EQT Corp, a Natgas producer, will lay off 15% of its workforce

EQT Corp announced on Tuesday that it will lay off approximately 15% of its employees as part of its "integration process" after its $14 billion purchase of Equitrans Midstream.

The natural gas producer has now cut the most jobs since 2019. That's when it cut about 23% of the workforce, just a few months after Toby Rice became the top executive.

In March, EQT bought Equitrans, its former pipeline division, in a bid for a boost in natural gas margins, as producers struggled to cope with a drop in natural gas prices that had plummeted to multi-year-lows earlier this summer.

EQT was among the many U.S. drilling companies that reduced their output of natural gas as they sought to manage a steep drop in the price of this commodity.

Last month, CEO Rice said that EQT intends to reverse some natural gas production cuts in October and November as demand and prices for fuel increase.

EQT stated in a filing that layoffs may result in pre-tax charges up to $185,000,000, with up to $170,000,000 being taken in the third quarter 2024.

The plan is expected to be complete by 2025. It will include terminating former Equitrans executives and senior employees. (Reporting and editing by Alan Barona in Bengaluru, Vallari Srivastava from Bengaluru)

(source: Reuters)