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.
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