EQT Corp. (EQT) to Cut 15% Staff

On September 25, 2024, management of EQT Corp. (NYSE: EQT) committed to a reduction in workforce under a plan of termination (the “Plan”) as part of the integration process following completion of the Company’s acquisition of Equitrans Midstream Corporation (“Equitrans”), which, when complete, will result in an approximately 15% reduction in the Company’s employee workforce and includes the termination of former executive officers and certain other senior employees of Equitrans. The Plan is expected to be completed in 2025.

The Plan is expected to result in total pre-tax charges of approximately $165 million to $185 million for employee-related costs, which include severance and other termination benefits and stock-based compensation, of which approximately $155 million to $170 million is expected to be recorded in the third quarter of 2024, approximately $5 million to $10 million is expected to be recorded in the fourth quarter of 2024 and approximately $5 million is expected to be recorded in 2025. The Company expects that these charges will result in cash expenditures of approximately $55 million to $75 million, substantially all of which are expected to be incurred in the third quarter of 2024. The positions eliminated pursuant to the Plan represent approximately $80 million of annualized general and administrative costs.

The estimates of the charges and cash expenditures that the Company expects to incur in connection with the Plan, and the timing thereof, are subject to a number of assumptions, and actual results may differ materially from estimates. The Company may also incur additional charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of, or that are associated with, its execution of the Plan.

You May Also Be Interested In

• Deere conference call: 2027 orders up mid-single digits from last year)
• Fed’s Musalem keeps options open for September meeting
• Cascades to redeem $100M of senior notes due 2028