Changes Will Increase Efficiency, Improve Operational Focus and Reduce Costs
Streamlining Includes a 23% Reduction in Workforce Representing Approximately $50 Million in Annual G&A Costs
EQT Corporation (EQT) today announced that it 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.
About EQT Corporation:
EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a longstanding history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com.
EQT Management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via the company’s investor relationship website at ir.eqt.com.
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