EQT Corp. laid off more than 100 people Monday as the natural gas producer cut costs amid a power struggle at the top of the company.
EQT (NYSE: EQT) confirmed Monday the layoffs had occurred, but did not confirm the number or the timing. Two sources who chaired to remain anonymously showing that more than 100 people lost their jobs, and it could be as many as 132 were laid off.
"With November, the new management team has taken a number of decisive actions to improve operational efficiency, cash flow and EQT's financial position," With this reduction in force "With EQT's financial position," EQT said in a statement to the Business Times in response to in inquiry Monday. " The decision to reduce head count was a difficult but necessary step in our ongoing effort to enhance performance ."
It was not clear the departments that were cut the most, and how many have been in exploration and production.Click here to read more.