Mountain Valley Developer EQT Cuts Jobs
(P&GJ) — EQT Corporation has announced that it is streamlining its business to improve operational effectiveness and create a more efficient and nimbler organization.
As part of the reorganization, EQT is reducing its workforce by approximately 23%, or 196 positions.
EQT is one of the largest natural gas producers in America with primary focus on the Marcellus and Utica plays in the Appalachian region of the country.
The company’s midstream branch, EQM is currently developing the Mountain Valley Pipeline project although they recently suspended work on the embattled line due to permitting issues with the U.S. Fish and Wildlife Service.
The 300-mile LNG pipeline is expected to cost as much as $5 billion and when completed can transport up to 2 million dekatherms per day.
These positions represent approximately $50 million of annual general and administrative costs (“G&A”). The new structure will also 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.
The reorganization comes after a heated battle for control of the company’s management and board of directors led by Toby Rice the former head of Rice Energy which was acquired by EQT in 2018. Rice was unhappy with the direction the company was heading and encourage shareholders to back him and his recommended board members in an effort to return the company to efficiency.
The shareholders sided with Rice and he was selected as President and CEO of EQT in July 2019.
Commenting on the reorganization he 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.
“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.
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