Feels like now we're in the position of the larger players evaluating what they've got and spinning off non-core assets. Seems like there may be some good opportunities for PEs to get back in the game before the next round of major consolidation.
Houston..we have a problem....
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Last: 4 days ago by Dan Scott
PR and Matador?
Looks like layoffs happened today at MRO right as the merger went through. Hope everyone here that works for Marathon survived.
Never a good time to have layoffs - but right during the start if the holiday season is bad.
MAROON said:
Never a good time to have layoffs - but right during the start if the holiday season is bad.
Not bad but freaking horrible!!! I feel for anyone who gets let go..been there before. Worst feeling imaginable.
Usually there's some provisions to protect the divesting company employees for a few months, say 6 months or a year. Or at least the good executive teams do.
Pretty sure the packages were more than decent.
The rest will get an email in early December with a red or green light I heard today
Beginning December 2
Merger layoffs always have weird perverse incentives. The rank and file deemed unworthy to keep working for the company get a huge financial windfall. The rank and file deemed worthy to stay get more work. A few key contributors who are already well taken care of are even more well taken care of.
I dont think there were many tears at Anadarko about getting a years severance versus joining Oxy.
I dont think there were many tears at Anadarko about getting a years severance versus joining Oxy.
GasAg90 said:
Pretty sure the packages were more than decent.
I would think so.
Was told that there were not any layoffs at MRO today besides Exec leadership team getting their Golden Parachutes and high up VPs that all were more than happy to get a very nice retirement bump. Heard that RIFs will begin week after Thanksgiving and be complete before Christmas time.
Severance package due to CoC is obviously triggered and it's quite nice. Significant number of MRO folks will be walking away with more than 2 years of salary + all unvest stock will immediately vest.
Have a number of buddies over there, everyone I've talked to will be happy either way.
Severance package due to CoC is obviously triggered and it's quite nice. Significant number of MRO folks will be walking away with more than 2 years of salary + all unvest stock will immediately vest.
Have a number of buddies over there, everyone I've talked to will be happy either way.
Damn 2 years salary. Surely you can find a comparable job before that time is up?
tamuags08 said:
Damn 2 years salary. Surely you can find a comparable job before that time is up?
Yeah, that's very generous if true. Most I've ever seen was 9 mos
Newfield was spectacular when it occurred. They really took care of their people, even the short-timers. Great company.
meanwhile Shell are divesting their SNS asset to a company run by a fine italian businessman
https://www.bnnbloomberg.ca/business/international/2024/11/18/oil-trader-faces-lawsuit-over-company-hit-by-us-iran-sanctions/
https://www.bnnbloomberg.ca/business/international/2024/11/18/oil-trader-faces-lawsuit-over-company-hit-by-us-iran-sanctions/
What's to become of the new Marathon building at the City Centre?
Conoco gonna assume what I imagine is a long term lease.
Heard COP plans on bringing all Full time MRO folks over to their building off Eldridge in due time. While most transitional roles will bounce between the two offices. Long term, my guess is they pay some early termination penalty and it's now got what 14-17? floors of open office space with Dow Chemical moving in next door once their building is complete?
Ready to start seeing some divestitures of non-core assets/focus areas after 2-3 years of mass consolidation. PE world has got to have quite a bit of dry powder waiting gut the opportunity.
Ready to start seeing some divestitures of non-core assets/focus areas after 2-3 years of mass consolidation. PE world has got to have quite a bit of dry powder waiting gut the opportunity.
What do yall think is the basin of opportunity now? Too late to get into the Delaware and midland. My rocklicker friends say Uintah and Utica.
SM headed to Uintah, midcon players looking toward Cherokee shale in western OK
northern midland up into Borden, scurry, fisher heating up as folks eye the Dean wells in Dawson and strawn to the East - highpeak/bayswater/surge
northern midland up into Borden, scurry, fisher heating up as folks eye the Dean wells in Dawson and strawn to the East - highpeak/bayswater/surge
Can someone tell Conoco to do something about their green hall lights on the marathon building? I've never seen a building where I can figure out the emergency exit strategy while sitting in traffic on I-10.MosesHallDeadPot94 said:
What's to become of the new Marathon building at the City Centre?
Chevron large workforce reduction rumored from quarterly report structural cost reductions have been confirmed for next year, more details to come in 1Q 2025.
CEO announced in video.
https://www.thelayoff.com/chevron
CEO announced in video.
https://www.thelayoff.com/chevron
Several layoffs amongst the equipment providers this week. Heard both FET and GD had RIFs this week. It's been a rough go on this side and doesn't look like it's getting mich better any time soon. Still some HP to be cannibalized and no CAPEX to buy new.
****ty time of the year to get laid off.
****ty time of the year to get laid off.
I was laid off in 2006 a couple weeks before I got married.
I was laid off in December of 2012 when our oldest daughter was 2 weeks old. She was born 12/2/12
I was laid off/fired in 2016 when my wife was 8 months pregnant with our youngest daughter.
It's never a good time to lose your job…
I hope there are severance packages. I never got one, just paid out vacation and kept insurance for a couple months.
I was laid off in December of 2012 when our oldest daughter was 2 weeks old. She was born 12/2/12
I was laid off/fired in 2016 when my wife was 8 months pregnant with our youngest daughter.
It's never a good time to lose your job…
I hope there are severance packages. I never got one, just paid out vacation and kept insurance for a couple months.
Cody
Fightin Texas Aggie c/o 04
Fightin Texas Aggie c/o 04
That's horrible and what I hate the most about this industry.
Bad train derailment in Pecos yesterday caused by a large tower of some kind. Bad situation all around. Anyone heard whose vessel it is?
https://www.newswest9.com/article/news/local/train-derails-city-of-pecos/513-3a1dae0d-eeb3-47f7-bc66-78683ee3e8f4
https://www.newswest9.com/article/news/local/train-derails-city-of-pecos/513-3a1dae0d-eeb3-47f7-bc66-78683ee3e8f4
texpert68 said:
Bad train derailment in Pecos yesterday caused by a large tower of some kind. Bad situation all around. Anyone heard whose vessel it is?
https://www.newswest9.com/article/news/local/train-derails-city-of-pecos/513-3a1dae0d-eeb3-47f7-bc66-78683ee3e8f4
Man...someone's project just got delayed by 8-12 months. That column ain't being used for anything other than scrap.
~egon
Dr. Doctor said:texpert68 said:
Bad train derailment in Pecos yesterday caused by a large tower of some kind. Bad situation all around. Anyone heard whose vessel it is?
https://www.newswest9.com/article/news/local/train-derails-city-of-pecos/513-3a1dae0d-eeb3-47f7-bc66-78683ee3e8f4
Man...someone's project just got delayed by 8-12 months. That column ain't being used for anything other than scrap.
~egon
Can't imagine getting that phone call.
"What do you mean it's in a building?"
Looks like an amine still. 46 week lead time if you can get domestic material.
Amine still was my first thought as well. If I'm the PM I'm calling every vendor I know of that deals in used/surplus equipment trying to find something I can make work.
Holy moly
Holy ****
Two train engineers killed.
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