that was for 70% of their share. I think they retained 30%

htxag09 said:

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I was involved in a merger almost identical to this.

And tying to Exxon, the company we merged with had a separate office for just their C Suite in the same city. It actually worked well for the merger because the big wigs could just meet there and never worry about who saw them. But why the hell would a company with multiple offices in houston pay for a floor in a luxury high rise building just for their C Suite?!?! And why wouldn't they want to be in the same location? I'm far from an Exec, but still met with various c suite members at least a couple times a month.

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I was in a merger where the plan was to bore/pressure people at the acquired company into leaving so they could cut heads without severance. Demotions, career stagnation, and general neglect.

Naturally, everyone who had a problem with that left. The ones who stayed were mostly the ones who didn't mind coasting or didn't have any options.

That's the company's right, but I don't think it's a very smart move if you want a talented, motivated workforce.

So now the Wilks own Frac-Tech again, already own ProFrac, and have a large share of Calfrac?

They had a decent sized share of ProPetro at one time as well. Not sure if they still do

one MEEN Ag said:

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Bismarck said:

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LostInLA07 said:

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Well, you see, the new campus is in Spring, Texas. That would have created a less convenient commute for the C-Suite relative to their Dallas HQ vs. their homes and clubs. There simply weren't enough open lots in East Shore and Carlton Woods to accommodate everyone. Also, have you ever tried the commute to/from Lone Star Execute in Conroe?

Plus none of the wives wanted to move because they are still vying for a Real Housewives of Dallas spot and Houston doesn't have a show.

So, for business reasons and such, it was necessary to leave HQ in Dallas.

Same compelling business reasons as Chevron and their San Ramon, CA headquarters.

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An Exxon executive once told me that if I ever saw the Irving office, I'd know why they'll never move.

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I mean, I guess. It looks like the general services building at A&M that you had to go to get a replacement ID. (Its probably got mahogany finishes everywhere)

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Are you kidding me? That place had mohagany plated elevators, and underground parking so that c-suites wouldn't have their view obstructed by the parking garage. I loved working in that building.

Last week Energy Transfer announced that anyone who did not report themselves as being vaccinated would pay a surcharge on their health insurance beginning in 2022. The surcharge is anywhere from $50/month to $150/month depending on the chosen plan coverage. Energy Transfer has also seen their acquisition of Enable be delayed by several months by the FTC. I believe the Biden administration is using whatever leverage they have to force private companies to require vaccination.

Enbridge is requiring all employees to either be vaccinated or test weekly starting Nov 1. Rumor is this is because their new Line 3 oil pipeline between the US and Canada is scheduled to go into service and the company doesn't want any permit issues now that the project is nearly complete.

https://www.reuters.com/business/energy/exclusive-us-slows-down-oil-gas-mergers-sources-2021-10-21/

Don't know if I fully agree or disagree as vaccine being related to permits but I do know that there is almost no chance in hell a pipeline company would want to build over the next several years. It's almost impossible to complete anything that is already 90% done so why risk a "start from scratch" pipe? The industry is likely nearly maxed and just going to be acquisitions to grow.

Exxon CEO considering pay raises to fight employee attrition - Bloomberg

https://seekingalpha.com/news/3757641-exxon-ceo-considering-pay-raises-to-fight-employee-attrition-bloomberg

I know they cut 401k match for about 1 year. Did they do any other compensation cuts or salary freeze?

I'll have to double check with my exxon buddies, but my understanding was salary freezes were a given. Exxon doesn't do bonuses, so you won't see an article about bonuses being cut.

More people got yanked from the bottom of the rank, but top technical performers that had transferable skills also left heavily for tech. A lot of rank and file malaise about managing the work from home situation (XOM chose the get your butt back in the office approach). Led to quite a few new Amazon employees in the woodlands who take walks from the home office whenever the hell they want.

PSX buying out the remaining PSXP units to absorb it back into PSX.

BPCAg05 said:

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PSX buying out the remaining PSXP units to absorb it back into PSX.

