Pittsburgh-based EQT confirms layoffs, but details are scant | TribLIVE.com
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Pittsburgh-based EQT confirms layoffs, but details are scant

Tom Davidson
The 20th floor of the EQT building (bottom left) lines up with the adjacent building nearby downtown Friday, January 10, 2014.
Street level of the EQT building downtown Friday, January 10, 2014.

Pittsburgh-based shale gas producer EQT Corp. confirmed Monday it had laid off employees but would not say how many.

The company’s new management team has “taken a number of decisive actions to improve operational efficiency, cash flow and EQT’s financial position,” it said in a statement released Monday.

“We are removing management layers, streamlining functions and reducing shared services,” the company said. “The decision to reduce headcount was a difficult but necessary step in our ongoing effort to enhance performance.”

The company employs more than 900 people, according to its website.

The layoffs come about a year since a merger between EQT and Rice Energy Inc. was completed in November 2017.

Rice family members Toby Z. Rice and Derek A. Rice sent a letter Dec. 10 to the EQT board seeking power to enact their business plan for the company.

That plan would generate an incremental $400 million to $600 million pre-tax cash flow above EQT’s projections, the Rices wrote, and they sought authority from the EQT board to give Toby Rice “proper authority and support to oversee operations.”

A conference call scheduled for that week was canceled the next day because of a death in EQT CEO Robert McNally’s family. It hasn’t been rescheduled.

EQT will be providing more information associated with what it is called a “targeted savings plan” in the coming weeks as part of its 2019 capital program announcement, according to the statement released Monday.

On Monday afternoon, shares of EQT were trading at $19.86, up 30 cents from where it closed on Friday.

Tom Davidson is a Tribune-Review staff writer. You can contact Tom at 724-487-7208, [email protected] or via Twitter @TribDavidson.

Tom Davidson is a Tribune-Review staff writer. You can contact Tom at 724-226-4715, [email protected] or via Twitter .

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