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.
EOG Resources said it started to restore curtailed production in June as oil prices recovered from their April lows, and it expects nearly all shut-in wells to begin production before the third quarter ends.
If successful, the offer to buy PGS’s multiclient library would significantly broaden TGS’s worldwide geophysical data offering, TGS said.
Exxon Mobil Corp. is suspending the company's contribution to the U.S. employee retirement savings plan beginning in October, the company confirmed on Aug. 5.