HollyFrontier layoffs, on the record
Every job cut, severance charge and restructuring HollyFrontier reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 4,074 to 4,208.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 4,074 | As of December 31, 2019 |
| 10-K for 2020 | 3,891 | December 31, 2020 |
| 10-K for 2021 | 4,208 | December 31, 2021 |
Job cuts, severance and restructuring
Our summaryCeased petroleum refining at the Cheyenne Refinery and recorded decommissioning expense.
Word for word“In connection with the cessation of petroleum refining operations at our Cheyenne Refinery, we recognized $24.7 million in decommissioning expense for the year ended December 31, 2020.” 10-K for 2020
Our summaryRecorded employee severance costs related to converting the Cheyenne Refinery to renewable diesel production.
Word for word“In addition, for the year ended December 31, 2020, we recorded a reserve of $9.0 million against our repair and maintenance supplies inventory and $3.8 million in employee severance costs related to the conversion of our Cheyenne Refinery to renewable diesel production.” 10-K for 2020
Our summaryInitiated and completed a corporate restructuring that recorded employee severance costs.
Word for word“During the second quarter of 2020, we also initiated and completed a corporate restructuring, which is expected to save approximately $30 million per year of ongoing cash expenses.” 10-K for 2020
Our summaryInitiated a restructuring within the Lubricants and Specialty Products segment, with anticipated severance costs over the next twelve months.
Word for word“During the first quarter of 2021, we initiated a restructuring within our Lubricants and Specialty Products segment, which is expected to save approximately $15 million per year of ongoing cash expenses.” 10-K for 2020
Our summaryThe company started a restructuring in its Lubricants and Specialty Products segment and recorded employee severance costs for 2021.
Word for word“As a result of this restructuring, we recorded $7.8 million in employee severance costs for the year ended December 31, 2021, which were recognized primarily as selling, general and administrative expenses in our Lubricants and Specialty Products segment.” 10-K for 2021
Our summaryAfter stopping petroleum refining at the Cheyenne Refinery, the company recorded decommissioning expense and employee severance costs in 2021.
Word for word“In connection with the cessation of petroleum refining operations at our Cheyenne Refinery, we recognized $25.8 million in decommissioning expense and $1.0 million in employee severance costs for the year ended December 31, 2021, which were recognized in operating expenses in our Corporate and Other segment.” 10-K for 2021
Our summaryThe company started and finished a corporate restructuring in 2020 and recorded employee severance costs.
Word for word“As a result of this restructuring, we recorded $ 3.7 million in employee severance costs, which were recognized primarily as operating expenses in our Refining segment and selling, general and administrative expenses in our Corporate and Other segment.” 10-K for 2021
| Fiscal year ended | Severance costs | Cash paid for restructuring |
|---|---|---|
| 2020-12-31 | $3.8 million | $24.7 million |
HollyFrontier filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from HollyFrontier’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-23. 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.