Pittsburgh, Pennsylvania-based EQT Corporation, an energy company engaged in hydrocarbon exploration, natural gas production, and pipeline transport, has announced a post-merger 15% reduction in force targeted at the recently acquired Equitrans Midstream Corporation.
The reduction in force will impact approximately 250 employees, including former executive officers and some senior employees at Equitrans, and will occur sometime in 2025.
CEO Toby Rice noted, “When we do an integration, we push a button and we generate hundreds of tasks that need to get done by all corners of the team. We're doing more tasks, done in a faster period of time. Our integration efficiency is up 50%... and currently we are flexing this muscle with the Equitrans acquisition.”
"The company that we purchased, Equitrans Midstream, was a pipeline business, and a big part of the jobs they created were building pipelines. It's never been more difficult to get energy built in this country. The pipeline that we just got completed, the Mountain Valley pipeline... And it's very difficult to see anybody looking to do any more large-scale pipeline jobs like that. As such, workforces need to be altered accordingly. I think this is a great opportunity for us to recognize the need for us to get back to building more infrastructure."
"It's not just the customers who are paying unnecessarily higher energy prices. It's also real jobs here in this area. Now, fortunately, these individuals have built up a ton of skills, and I'm sure they'll be back to work sometime soon. But we've got to get to a place where their services are needed because we can do a whole heck of a lot more. But we need the opportunity in the regulations in place so that we can get things built in this country."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?
