Thread regarding Rice Energy Inc. layoffs

Dont trust kool-aid drinkers

Cuts are happening. Big cuts...

Source:

http://www.post-gazette.com/powersource/companies/2017/11/16/After-acquiring-Rice-Energy-post-deal-layoffs-begin-at-EQT/stories/201711160063

Days after EQT Corp. completed its $6.7 billion acquisition of fellow oil and gas driller Rice Energy Inc., it began laying off employees of both companies that EQT has deemed “redundant.”

"Employees with more experience, or experience more relevant to our post-close working structure, have been retained," said Linda Robertson, a spokeswoman for EQT. "Employees whose roles have been identified as redundant. ... have been severed."

She declined to give a figure for the total number of workers impacted. Those with knowledge of the number place it at more than 200, consisting of both EQT and Rice employees.

"Among the benefits of the transaction are opportunities to adopt the best of both companies, including business processes, technologies and talent," Ms. Robertson said.

According to its website, EQT has more than 1,900 direct employees and Rice had more than 500 when the transaction closed on Monday.

During the years-long courtship between Downtown-based EQT and Canonsburg-based Rice, Rice executives negotiated provisions to help their employees after the closing — at one point asking for 12 months of severance pay for those that are laid off, according to public filings.

"At the end of the day, the Rice brothers took care of the staff as best as they could," said Jeromie McBride, a recruitment manager with Pittsburgh-based AllTek Staffing and Resource Group Inc. "I do believe that a lot of the people down there will find new employment fairly quick if they choose to."

Mr. McBride's specialty is oil and gas staffing for engineers. When the merger closed on Monday and reports of layoffs started to surface on Tuesday, he put a call out on LinkedIn.

"I will do my best to help you or someone you know out," he wrote to anyone impacted by the deal. On Wednesday afternoon, the post had 68 "likes" and Mr. McBride said he already had received dozens of calls.

On social media, former Rice employees posted emotional goodbyes to their former co-workers.

Some learned this week that they were transitioning to EQT while others were let go. Still another group of Rice workers was sticking around with EQT "for a specified transition period to ensure business continuity," Ms. Robertson said.

One woman, who wrote on Facebook that EQT laid her off this week after 15 years with the company and numerous company missives to support the merger, was less sanguine.

Anya Litvak: alitvak@post-gazette.com or 412-263-1455.

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| 2149 views | | 1 reply (November 17, 2017)
Post ID: @OP+Qi9Cgax

1 reply

Yeah the Rice employees knew all that Monday. I'd be interested to know how many were cut at EQT. They kept a whole lot of Rice employees on a permanent basis.

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Post ID: @mtz+Qi9Cgax

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