Petrochina layoffs, on the record
Every job cut, severance charge and restructuring Petrochina reported in its annual reports, 2019 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2019 | 460,724 | — |
| 20-F for 2020 | 476,223, 460,724 and 432,003 | December 31, 2018, 2019 and 2020 |
| 20-F for 2021 | 417,173 | — |
| 20-F for 2022 | 432,003, 417,173 and 398,440 | As of December 31, 2020, 2021 and 2022 |
Job cuts, severance and restructuring
Our summaryThe company sold its major oil and gas pipelines, certain gas storages and LNG terminals to PipeChina for a 29.9% equity interest and cash, in a pipeline restructuring that produced a gain.
Word for word“The ownership and risk of the Target Assets has been passed to PipeChina by 24:00 on September 30, 2020.” 20-F for 2020
Our summaryThe company reported that it paid no severance to any director for loss of office and no inducement payments to directors in 2019 through 2021.
Word for word“During the years ended December 31, 2021, 2020 and 2019, the Company did not incur any severance payment to any director for loss of office or any payment as inducement to any director to join the Company.” 20-F for 2021
Petrochina 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 Petrochina’s annual reports (20-F for 2022, 20-F for 2021, 20-F for 2020, 20-F for 2019) and the financial data it files with the SEC, as of 2023-04-28. 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.