Restructuring Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges

RESTRUCTURING CHARGES

In February 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. The Company incurred total severance related costs of approximately $7 million

for the year ended December 31, 2021 which were recognized as restructuring charges and were substantially complete by the end of the first quarter of 2021. All restructuring charges were recorded on the Company’s E&P segment and are included in Operating Income for the year ended December 31, 2021.

The Company had no material restructuring activities during the years ended December 31, 2023 and December 31, 2022, and had no material liabilities associated with restructuring at December 31, 2023 and December 31, 2022.