EQT Corp. will reduce its workforce as part of the integration of its acquisition of Equitrans Midstream Corp. (Source: Shutterstock)
Appalachian natural gas juggernaut EQT Corp. will reduce its workforce (RIF) as part of the integration of its acquisition of Equitrans Midstream Corp., the company said in a Sept. 25 filing with the U.S. Securities and Exchange Commission.
The plan includes “the termination of former executive officers and certain other senior employees of Equitrans” and will be completed in 2025, according to the document.
EQT management said in its Sept. 22 release upon the mergers’ closing that it would focus on reducing Equitrans’ debt of some $8 billion as part of the integration effort.
The RIF plan is expected to post pre-tax charges between $165 million and $185 million for employee-related costs, including severance, stock-based compensation and other termination benefits. Most of the expenses will be recorded during the third quarter. Between $5 million and $10 million will take place during the fourth quarter and the final $5 million is expected in 2025, according to the SEC filing. The eliminated positions represent about $80 million in annualized general and administrative costs.
Recommended Reading
CEOs: Sub-$60 WTI ‘a Mess’ but Tariffs ‘Had to Happen’
2025-04-09 - Some E&P leaders told Hart Energy the newly low oil prices aren’t good for business, while others said they will be fine in the long run.
Impacts of Trump’s Tariffs on North American Energy Markets
2025-03-06 - On March 6, President Trump granted exemptions on tariffs for numerous goods imported from Mexico and Canada until April 2, when Trump intends to impose another set of retaliatory tariffs on various countries. What are their immediate and long-term impacts and how can companies mitigate their effects?
The Evolving Federal State of Energy Under Trump 2.0
2025-03-04 - What happens when the Trump wrecking ball swings into the bureaucratic web of everything that touches oil and gas?
In Colorado, the Regulatory Noose Tightens for E&Ps
2025-03-25 - More stringent rules on everything from drilling and orphan wells to emissions is raising the cost of fossil fuel production in the state.
Exclusive: Sheffield Says FTC Could Rescind His, John Hess’ Bans
2025-03-11 - Former Pioneer Natural Resources CEO Scott Sheffield told Hart Energy that his ban by the Federal Trade Commission from serving on Exxon Mobil’s board "was pretty much illegal. It's a baseless and illegal order that was done.”
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.