EQT Corporation announced a workforce reduction of approximately 15% as part of the integration process following its acquisition of Equitrans Midstream Corporation. This plan, committed on September 25, 2024, includes the termination of former executive officers and certain other senior employees of Equitrans. The company expects to incur pre-tax charges of approximately $165 million to $185 million for employee-related costs, with $155 million to $170 million expected in Q3 2024.
The workforce reduction aims to streamline operations and capture synergies from the Equitrans acquisition, which transformed EQT into a vertically integrated natural gas business. The eliminated positions represent approximately $80 million of annualized general and administrative costs. While resulting in immediate charges, the reduction is intended to improve long-term cost efficiency and operational structure.
CEO Toby Rice highlighted the difficulty of building new energy infrastructure in the country, which necessitates adjusting workforces. He noted that the individuals affected have built up valuable skills and are expected to find new opportunities. This strategic move is part of EQT's broader effort to optimize its integrated platform.
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