First Choice Energy

Thursday, September 12, 2019

Under New CEO Toby Rice, EQT Lays Off Almost 25% of Workforce

From the Pittsburgh Post-Gazette:
Nearly 200 employees of EQT Corp. were cut from “Team EQT” on Tuesday as part of an effort to “transform EQT into a modern, technology-driven and efficient natural gas producer.” 
The Downtown-based oil and gas company, fresh off a shareholder coup that installed Toby Rice as the CEO and replaced nearly all the senior managers with former Rice Energy Inc. executives, sent a letter to its 850 or so employees Tuesday morning saying the layoffs are “difficult but necessary.” 
Mr. Rice, who came to power at EQT on the campaign promise of better planning, warmer relationships with stakeholders, and the ability to track everything at the company through a real-time digital lens, wrote to employees that EQT’s new, slimmed-down structure will “better challenge, empower and support [remaining] employees.” 
EQT bought Rice Energy in 2017, making it the biggest natural gas producer in the U.S. and making Mr. Rice and his family, who founded Rice Energy, large shareholders of EQT.
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