EQT Corp. (NYSE: EQT) announced a reduction in its workforce on Jan. 7. In a letter to shareholders, Rob McNally, president and CEO said the company was “removing management layers, streamling functions and reducing shared services and contractor expenses.”
McNally said in the letter that “EQT has begun a new chapter and we have made important enhancements throughout the organization.” Those enhancements have included the appointment of four new independent directors and a new CFO, general counsel, executive vice president of production and head of investor relations.
He did not say how many employees were laid off.
EQT and Rice Energy merged in November 2017. Toby Rice and Derek Rice sent a letter Dec. 10 to the EQT board seeking power to enact their business plan for the company, which they said would generate an incremental $400 million to $600 million pre-tax cash flow above EQT’s projections.
EQT said it will have more information on its “targeted savings plan” in the coming weeks as part of its 2019 capital program announcement, according to McNally’s letter.