QEP Resources layoffs, on the record
Every job cut, severance charge and restructuring QEP Resources reported in its annual reports, 2018 to 2020, quoted from the filings.
Job cuts, severance and restructuring
Our summaryQEP launched 2018 Strategic Initiatives tied to divestitures, incurring restructuring costs for contractual termination benefits including severance and accelerated share-based compensation.
Word for word“Restructuring costs recognized associated with the 2018 restructuring (2018 Restructuring) are summarized below: Year Ended December 31, 2018 Total recognized Recognized in "General and administrative" Recognized in "Net gain (loss) from asset sales, inclusive of restructuring costs" Recognized in "Interest and other income (expense)" (in millions) Termination benefits $ 32.3 $ 25.7 $ 6.6 — Office lease termination costs 1.0 1.0 — — Accelerated share-based compensation (1) 11.0 8.8 2.2 — Retention expense (including share-based compensation) 18.8 18.8 — — Pension and Medical Plan curtailment 0.1 — (0.2 ) 0.3 Total restructuring costs $ 63.2 $ 54.3 $ 8.6 $ 0.3 ____________________________ (1) Accelerated share based compensation represents the additional expense or loss recognized in the Consolidated Statement of Operations for the year ended December 31, 2018.” 10-K for 2018
Our summaryThe company expects most organizational changes to be implemented in the first half of 2019 and has incurred or expects to incur severance and related costs as part of its strategic initiatives.
Word for word“The Company expects that the majority of the organizational changes will be implemented during the first half of 2019.” 10-K for 2018
Our summaryTermination benefits (severance) and retention costs expected to be incurred in 2019 under the 2018 and 2019 retention programs.
Word for word“QEP expects to incur an additional $3.9 million in 2019 related to the 2018 retention program and $17.5 million related to the 2019 retention program, which includes $16.0 million of cash and $1.5 million of share-based compensation.” 10-K for 2018
Our summaryTwo officers departed, triggering accelerated share-based compensation; the departure of the President and CEO and the Executive Vice President of operations occurred in January 2019.
Word for word“(2) In January 2019, QEP had $15.5 million of accelerated share-based compensation due to the departure of two officers.” 10-K for 2018
Our summaryRestructuring costs were recognized in connection with the Uinta Basin divestiture, including estimated restructuring costs.
Word for word“During the year ended December 31, 2018 , QEP recorded a pre-tax loss of $12.6 million related to the Uinta Basin Divestiture, which included $5.4 million related to estimated restructuring costs recorded on the Consolidated Statements of Operations within "Net gain (loss) from asset sales, inclusive of restructuring costs".” 10-K for 2018
Our summaryThe company expects to incur further restructuring costs for contractual termination benefits, severance and accelerated vesting under the strategic initiatives, with remaining costs estimated at $36.9 million.
Word for word“Costs recognized period from inception to December 31, 2018 Total remaining costs expected to be incurred (4) (in millions) Termination benefits $ 32.3 $ — (1) Office lease termination costs 1.0 — (1) Accelerated share-based compensation 11.2 15.5 (1)(2) Retention expense (including share-based compensation) 18.8 21.4 (3) Pension and Medical Plan curtailment 0.1 — (1) Total restructuring costs $ 63.4 $ 36.9” 10-K for 2018
Our summaryQEP experienced a reduction in headcount in 2018 and 2019 as part of its initiative to significantly reduce general and administrative expense.
Word for word“In connection with the successful completion of the Uinta Basin Divestiture and the Haynesville Divestiture, as well as its initiative to significantly reduce its general and administrative expense to ensure that it is competitive with its industry peers, QEP experienced a reduction in headcount in 2018 and 2019.” 10-K for 2019
Our summaryQEP's Board approved strategic and financial initiatives, under which the company has incurred or expects to incur restructuring costs for severance, accelerated share-based compensation and other termination benefits.
