Earthstone Energy layoffs, on the record
Every job cut, severance charge and restructuring Earthstone Energy reported in its annual reports, 2020 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 60 | — |
Job cuts, severance and restructuring
Our summaryCompleted a workforce reduction that cut full-time employees from 68 to 60, lowering aggregate salaries and wages by over 10%.
Word for word“Severance related costs associated with these reduction measures resulted in operating expenses of $0.4 million in June 2020.” 10-K for 2020
Our summaryTransaction costs rose in 2021 partly due to severance costs associated with the Acquisitions and other potential acquisitions.
Word for word“For the year ended December 31, 2021, transaction costs increased by $4.3 million compared to 2020, primarily due to $6.1 million in legal and professional fees and severance costs primarily associated with the Acquisitions and other potential acquisitions, partially offset by $1.2 million of net reimbursements received related to the Olenik litigation.” 10-K for 2021
Our summaryThe company recorded employee severance costs related to the IRM Acquisition.
Word for word“During the year ended December 31, 2021, the Company recorded $ 4.0 million of legal and professional fees, and employee severance costs related to the IRM Acquisition which are included in Transaction costs in the Consolidated Statements of Operations.” 10-K for 2021
Earthstone Energy 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 Earthstone Energy’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 2023-03-08. 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.