Restructuring Charges

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

In December 2018, the Company closed on the sale of the equity in certain of its subsidiaries that owned and operated its Fayetteville Shale E&P and related midstream gathering assets in Arkansas. As part of the transaction, most employees associated with those assets became employees of the buyer although the employment of some was, or will be, terminated. All affected employees were offered a severance package, which included a one-time cash payment depending on length of service and, if applicable, the current value of a portion of equity awards that were forfeited. As of March 31, 2019, a liability of $2 million for severance payments has been accrued for the remaining Fayetteville Shale sale-related employment terminations in 2019.

The Company has also incurred charges related to office consolidation and has recognized those costs as restructuring charges. The following table presents a summary of the restructuring charges included in Operating Income for the three months ended March 31, 2019:



	For the three months ended
(in millions)	March 31, 2019
Severance (including payroll taxes)	$	2
Office consolidation	1
Total restructuring charges⁽¹⁾	$	3

(1) Total restructuring charges were $3 million for the Company’s E&P segment for the three months ended March 31, 2019.

The following table presents a summary of the liabilities associated with the Company’s restructuring activities at March 31, 2019 which are reflected in accounts payable on the consolidated balance sheet:



	For the three months ended
(in millions)	March 31, 2019
Liability at December 31, 2018	$	5
Additions	3
Distributions	(6		)
Liability at March 31, 2019	$	2