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EQT expects $27M pretax charge in Q3 after mass layoffs

EQT Corp. expects to record a $27 million cumulative pretax charge in the third quarter for employee-related costs, including severance and other termination benefits, as a result of a reorganization plan that eliminated 23% of its workforce, according to a Sept. 12 securities filing.

The Appalachian shale gas driller reduced its head count by about 200 employees, a move it said would save $50 million a year in general and administrative costs.

EQT also incurred pretax charges related to former senior management members whose terminations were not part of the reorganization plan. The company will record a $66 million cumulative pretax charge in the third quarter for all separation-related expenses, of which approximately $45 million will be a cash cost, the filing said.