I’m a bit nervous now that the new ELT has been announced. Anyone’s guess on what type of changes we can “look forward” to on the horizon? I can assume overlapping positions will be made redundant and layoffs will occur. How soon in the future? Does anyone think we will have time to prepare an exit plan?
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In any “merger” the selling partner is still held responsible for severance payout. If you get laid off for x amount of days after “merger” the incumbent company is responsible for severance based on historical averages.
Half of procurement then should have a job lined up under CVE in the new year then.
CVE here, you would fit right in with us, most of us is only working 15hrs/week.
Cenovus here.
I shouldn’t reveal too much but we are shortlisting folks to be make of the transition in Q1 of next year.
Sounds like there’s a few bad eggs in the procurement team at Husky. Those protected previously, those working minimal hours or acting ‘busy’ while at work and those working on side gigs while in the office, maybe change your ways. Who you know or who you are related to isn't going to cut it I’m afraid.
I work in procurement full time for the last six years, and work a 20 hour week give or take a couple of hours here and there.
Will I be able continue this into my new role with Cenovus?
They may want to sell some assets but who is going to buy an under performing asset right now. Nobody. CVE thought they would do the same thing with the Conoco purchase, they were going to sell deep basin assets they didn’t want. End of the day they couldn’t sell any of it so they had to sell the top notch assets to get rid of drowning debt. It’s good to see they learn from experience especially since the same dolt who did the Conoco purchase is working this purchase. The great Mr Drew.
That matches with what I heard. A former CVE employee who worked at HSE told me all Husky thermals were up for sale. I feel they may keep the high performing ones though. Not sure who else heard this.
Have to agree with the divestiture predictions, when the “merger” was announced one analyst stated CVE only wanted the Lloyd Upgrader, but couldn’t get it with the whole thing so all other assets could potentially be up for sale, especially the under performing ones.
Layoffs will be particularly hard for conventional Calgary staff. CVE has never had any interest in funding anything but FCCL. Also heard there’s to be a series of divestitures to be announced in 2H 2021.
So Husky guys will be treated probably similar to those former Conoco employees.
They took everyone initially in May 2017. Laid off a whole bunch in Feb 2018.
Does someone know how many Conocophillips guys were offered positions in last acquisition, 10% in Calgary?
This post makes me think some people are very new to the oil and gas industry. You should always prepare for your job to be eliminated. Sorry to say but if you were friends with your manager and felt protected, this acquisition should bring you back to reality.
There are not many jobs out there (in Calgary) at the moment from what I can see. Husky normally gives 1 Month of pay per year of service with some padding, but not sure they will be so generous this time as this a bit different. its a takeover not a merger and a normal staff termination. Maybe its time to move to Ontario :(
Cenovus guy here.
Husky will be hit hard.
This is not a merger.
Unfortunately, the majority of husky will be laid off, look at the makeup of the new executive team.
If you work in the downtown offices and someone at our office is already in your role, it’s likely you may need to start planning ahead now. Don’t want around for the inevitable.
For those who do join cenovus, I look forward to working with you again :)
First off, you can be sure they will be on their way to becoming an HRO! Haha, executives are in line for 24months severance, Peabody $3.2MM, managers probably 12months, peasants 6months if you've been there long enough.
Any thoughts on the potential severance package? I hope that it’s generous or as a minimum fair for those being laid off.
You are a bit nervous? Husky was bought by another company and they are laying off over 2,000 people. So yes it seems most of us are a bit nervous. If you’re not then there’s something wrong with you.
i think this is your time to prepare an exit plan? maybe the merger / acquisition doesn't affect you right away, but don't wait for a heads up about your role being redundant. this was your heads up
Merger in January with significant layoffs maybe by end of January.