Encana layoffs, on the record
Every job cut, severance charge and restructuring Encana reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 2,200 to 2,065.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 2,200 | December 31, 2016 |
| 10-K for 2017 | 2,107 | At December 31, 2017 |
| 10-K for 2018 | 2,065 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryCompleted a restructuring to align staffing levels and the organizational structure with the reduced capital spending program, reducing workforce by about 20 percent in 2016 including the DJ Basin sale.
Word for word“Completed a restructuring to align staffing levels and the organizational structure with the Company’s reduced capital spending program as a result of the low commodity price environment.” 10-K for 2016
Our summaryAnnounced workforce reductions to better align staffing with the reduced capital spending program, and completed them in the first quarter of 2016.
Word for word“In February 2016, Encana announced workforce reductions to better align staffing levels and the organizational structure with the Company’s reduced capital spending program as a result of the low commodity price environment.” 10-K for 2016
Our summaryRevised plans to align the organizational structure, incurring transition and severance costs.
Word for word“During the first quarter of 2015, Encana revised its plans to align the organizational structure in continued support of the Company’s strategy.” 10-K for 2016
Our summaryAnnounced a restructuring to align the organizational structure, with charges primarily for employee severance and benefits.
Word for word“In November 2013, Encana announced its plans to align the organizational structure in support of the Company’s strategy.” 10-K for 2016
Our summaryEncana completed workforce reductions announced in February 2016 to better align staffing levels and organizational structure with its reduced capital spending program.
Word for word“During the first quarter of 2016, Encana completed workforce reductions announced in February 2016 to better align staffing levels and the organizational structure with its reduced capital spending program as a result of the low commodity price environment.” 10-K for 2017
Our summaryEncana recognized employee and other related costs for workforce reductions from organizational restructurings supporting changes in its strategy, in 2013 and 2015.
Word for word“In 2013 and 2015, Encana recognized employee and other related costs associated with workforce reductions as a result of organizational restructurings to support changes in the Company's strategy.” 10-K for 2017
Our summaryEncana recorded restructuring charges in 2016, mainly severance costs, with part still accrued at year end.
Word for word“During 2016, the Company incurred total restructuring charges of $34 million, before tax, primarily related to severance costs, of which $7 million remained accrued as at December 31, 2016.” 10-K for 2018
Our summaryWorkforce reductions and efficiencies from the Newfield business combination are expected to cut indirect operating and administrative costs, with restructuring costs expected in 2019.
Word for word“Workforce reductions and operating efficiencies attributable to the strategic business combination are expected to reduce indirect operating and administrative costs by approximately $125 million on an annualized basis compared to the aggregate costs of Newfield and Encana prior to the acquisition.” 10-K for 2018
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $33 million | $34 million | $40 million |
| 2017-12-31 | — | — | $7 million |
| 2018-12-31 | — | $0 | $0 |
Encana 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 Encana’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 2019-02-28. 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.