Baytex Energy Usa layoffs, on the record
Every job cut, severance charge and restructuring Baytex Energy Usa reported in its annual reports, 2020 to 2022, quoted from the filings.
Job cuts, severance and restructuring
Our summaryPenn Virginia (named in the filing) eliminated cost-of-living adjustments and completed a limited reduction-in-force in July 2020, paying employee termination and severance benefits.
Word for word“In July 2020, we also initiated a limited reduction-in-force, or RIF, action resulting in the payment of employee termination and severance benefits.” 10-K for 2020
Our summaryThe company recorded employee termination and severance costs for the limited reduction-in-force, included in general and administrative expenses.
Word for word“We incurred and paid employee termination and severance benefits of approximately $ 0.2 million in connection with the limited RIF and those costs have been included in G&A.” 10-K for 2020
Our summaryThe company characterized costs from the CEO transition and the limited reduction-in-force as an organizational restructuring, including severance.
Word for word“Collectively, we have characterized these costs broadly as an organizational restructuring for which we incurred approximately $1.4 million of costs.” 10-K for 2020
Our summaryThe company recorded a severance and other cash benefits charge under the separation agreement of a departing executive, Hartman, paid in the first quarter of 2020.
Word for word“In accordance with his separation and transition agreement (“Hartman Separation Agreement”), we recorded a charge of $ 0.5 million for severance and other cash benefits that were paid in the first quarter of 2020.” 10-K for 2020
Our summaryThe company amended its 2017 Special Severance Plan, a severance program.
Word for word“Amendment No. 1 to the Penn Virginia Corporation 2017 Special Severance Plan dated as of December 23, 2020.” 10-K for 2020
Our summaryRecorded lower organizational restructuring costs in G&A in 2021 compared with 2020, alongside higher severance tied to acquisitions.
Word for word“Our total G&A expenses were higher on an absolute and per unit basis during during 2021 compared to 2020 due to higher overall incentive compensation and severance costs as well as acquisition and integration related costs associated with the Juniper Transactions and the Lonestar Acquisition, partially offset by lower organizational restructuring costs.” 10-K for 2021
Our summaryRecorded one-time employee severance and change-in-control costs tied to the Lonestar Acquisition.
Word for word“Employee severance and related costs primarily related to one-time severance and change-in-control compensation costs.” 10-K for 2021
Our summaryThe company recorded a net benefit in 2022 for organizational restructuring, including severance, because of an accrual acquired in the Lonestar Acquisition.
Word for word“2 Organizational restructuring, including severance for the year ended December 31, 2022, resulted in a benefit for the period as it relates to an accrual acquired in connection with the Lonestar Acquisition.” 10-K for 2022
| Fiscal year ended | Severance costs | Cash paid for restructuring |
|---|---|---|
| 2017-12-31 | — | $954,000 |
| 2018-12-31 | — | $540,000 |
| 2019-12-31 | $500,000 | $79,000 |
| 2020-12-31 | $200,000 | $0 |
Baytex Energy Usa has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Baytex Energy Usa’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-09. 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.