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EQT slashes 23% of workforce in reorganisation

Move also includes cutting down departments to only 15 in total

US shale gas giant EQT has announced workforce cuts of almost 200 positions, along with simplifying departments and streamlining management.

The company on Tuesday said it would cut about 23% of its workforce, or 196 positions, as part of a reorganisation, trimming about $50 million in annual general and administrative costs.

The move also includes paring down 58 departments to 15 in total in an effort "to improve operational effectiveness and create a more efficient and nimbler organization."

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"Today’s action represents another significant milestone as we transform EQT into a modern, technology-driven and efficient natural gas producer. Following the addition of proven leadership and the establishment of our digital work environment, we evaluated the business and determined the appropriate ‘future state’ organizational structure," chief executive Toby Rice said in a statement.

The company is currently in search of a new chief financial officer, and has not yet appointed a chief operational officer following Gary Gould's resignation in early August.

Toby and his brothers, Derek and Daniel, successfully took over EQT following a successful proxy campaign that came to a close on 10 July. The board quickly moved to appoint Toby as CEO following the shareholder vote.

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