EQT, one of the largest natural gas producers in the Marcellus and Utica plays, will reduce its workforce by about 23%, or 196 positions, as part of streamlining effort, the company said.
The company’s midstream branch, EQM, is currently developing the Mountain Valley Pipeline project, although work on the embattled line was recently halted due to permitting issues with the U.S. Fish and Wildlife Service.
The 300-mile LNG pipeline is expected to cost as much as $5 billion and when completed be able to transport up to 2 Bcf/d.
These lost positions represent about $50 million of annual general and administrative costs, according to the company. The new structure will also simplify the company from 58 to 15 departments, streamline management and focus the organization on processes and functions that are directly aligned with its mission.