EQT simplifying organization, cutting 23% of workforce

EQT Corp. said Tuesday it’s cutting its workforce by 23% — 196 positions – and chopping departments to 15 from 58 – all designed to improve operational effectiveness, and create a more efficient, nimbler organization.

The workforce reduction will save roughly $50 million in general and administrative expenses annually, Kallanish Energy reports.

All actions announced yesterday are president and CEO Toby Rice’s latest moves to get the U.S.’s largest dry gas producer on track, a larger version of the former Rice Energy, which was known for its efficient modus operandi.

“Today’s action represents another significant milestone as we transform EQT into a modern, technology-driven and efficient natural gas producer,” Rice said.

“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.”

Rice added the so-called future state will challenge, empower and support employees so EQT can achieve its stated goals of reducing costs, improving efficiency and “realizing the full potential of our asset base for the benefit of all stakeholders.”

This post appeared first on Kallanish Energy News.