Anadarko Petroleum layoffs, on the record
Every job cut, severance charge and restructuring Anadarko Petroleum reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 4,500 to approximately 4,700.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 4,500 | December 31, 2016 |
| 10-K for 2017 | approximately 4,400 | December 31, 2017 |
| 10-K for 2018 | approximately 4,700 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryInitiated a workforce reduction program to align the size and composition of its workforce with expected future operating and capital plans.
Word for word“In the first quarter of 2016, the Company initiated a workforce reduction program to align the size and composition of its workforce with its expected future operating and capital plans.” 10-K for 2016
Our summaryRecorded cash severance costs under the workforce reduction program, with payments made during 2016 and a remaining liability at year end.
Word for word“Cash severance $ 153 $ 153 Retirement benefits (1) 239 197 Share-based compensation 39 39 Total $ 431 $ 389” 10-K for 2016
Our summaryRecognized retirement benefit settlement, termination and curtailment expenses tied to the workforce reduction program; an estimated $42 million of settlement expense is to be recognized in 2017.
Word for word“All restructuring charges were recognized in 2016, with the exception of an estimated $42 million of settlement expense for retirement benefits to be recognized in 2017.” 10-K for 2016
Our summaryRecorded share-based compensation restructuring charges tied to the workforce reduction program.
Word for word“Includes restructuring charges of $31 million for restricted stock, $1 million for stock options, and $7 million for performance-based unit awards in 2016.” 10-K for 2016
Our summaryEmployee notifications for the 2016 workforce reduction program were completed, and a small residual charge was recognized in 2017 for lump-sum pension payments to terminated participants.
Word for word“All restructuring charges were recognized in 2016, with the exception of $21 million , primarily related to defined-benefit pension settlement expense, which was recognized during 2017 for lump-sum payments to terminated participants.” 10-K for 2017
Our summaryCash paid for severance and retirement benefits tied to the 2016 workforce reduction program.
Word for word“Cash flows from operating activities for 2016 were impacted by several significant items, including the $159.5 million payment of the Clean Water Act (CWA) penalty, $247 million related to severance costs and retirement benefits paid in connection with the workforce reduction program, and the receipt of an $881 million tax refund related to the income tax benefit associated with the Company’s 2015 tax net operating loss carryback.” 10-K for 2017
Our summaryRecorded restructuring charges in 2016 for the workforce reduction program, split between G&A and other expense.
Word for word“The Company recognized $389 million of restructuring charges, comprised of $192 million in G&A and $197 million in Other (income) expense, net, in the Company’s Consolidated Statements of Income during the year ended December 31, 2016 .” 10-K for 2018
Our summaryFinished notifying employees about the workforce reduction by mid-2016.
Word for word“Employee notifications related to the workforce reduction program were completed by June 30, 2016.” 10-K for 2018
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $389 million |
| 2017-12-31 | $21 million |
| 2018-12-31 | $53 million |
Anadarko Petroleum filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Anadarko Petroleum’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-14. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.