Word for word“In February 2018, QEP's Board approved certain strategic and financial initiatives.” 10-K for 2019
Our summaryQEP recorded restructuring costs for termination benefits, including severance, in 2019.
Word for word“Termination benefits $ 12.3 $ 12.2 $ 0.1 — Office lease termination costs 0.6 0.6 — — Accelerated share-based compensation (1) 12.6 11.1 1.5 — Retention expense (including share-based compensation) 19.5 19.5 — — Pension and Medical Plan curtailment 1.2 — ( 0.2 ) 1.4 Total restructuring costs $ 46.2 $ 43.4 $ 1.4 $ 1.4” 10-K for 2019
Our summaryQEP plans to further reduce general and administrative expenses in 2020 by an additional 40% compared to 2019 under its strategic initiatives.
Word for word“QEP intends to continue to reduce its general and administrative expenses in 2020 by an additional 40% compared to 2019 .” 10-K for 2019
Our summaryQEP's general and administrative expense decreased, attributed in part to lower labor and benefits costs from a reduction in its workforce.
Word for word“The reduction is primarily attributable to $37.3 million lower labor, benefits and other associated costs as of a result of the reduction in our workforce, $8.2 million in lower stock-based compensation costs and $5.6 million in lower outside services costs, partially offset by a $7.9 million decrease in overhead recoveries, primarily associated with our Haynesville/Cotton Valley and Uinta Basin divestitures.” 10-K for 2019
Our summaryQEP's President and CEO, Executive Vice President of operations, and Executive Vice President and CFO departed the company.
Word for word“Additionally, in 2019, QEP's President and Chief Executive Officer, its Executive Vice President of operations, and its Executive Vice President and Chief Financial Officer, each of whom had a long tenure with the Company, departed the Company.” 10-K for 2019
Our summaryQEP reduced its workforce and general and administrative costs after shrinking its operations, and incurred costs for severance and other termination benefits.
Word for word“As a result of the reduction of the Company's operational footprint over the past few years, QEP reassessed its organizational needs and significantly reduced its general and administrative expense to ensure its cost structure is competitive with industry peers.” 10-K for 2020
Our summaryQEP reported lower headcount in 2018 and 2019 following its divestitures and its push to cut general and administrative expense.
Word for word“In connection with the successful completion of the Uinta Basin and Haynesville divestitures, as well as its initiative to significantly reduce its general and administrative expense to ensure that it is competitive with industry peers, QEP experienced a reduction in headcount in 2018 and 2019.” 10-K for 2020
Our summaryQEP said its 2020 G&A expense, excluding strategic initiative costs, fell partly because of lower labor costs from a smaller workforce.
Word for word“Excluding these costs, QEP G&A expense decreased by $14.7 million, or 14%, primarily due to $19.6 million lower labor, benefits and other associated costs as a result of the reduction in our workforce, partially offset by $4.5 million of merger related costs associated with legal, financial advisory and accelerated restricted share awards costs.” 10-K for 2020
Our summaryQEP recorded restructuring costs, including severance, accelerated share-based compensation and other items, tied to the strategic initiatives its Board approved in 2018 and 2019.
Word for word“In connection with these activities, QEP has incurred various restructuring costs associated with contractual termination benefits including severance, accelerated vesting of share-based compensation and other expenses.” 10-K for 2020
Our summaryQEP reported G&A costs for its strategic initiatives in 2020 and 2019, including restructuring costs.
Word for word“During the years ended December 31, 2020 and 2019, QEP incurred $2.0 million and $50.1 million, respectively, in costs associated with the implementation of our strategic initiatives, of which $1.9 million and $43.4 million, respectively, was related to restructuring costs.” 10-K for 2020
| Fiscal year ended | Restructuring costs incurred |
|---|---|
| 2019-12-31 | $46.2 million |
| 2020-12-31 | $1.9 million |
QEP Resources 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 QEP Resources’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-24. 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.