OPEC now in full control of price. Will be interesting to watch over the next 48 hrs.
Houston..we have a problem....
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Last: 2 days ago by Bibendum 86
Can you elaborate or post a link to an article?
no firm announcements made yet for Shell's "reshape"
CaptTex said:
Can you elaborate or post a link to an article?
I believe he's just speaking to the OPEC meeting scheduled for Monday and Tuesday. They're contemplating extending their cuts.
https://www.google.com/amp/s/www.cnbc.com/amp/2020/11/29/opec-alliance-considers-delay-to-its-output-hike.html
sockerton said:
How are the layoffs going at BP, Chevron, Shell, & Exxon?
Wife is at Chevron - their re-org is basically finished.
Brother is at Exxon - think they all get the news this week?
Laid off folks have been notified at BP. Some just won't show up for work (remotely) on the 1st.
sts7049 said:
no firm announcements made yet for Shell's "reshape"
Yep.
For the areas I'm familiar with, seems the approach is linked to rollout of new org structures.
CoachRTM said:sockerton said:
How are the layoffs going at BP, Chevron, Shell, & Exxon?
Wife is at Chevron - their re-org is basically finished.
Brother is at Exxon - think they all get the news this week?
XOM supposed to find out Tuesday
djmeen95 said:sts7049 said:
no firm announcements made yet for Shell's "reshape"
Yep.
For the areas I'm familiar with, seems the approach is linked to rollout of new org structures.
I think they will announce the Shell changes right at the beginning of next year
Drop the $20 bln impairment, lower capex guidance and job cuts the next day. Mckinsey 101.
Twitter saying BMO doing a full wind down and exit from US Energy space
Not just twitter
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-12-01/bmo-is-said-to-be-exiting-u-s-oil-and-gas-investment-banking
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-12-01/bmo-is-said-to-be-exiting-u-s-oil-and-gas-investment-banking
the_batman26: I guess yall need this, its something to take pride in. At least the Feds trusted us with the Space Center; and I seem to recall the Feds not having the best time in Dallas.
BMO was a good shop on A&D side and a long term participant in the sector vs. some of the large international groups which just started buying paper starting in 12/13.
Yes, just got an email from the MD and head of A&D today was his last day.
also look at Huntington
gougler08 said:djmeen95 said:sts7049 said:
no firm announcements made yet for Shell's "reshape"
Yep.
For the areas I'm familiar with, seems the approach is linked to rollout of new org structures.
I think they will announce the Shell changes right at the beginning of next year
Good call. Heard they sent out an update and seems like early Jan they'll give people a heads up on whether their roles have been impacted or not.
But new roles won't be put up / take applications until 2Q and reorg not done until August.
That's a long time to manage uncertainty...
djmeen95 said:gougler08 said:djmeen95 said:sts7049 said:
no firm announcements made yet for Shell's "reshape"
Yep.
For the areas I'm familiar with, seems the approach is linked to rollout of new org structures.
I think they will announce the Shell changes right at the beginning of next year
Good call. Heard they sent out an update and seems like early Jan they'll give people a heads up on whether their roles have been impacted or not.
But new roles won't be put up / take applications until 2Q and reorg not done until August.
That's a long time to manage uncertainty...
Yeah it's been tough as an employee, and I'm on the downstream side where it doesn't look like lots of change coming. Can't imagine it for the upstream / refinery folks
Damn and no severance. What terrible timing after the holiday.Comeby! said:
Yes, just got an email from the MD and head of A&D today was his last day.
I would hope there was some heads up earlier in the month that this was a possibility?
I thought Huntington was known. Associated a while back. I'm curious about the regional lenders where the impact is more material to the balance sheet and thus likely slower to realize losses or make moves.
XOM going through their layoffs today. Are they getting any kind of package?
Heard COP sent out their WARN Letter today, so should see 500+ layoffs on or after February 1.
Anything else going on?
Heard COP sent out their WARN Letter today, so should see 500+ layoffs on or after February 1.
Anything else going on?
COP laying off upwards of 25% of its houston headquarters staff....massive layoff.
Jesus
Aggie09Derek said:
COP laying off upwards of 25% of its houston headquarters staff....massive layoff.
Is this going to be ahead of the merger?
Got a text last week from an old XOM co-worker (I left XOM for BP in 2001). He indicated they were offering 4 months pay for people who were retirement eligible. That is WAY less generous than what BP had offered in their previous rounds of layoffs (2015-16 timeframe).
I have no idea what the current BP offer is, I put my hand up and bailed at the end of 2016 and have not looked back.
I have no idea what the current BP offer is, I put my hand up and bailed at the end of 2016 and have not looked back.
25% of COP staff or 25% of combined COP/CXO staff. I know a lot of people there and thats a big number as they've consistently cut staff.
Def been some big cuts over last few years in COP alone, need to reach out to some of the exploration teams
COP ran pretty lean after cut after cut since 14/15. Maybe they're going with the CXO team in Midland for permian ops.
Oil bidness def not for wimps! I bailed in '96 and never looked back.
"Lord give us one more boom and we promise not to pizz it away"
"Lord give us one more boom and we promise not to pizz it away"
COP was never lean. I was there until 2018 and in our 'lean' group, we had probably a 30-40% cushion. They were going to do another cut to get close to sanity but Harvey hit and they backed off. This merger is an excuse for them (and Concho) to sort the org out to where it should have been. I do think Concho will be point in Midland. And they should be.Cyp0111 said:
COP ran pretty lean after cut after cut since 14/15. Maybe they're going with the CXO team in Midland for permian ops.
Cyp0111 said:
25% of COP staff or 25% of combined COP/CXO staff. I know a lot of people there and thats a big number as they've consistently cut staff.
I believe this announced cut is strictly COP staff. CXO employees have been told a decision on their future won't be made until some undisclosed time after the close date.
Aggie09Derek said:
COP laying off upwards of 25% of its houston headquarters staff....massive layoff.
How large is their Houston staff? The only number I've seen is in the news articles that state they're not sure of a number but believe it could reach the 500 person threshold under the WARN Act so the 60'day notice was sent out.
txaggie_08 said:Cyp0111 said:
25% of COP staff or 25% of combined COP/CXO staff. I know a lot of people there and thats a big number as they've consistently cut staff.
I believe this announced cut is strictly COP staff. CXO employees have been told a decision on their future won't be made until some undisclosed time after the close date.
Meaning there is probably a hefty severance package attached to those employees until a certain date.
txaggie_08 said:Aggie09Derek said:
COP laying off upwards of 25% of its houston headquarters staff....massive layoff.
How large is their Houston staff? The only number I've seen is in the news articles that state they're not sure of a number but believe it could reach the 500 person threshold under the WARN Act so the 60'day notice was sent out.
I found my answer....they've got about 2400 employees in Houston, so you're looking in the range of 500-600 layoffs.
Cyp0111 said:
COP ran pretty lean after cut after cut since 14/15. Maybe they're going with the CXO team in Midland for permian ops.
With Leach being head of Lower 48 and Harper running Permian, Midland running Permian is probably a safe bet.
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