Phillips 66 Partners layoffs, on the record
Every job cut, severance charge and restructuring Phillips 66 Partners reported in its annual reports, 2019 to 2021, quoted from the filings.
Job cuts, severance and restructuring
Our summaryThe company closed a restructuring of partnership interests with its General Partner, eliminating the incentive distribution rights and converting the general partner interest to a non-economic interest in exchange for common units issued to Phillips 66 PDI.
Word for word“Pursuant to this agreement, all of the outstanding IDRs held by our General Partner were eliminated and its approximately 2% general partner interest in us was converted into a non-economic general partner interest; both in exchange for an aggregate of 101 million common units issued to Phillips 66 PDI.” 10-K for 2021
Phillips 66 Partners 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 Phillips 66 Partners’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 2022-02-18. 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.