Severance and Reorganization
|9 Months Ended|
Sep. 30, 2020
|Restructuring and Related Activities [Abstract]|
|Severance and Reorganization||
NOTE 12 — SEVERANCE AND REORGANIZATION
We implemented a cost reduction and reorganization plan during the first quarter of 2020 due to the sharp decline in oil and natural gas prices as well as the negative economic effects of the COVID-19 pandemic. We have satisfied all amounts owed to former employees as of September 30, 2020 and incurred approximately $6.4 million of severance and reorganization charges during the nine months ended September 30, 2020 due to reductions in workforce. The charges are presented within the caption Severance and reorganization charges on our Condensed Consolidated Statement of Operations.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef