Reduction In Workforce

3 Months Ended

Mar. 31, 2017

(3) REDUCTION IN WORKFORCE

In January 2016, the Company announced a 40% workforce reduction as a result of lower anticipated drilling activity. This reduction was substantially completed in the first quarter of 2016. In April 2016, the Company also partially restructured executive management, which was substantially completed in the second quarter of 2016.

The following table presents a summary of the restructuring charges for the three months ended March 31, 2016:


	For the three months ended
	March 31, 2016
	(in millions)
Severance (including payroll taxes)	$	42
Stock-based compensation		18
Pension and other postretirement benefits		3
Outplacement services, other		1
Total restructuring charges (1)	$	64

(1)

Total restructuring charges were $61 million and $3 million for the Company’s E&P and Midstream Services segments, respectively.

Severance payments and other separation costs related to restructuring were substantially completed by the end of 2016.