EQT Corp. lays off 196 people, slashing workforce by nearly 25%

EQT Corp. is laying off 196 employees, nearly one-quarter of its workforce, the Downtown Pittsburgh-based natural gas producer announced Tuesday.

Company officials attributed the decision to a broader restructuring plan to “create a more efficient and nimbler organization.”

Slashing the 196 positions will save about $50 million in annual costs, according to EQT.

“I’d like to thank those employees who are leaving for their contributions to EQT,” CEO Toby Rice said in a statement. “We firmly believe this is a step we must take to create a more efficient organization and to enable our employees to succeed.”

Read more: https://triblive.com/local/pittsburgh-allegheny/eqt-corp-lays-off-196-people-slashing-workforce-by-nearly-25/
(Pittsburgh Tribune Review)