EP Energy layoffs, on the record
Every job cut, severance charge and restructuring EP Energy reported in its annual reports, 2017 to 2019, quoted from the filings.
Job cuts, severance and restructuring
Our summaryCompany recorded transition and severance costs for workforce reductions, with the 2017 amount shown in the operating expense footnote.
Word for word“For the year ended December 31, 2017 , amount includes approximately $19 million or $0.64 per Boe of transition and severance costs related to workforce reductions, $(22) million or $(0.75) per Boe of non-cash compensation expense (net of forfeitures) and $5 million or $0.18 per Boe of fees paid to our Sponsors.” 10-K for 2017
Our summaryCompany recorded transition and severance costs for workforce reductions in 2016.
Word for word“For the year ended December 31, 2016 , amount includes approximately $15 million or $0.47 per Boe of transition and severance costs related to workforce reductions and $19 million or $0.58 per Boe of non-cash compensation expense.” 10-K for 2017
Our summaryCompany recorded a general and administrative headcount reduction in response to the lower commodity price environment and the sale of Haynesville.
Word for word“The lower payroll, benefits and administrative costs in 2016 resulted primarily from a general and administrative headcount reduction of approximately 28% in response to the lower commodity price environment and the sale of Haynesville.” 10-K for 2017
Our summaryCompany recorded transition and severance costs for workforce reductions in 2015.
Word for word“For the year ended December 31, 2015 , amount includes approximately $8 million or $0.20 per Boe of transition and severance costs related to workforce reductions and $13 million or $0.32 per Boe of non-cash compensation expense.” 10-K for 2017
Our summaryCompany incurred higher severance expense and costs tied to a change in management, including fees for releasing members of the new leadership team.
Word for word“The costs related to the change in management included the impact of long-term incentive award forfeitures of approximately $33 million, offset by higher severance expense of $4 million and fees of $5 million incurred in connection with the release of members of the new leadership team from a portfolio company of funds managed by Apollo Global Management LLC and payment of certain legal expenses.” 10-K for 2017
Our summaryCompany recorded transition and severance costs for workforce reductions in 2018, about $9 million.
Word for word“For the year ended December 31, 2018 , amount includes approximately $9 million or $0.32 per Boe of transition and severance costs related to workforce reductions, $13 million or $0.47 per Boe of non-cash compensation expense (net of forfeitures).” 10-K for 2018
Our summaryCompany reported lower payroll and severance expense from staff reductions made in 2017 and 2018.
Word for word“In addition, when comparing the year ended December 31, 2018 to 2017, we recorded lower payroll and severance expense of $24 million due to staff reductions in 2017 and 2018.” 10-K for 2018
Our summaryThe company reported transition, severance and other costs of about $20 million for 2019.
Word for word“(3) For the year ended December 31, 2019 , amount includes approximately $20 million or $0.76 per Boe of transition, severance and other costs, $18 million or $0.70 per Boe of incentive compensation expense, $1 million or $0.01 per Boe of fees paid to Sponsors and $24 million or $0.93 per Boe of legacy litigation accruals or settlements.” 10-K for 2019
EP 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 EP Energy’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 2020-03-25. 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.