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What will that do to the price? Will my PSXP shares convert to PSX? Is my distribution going to crap out?

"Each outstanding PSXP common unit holder would receive .50 shares of PSX common stock for each PSXP common unit".

BPCAg05 said:

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"Each outstanding PSXP common unit holder would receive .50 shares of PSX common stock for each PSXP common unit".

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Is this a positive for PSXP? Has been one of my better holdings.

Comeby! said:

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Exxon CEO considering pay raises to fight employee attrition - Bloomberg

https://seekingalpha.com/news/3757641-exxon-ceo-considering-pay-raises-to-fight-employee-attrition-bloomberg

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There is definitely going to be pay raises, but the question is how much.

It means PSXP is going away and you'll now own PSX shares. Short term I don't know how much of an uplift the offer is compared to current valuation.

PSXP is up 3% on the news. I think I'm getting out today. I'm up 45% since February, with another 6% in distributions.

They own a decent amount of shares of ProPetro, Nextier and US Well Services. They already own Interstate Explorations, Breckenridge Geophysical, Alpine Silica, Best Pump and Flow and, as of this week, Dawson Geophysical.

Ogre09 said:

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PSXP is up 3% on the news. I think I'm getting out today. I'm up 45% since February, with another 6% in distributions.

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It already lost that gain, wish I would've gotten out on the spike up. Have an order to sell in at $39.21 right now.

https://www.reuters.com/business/energy/third-point-takes-big-stake-shell-urges-oil-major-split-into-two-wsj-2021-10-27/

Quote:

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Oct 27 (Reuters) - Activist investor Daniel Loeb's Third Point has built a near $750 million stake in Royal Dutch Shell (RDSa.L), a source close to the matter told Reuters on Wednesday, and is arguing for a breakup of the oil major.

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I'd heard about him trying that previously, it's pretty wild it was able to happen.

agdaddy04 said:

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Ogre09 said:

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PSXP is up 3% on the news. I think I'm getting out today. I'm up 45% since February, with another 6% in distributions.

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It already lost that gain, wish I would've gotten out on the spike up. Have an order to sell in at $39.21 right now.

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It's back up some. I got out at $39.50.

topher06 said:

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fta09 said:

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https://www.reuters.com/business/energy/third-point-takes-big-stake-shell-urges-oil-major-split-into-two-wsj-2021-10-27/

Quote:

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Oct 27 (Reuters) - Activist investor Daniel Loeb's Third Point has built a near $750 million stake in Royal Dutch Shell (RDSa.L), a source close to the matter told Reuters on Wednesday, and is arguing for a breakup of the oil major.

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Yeah, thats a great idea in theory. In reality, "environmental groups" will immediately start targeting the new upstream asset spinoff. There is no real end to "environmental groups" other than the utter destruction of the oil and gas industry at any cost. They're useful pawns for important people though.

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That still beats the current trajectory of the company, got to try something. BP needs to do the same before it is too late.

fta09 said:

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https://www.reuters.com/business/energy/third-point-takes-big-stake-shell-urges-oil-major-split-into-two-wsj-2021-10-27/

Quote:

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Oct 27 (Reuters) - Activist investor Daniel Loeb's Third Point has built a near $750 million stake in Royal Dutch Shell (RDSa.L), a source close to the matter told Reuters on Wednesday, and is arguing for a breakup of the oil major.

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Shells been divest oil/gas assets and pushing hard into "green energy". Wonder what the split up he is looking for is.

Oil execs testifying in front of House committee today.

WATCH LIVE: Oil executives testify over climate misinformation in House hearing | PBS NewsHour


Witch hunt political theater.

It's going to be a Zoom call, takes away a lot of the drama.

Rex Tillerson was tough on these people and made them look like idiots. I hope these executives don't play it nice.

One ******bag asked CVX and XOM CEO if he was embarrassed that as American companies you have committed to lower your oil production like European counterparts?

WTF

This Cooper guy is a big DB

This is a massive waste of time.