Nextier Oilfield Solutions layoffs, on the record
Every job cut, severance charge and restructuring Nextier Oilfield Solutions reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from 1,969 to 4,302.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 1,969 | December 31, 2020 |
| 10-K for 2021 | 3,340 | December 31, 2021 |
| 10-K for 2022 | 4,302 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryCompany reduced its workforce as part of an initiative to streamline its cost structure, with headcount falling from 6,525 employees at end of 2019 to 1,969 at end of 2020.
Word for word“This was approximately a 70% decrease from the 6,525 employees we had on December 31, 2019, and reflects the Company's ongoing initiative to streamline its cost structure to ensure the Company has the most appropriate model in place to navigate the current market conditions stemming from, among other things, the impacts of COVID-19 and the resulting unforeseeable business circumstances, and to position the Company for success as the market recovers.” 10-K for 2020
Our summaryCompany recorded market-driven severance and facility closure costs in cost of services as activity fell during the COVID-19 downturn.
Word for word“Cost of services in 2020 decreased by $371.4 million, or 26%, to $1.0 billion from $1.4 billion in 2019.” 10-K for 2020
Our summaryCompany implemented cost saving initiatives including consolidating its footprint, restructuring its organization, furloughing personnel, and moderating headcount, and later began returning most furloughed personnel to work.
Word for word“With the reduction in revenue, we implemented cost saving initiatives, including (i) adjusting active frac fleet count to align with changing demand; (ii) consolidating our footprint; (iii) delaying non-essential maintenance projects; (iv) reducing or suspending other discretionary spending; (v) restructuring our organization in a way that maximizes our managerial talent with a streamlined team; (vi) reductions of salaries or cash retainers, as applicable, by 20% for our directors and executive officers; and (vi) reducing employee-related costs, including furloughing personnel, pay reductions by 15-20%, and moderating headcount.” 10-K for 2020
Our summaryCompany recorded merger and integration expense that included severance costs and facility consolidation costs.
Word for word“The $32.5 million in merger and integration expense in 2020 is lower due to the C&J Merger closing in 2019 and a reduction in associated costs in 2020.” 10-K for 2020
Our summaryCompany provided severance benefits to certain employees upon termination of their employment.
Word for word“Severance benefits offered by the Company were $ 27.0 million, $ 16.7 million and $ 0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.” 10-K for 2020
Our summaryCompany recorded market-driven severance and restructuring costs in its Completion Services segment as a result of declines in crude oil prices.
Word for word“Adjustments relate to market-driven severance and restructuring costs incurred as a result of significant declines in crude oil prices resulting from demand destruction from the COVID-19 pandemic and global oversupply.” 10-K for 2020
Our summaryThe company reported severance benefits offered to employees for each year.
Word for word“Severance benefits offered by the Company were $ 2.1 million, $ 27.0 million and $ 16.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.” 10-K for 2021
Our summaryThe company described cost saving initiatives, including furloughing personnel, pay reductions, and moderating headcount, and said most furloughed personnel were put back to work.
Word for word“With the reduction in revenue during the year ended December 31, 2020 and early 2021, we implemented cost saving initiatives, including (i) adjusting active frac fleet count to align with changing demand; (ii) consolidating our footprint; (iii) delaying non-essential maintenance projects; (iv) reducing or suspending other discretionary spending; (v) restructuring our organization in a way that maximizes our managerial talent with a streamlined team; (vi) reductions of salaries or cash retainers, as applicable, by 20% for our directors and executive officers; and (vi) reducing employee-related costs, including furloughing personnel, pay reductions by 15-20%, and moderating headcount.” 10-K for 2021
Our summaryThe company reported merger and integration expense, which included severance costs and facility consolidation tied to the C&J merger in 2020, with Alamo acquisition costs in 2021.
Word for word“Merger and integration expense decreased by $23.8 million, or (73%), to $8.7 million in 2021 from $32.5 million in 2020.” 10-K for 2021
Our summaryThe company adopted a Leadership Severance Program providing severance commitments to named executive officers, other officers and vice presidents.
Word for word“On February 17, 2022, the compensation committee of our board of directors also adopted and approved a Leadership Severance Program (the "Severance Program") to provide severance commitments to its named executive officers, as well as its other officers and vice presidents.” 10-K for 2021
Our summaryThe company provided severance benefits to certain employees in connection with the termination of their employment, totaling $2.0 million in 2022, $2.1 million in 2021 and $27.0 million in 2020.
Word for word“Severance benefits offered by the Company were $ 2.0 million, $ 2.1 million and $ 27.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.” 10-K for 2022
Our summaryThe company recorded market-driven severance and restructuring cost adjustments tied to the sharp fall in crude oil prices during the COVID-19 pandemic, reported in the 2021 segment results.
Word for word“(1) Adjustments relate to market-driven severance and restructuring costs incurred as a result of significant declines in crude oil prices resulting from demand destruction from the COVID-19 pandemic and global oversupply.” 10-K for 2022
Nextier Oilfield Solutions 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 Nextier Oilfield Solutions’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 2023-02-16. 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.