EQT Laying Off 15% of Workforce Following Equitrans Acquisition

EQT Corporation is now the #2 largest natural gas driller in the U.S. following the merger of Chesapeake Energy with Southwestern Energy to form Expand Energy Corporation (see today's lead story). EQT took the opportunity yesterday, while everyone was focused on the shiny new object (Expand Energy), to file a Form 8-K with the SEC announcing it is laying off 15% of its entire workforce. EQT says the layoffs are a result of too many workers following the merger with its former midstream division, Equitrans, in July (see Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B). So, how many employees are getting canned? We have a guess.

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