RESTRUCTURING CHARGES

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

On February 24, 2021, the Company notified employees of a workforce reduction plan as part of an ongoing strategic effort to reposition its portfolio, optimize operational performance and improve margins. Affected employees were offered a severance package, which included a one-time payment depending on length of service and, if applicable, the current value of unvested long-term incentive awards that were forfeited. These costs were recognized as restructuring charges for the three months ended March 31, 2021, and were substantially complete by the end of the first quarter of 2021.

In February 2020, the Company notified employees of a workforce reduction plan as a result of a strategic realignment of the Company’s organizational structure. Affected employees were offered a severance package, which included a one-time payment depending on length of service and, if applicable, the current value of unvested long-term incentive awards that were forfeited. These costs were recognized as restructuring charges for the three months ended March 31, 2020, and were substantially complete by the end of the first quarter of 2020.

The following table presents a summary of the restructuring charges included in Operating Income (Loss) for the three months ended March 31, 2021 and 2020:


	For the three months ended March 31,
(in millions)		2021		2020
Severance (including payroll taxes) (1)		$	6	$	10

(1)Total restructuring charges were $6 million and $10 million for the Company’s E&P segment for the three months ended March 31, 2021 and March 31, 2020, respectively.

The following table presents a reconciliation of the liability associated with the Company’s restructuring activities at March 31, 2021, which is reflected in accounts payable on the consolidated balance sheet:


(in millions)
Liability at December 31, 2020	$	3
Additions	6
Distributions	(9)
Liability at March 31, 2021	$	—