What would a potential buyout look like for the employees
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I've worked several places since leaving PXD. The total comp package is absolutely over market. Salary + 20% bonus + $70k+ grant of stock (or more at higher grades). That's pretty strong along with 2:1 match and paying most of the insurance burden.
This WILL NOT be the case at XOM. The only thing you could hope for is a change in control severance package that is usually pretty healthy. Problem is XOM's HQ is in Irving. If they say you have to move to the woodlands or the permian, that CIC severance should be an option.
@2cjw+1m2StcWY "Overmarket salary"? What the heck are you smoking?
Pioneer about to get the Swishahouse treatment.
Wanna be a baller, shot caller
Twenty-inch blades on the Impala
Call her, gettin' paid tonight
Long as Exxon wrote the check out right
It’s a sh*thole because the top floor thinks they can get away with it. Years of lying about getting the right training or lateral move to improve your career. They have no interest in developing employees and would rather see turnover than give someone outside of their inner circle a promotion. The game has always been to reward themselves with more stock at the detriment of the employees. Their payout is coming soon.
You can find us at Pappadeux eating steak & shrimp
Trunks keep popping
Tops keep dropping down in Houston
Hopefully XOM are not braindead and know to cut loose 90% of the managers because they are useless and terrible
To the person who posted “ Worst case scenario exxon does not buy us and were stuck in this sh!t hole.”
Sincere question: if you hate pioneer (sht hole) so much, why not take the high road and find a better job (also better paying)? Oh! Right because pioneer pays overmarket salary that’s not available elsewhere. Remind me why pioneer is a sht hole again?
Hello everybody, Ex XTO employee here. I worked for XTO/XOM in the Permian region for several years and left in 2022. XTO is in name only, it is an Exxon organization and has been for years. Those of you that think an Exxon takeover might be ok or welcomed need to reconsider your optimistic thinking. Here's what Exxon did after taking over XTO and they will probably follow this playbook if they take over Pioneer, but speed it up. I had talked to several Mobil employees when Exxon first bought XTO in 2005 and the Mobil employees gave me a heads up on what will happen. This is obviously not Exxon's first rodeo taking over companies.
- Some of your yearly bonus gets rolled into your new salary if they determine you are below their pay scale (however, Exxon has bee lowering their pay scale compared to other O&G companies), sounds good because now you get a salary bump that's now permanent and your 401K match is based on the higher salary. No more yearly bonus for the rank and file after takeover.
- You get to keep the restricted stocks that were given to you by Pioneer until they are vested, but any new restricted stocks will be given in much smaller quantity (if any because they are only given to the "Outstanding and Excellent" employees which is probably only ~15% and the metrics for this ranking is total BS). These are paid out 50% after 3 years and remaining 50% after 7 years....really long time compared to XTO that vested 1/3 every year.
- New Exxon VPs that rotate out just about every year and later on middle managers and supervisors. They talk a good game, but have no idea what you do. They want you to cut cost to become among the lowest cost operators while saddle you with all kinds of overhead. Droves of safety people that are retired Exxon employees still sucking on the teet will come to "help your organization".
- Yearly evaluation that is designed to get rid of older/expensive workers without normal severance which snags some young ones also just to make sure this farce isn't so obvious. If you get ranked as the lowest tier "Need Significant Improvement" employee then you are on borrowed time. Check out Exxon's layoff boards, they are going through this exercise right now again. Exxon has been using this to get rid of employees in high cost countries e.g. US, Europe and hiring in lower cost countries like Argentina and India. Despite high attrition Exxon still plan on getting rid of at least 5%-7% of their employees every year and has been doing this since the last downturn in 2020. XTO legacy employees were disproportionately over represented on the chopping block while scarce on the leadership positions.
- XOM stopped the 401K match completely for 1 year in 2020-2021, cut the Permian cost of living adjustment in Permian by half, really no raises for several years prior to 2022. They kept the dividends going because most executives have lots of stocks and are well compensated with restricted stock awards (probably no different for PXD and most companies)
My advice for Pioneer employees should this unfortunate buyout happens. If you are older (>50 yo and can hang on until you turn 55 and have 15+ years of PXD+XOM service then retire with a small XOM pension). Anybody younger and don't have restricted stocks start looking for your next job. You do not want to be part of this organization and XOM is actively ensuring that you don't get that pension that they so proudly advertise. It is so demoralizing having worked there.
Good luck to you all. People sometimes think that grass is greener on the other side. Having grazed on the XTO grass and then XOM grass, I can say that XOM grass has SH*T on it so don't graze on it for too long.
Worst case scenario exxon does not buy us and were stuck in this sh!t hole.
Severence and 2020 layoffs are completely different. Pioneer was in control of layoffs so they were good packages. Exxon will give you 3 months and tell you to leave immediately.
The layoff packages previously were generous, and I would hope should we get to that stage, they will be equal if not better. No other company gave anything similar in their layoffs, so I don't think there is much to compare to. Some of this info is in the employee handbook as for a merger or buyout situations. It doesn't talk about salary compensation, but any LTIP will vest.
Even with a buyout, expect 2-4 years as long as you're in an operational position. It is going to be a slow process that needs the wheels to be kept on.
I just want poke bowl scraps and challenge coins
You don’t get paid fairly in years spent at Pioneer!!! Go retrain and get out of that mess.
SS will take care of his people. Severance terms built into deal based on seniority and time in business.
You’ll get a 5-pack and a McCheese
Previous layoff packages multiples better than that.
I think XTO got 3 months
Go ask XTO how it worked out for them.
LCO pokebowl jokes 🤣
You get a poke bowl and maybe $20 to spend in the online store