EQT lays off workers to save $50mn

EQT, the largest US natural gas producer by volume, laid off workers this month to improve its financial position.

The company declined to say how many positions have been eliminated.

The company last week in a filing with the US Securities and Exchange Commission (SEC) said it would reduce its workforce, removing some management layers to save about $50mn.

EQT acquired Rice Energy in 2017 and the combined company appointed new leadership in November 2018, with Rob McNally assuming the role of chief executive officer.

The company said it will provide more information on its savings plan in the coming weeks as part of its 2019 capital program announcement.

EQT in the third quarter of 2018 produced 4 Bcf/d (113mn m³/d). The company's operations are located primarily in the Appalachian shale region. EQT's 2018 capital spending budget topped $2.5bn.

The producer is funding $2.2bn of the $4.6bn, 1.9 Bcf/d Mountain Valley pipeline project. That expansion has experienced multiple regulatory hurdles in recent months but is still expected to begin service in the fourth quarter of 2019.