Rice memo: Layoffs a 'difficult but necessary step' for EQT's evolution

PITTSBURGH — EQT Corp. CEO Toby Z. Rice told employees Tuesday the company was "taking the difficult but necessary step of reducing our workforce" as the Pittsburgh-based natural gas driller carries out the next phase of its transformation plan.

About 200 employees out of the company's more than 800 workers are being laid off Tuesday. Rice said in a memo sent to all employees Tuesday and obtained by the Pittsburgh Business Times that HR representatives would be working with the impacted employees and their severance packages and going through the process as quickly as possible. EQT declined comment on the memo.

"I'd like to thank you all for your patience and dedication in this recent period of uncertainty," Rice wrote. "I fully understand that these changes are unsettling, but I firmly believe this is a step we must take if we are to turn the company around and succeed."

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