Appalachian shale gas driller EQT Corp. on Sept. 10 announced a reorganization of its business that will reduce its workforce by about 23%, or 196 positions.
The jobs represent roughly $50 million of annual general and administrative costs, according to a news release. In addition to the layoffs, EQT will simplify its structure to 15 departments from 58, streamline its management, and focus on processes and functions "directly aligned with its mission."
"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," CEO Toby Rice said in the release. "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."
In July, shareholders voted for a cultural and technological transformation at EQT, electing seven new members nominated by the Rice group to the 12-member board and appointing Toby Rice president and CEO. EQT's COO and CFO stepped down the following month, and the company eliminated the COO role.
