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On the Record · Concho Resources

Concho Resources layoffs, on the record

Every job cut, severance charge and restructuring Concho Resources reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 1,203 to 1,453.

Headcount, as reported

Annual reportEmployeesAs of
10-K for 20171,203December 31, 2017
10-K for 20181,503December 31, 2018
10-K for 20191,453December 31, 2019

Job cuts, severance and restructuring

  1. Our summaryPaid severance to certain RSP employees in connection with the RSP Acquisition, reported in the pro forma results note. for the year ended December 31, 2018 · Affected: certain RSP employees · Cost: approximately $56 million

    Word for word“Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred by the Company of approximately $32 million for the year ended December 31, 2018 and acquisition-related costs incurred by RSP and severance payments to certain RSP employees that totaled approximately $56 million for the year ended December 31, 2018.” 10-K for 2018

  2. Our summaryEntered into severance and change in control agreements with all of its officers, with officer salaries under those agreements totaling about $9 million. Affected: all of its officers

    Word for word“The Company has entered into severance and change in control agreements with all of its officers.” 10-K for 2018

  3. Our summaryAdopted an Executive Severance Plan covering the company's officers, filed as an exhibit to the 10-K. dated January 1, 2019 · Affected: each of the officers

    Word for word“10.24 ** Executive Severance Plan, dated January 1, 2019, by and between Concho Resources Inc. and each of the officers thereof (filed as Exhibit 10.7 to the Company’s Current Report on Form 8-K on January 4, 2019, and incorporated herein by reference).” 10-K for 2018

Concho Resources 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 Concho Resources’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-19. 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.