EQT Corporation is streamlining its business to improve operational effectiveness and create a more efficient and nimbler organization. The new structure will simplify the company from 58 to 15 departments, streamline management and focus the organization on processes and functions that are directly aligned with its mission.

As part of the reorganization, EQT is reducing its workforce by approximately 23%, or 196 positions. These positions represent approximately $50 million of annual general and administrative costs (“G&A”). EQT anticipates providing guidance on run-rate G&A in connection with its third quarter 2019 earnings results.

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.