it is streamlining its structure from 58 to 15 departments to improve organizational focus and more closely align the firm with its mission. The company noted that staff reductions amount to approximately $50 million of annual general and administrative costs.
“Today’s action represents another significant milestone as we transform EQT into a modern, technology-driven and efficient natural gas producer,” EQT CEO Toby Rice said in a written statement. “Following the addition of proven leadership and the establishment of our digital work environment, we evaluated the business and determined the appropriate ‘future state’ organizational structure.”
When contacted by Rigzone for details about the time frame for implementing the layoffs and how the 196 staff reductions will be distributed across the organization, an EQT spokesperson declined comment. A presentation from the proxy battle posted to the U.S. Securities and Exchange Commission website provides insights on the direction in which EQT’s new leadership aim to take the company.
“I’d like to thank those employees who are leaving for their contributions to EQT,” concluded Rice. “We firmly believe this is a step we must take to create a more efficient organization and to enable our employees to succeed.”
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Matthew V. Veazey
Senior Editor | Rigzone