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 summaryReduced general and administrative headcount by about 28 percent 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 summaryIncurred transition and severance costs related to workforce reductions, shown within general and administrative expense.
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 summaryIncurred transition and severance costs related to workforce reductions, shown within general and administrative expense.
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 summaryIncurred transition and severance costs related to workforce reductions, shown within general and administrative expense.
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 recorded transition and severance costs tied to workforce reductions in 2018, which were included in its cost lines.
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 because of 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 summaryCompany reported transition, severance and other costs in its Adjusted EBITDAX reconciliation, described as costs related to workforce reductions.
Word for word“(4) Reflects transition and severance costs related to workforce reductions.” 10-K for 2018
Our summaryThe company recorded transition, severance and other costs in 2019, and it filed for Chapter 11 reorganization during the year.
Word for word“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.