PITTSBURGH – EQT Corporation, a natural gas production company with operations in West Virginia, Pennsylvania and Ohio, announced Wednesday that it is streamlining its business “to improve operational effectiveness and create a more efficient and nimbler organization.”
As part of the effort, EQT is reducing its workforce by 23% or 196 jobs, according to a news release. The positions cost the company $50 million annually in general and administrative costs, the release said. The plan will also move the company from 58 departments to 15.
EQT Chief Executive Officer Toby Rice issued this statement:
“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.”
Rice and his family took control of EQT’s board of directors earlier this year.