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EQT Says Committed To Reduction In Workforce; To Result In 15% Reduction In Employee Workforce And Includes Termination Of Former Executive Officers And Certain Other Senior Employees Of Equitrans

Benzinga ·  04:19

The Plan is expected to result in total pre-tax charges of approximately $165 million to $185 million for employee-related costs, which include severance and other termination benefits and stock-based compensation, of which approximately $155 million to $170 million is expected to be recorded in the third quarter of 2024, approximately $5 million to $10 million is expected to be recorded in the fourth quarter of 2024 and approximately $5 million is expected to be recorded in 2025.

The Company expects that these charges will result in cash expenditures of approximately $55 million to $75 million, substantially all of which are expected to be incurred in the third quarter of 2024. The positions eliminated pursuant to the Plan represent approximately $80 million of annualized general and administrative costs.

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