People | Top Story | Job Cuts / Downsize / Layoff
EQT Cutting 23% of Workforce; Eliminating 196 positions
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It's a sad day at EQT today. The company said in a press release that it is cutting 23% of its workforce or 196 positions. The company hopes to save $50 million in annual general and administrative costs.
Toby Rice, EQT’s Chief Executive Officer, stated, “Today’s action represents another significant milestone as we transform EQT into a modern, technology-driven and efficient natural gas producer. 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.
“This future state will challenge, empower and support employees so we can achieve our strategic goals of reducing costs, improving efficiency and realizing the full potential of our asset base for the benefit of all stakeholders.
“I’d like to thank those employees who are leaving for their contributions to EQT. We firmly believe this is a step we must take to create a more efficient organization and to enable our employees to succeed,” he concluded.
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