Alrighty gang. So we got the warn letter. Which means layoffs after 60 days.
We know it's only the houston location, per the letter.
But does anyone know what percentage is COP targeting for this layoff??
10%, 20% ?
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Other locations can have layoffs without a WARN as long as the totals for that location do not exceed 500 people or 33% of employees in that location. There will be displacements from other locations as favorites are protected. This effort is not limited to Houston.
The facilities people have been making improvements to Bartlesville including the front door!
Bartlesville’s protected status has expired. Now they have to compete with the rest of the company. It should be interesting to see how low they go to survive and if anything is left in Bartlesville when the Concho acquisition is completed.
Trashing Bartlesville is finally coming to roost...
Houston is going to take it in the shorts...
There is plenty of Office space in Bartlesville for what is left in Houston..
It depends on how many people are allowed to EOI.
It’s been publicly announced and reported widely in various media outlets as of last night. The web site is just an excel spreadsheet some poor $7 per hour part timer gets yelled at to update in a haphazard way once in a while.
Texas WARN website doesn’t show a warn letter....so how truthful is this post?
Scotsman MF receiving 3-year severance package. The air is COVID-free in Colorado.
Interestingly enough, due to contract terms (if something like this happened within a certain date), the despised former CFO retroactively receives the 3-year executive severance package. He’ll use this to pay more taxes in sunny California while he surfs every days and ponders the folks he’s screwed.
Nothing in Bartlesville?!1
Based on previous layoffs, it's not so much about an arbitrary headcount reduction as it is a very specific G&A reduction. Translation: SGL18+ without a surviving sponsor should be very concerned, while most everyone else should just be concerned.
Any chance my favorite Scotsman, MF, will be gone? Supposedly brilliant guy who’s helped make COP such a great success. What a crock!
What a blood bath.
Worthless management.
So mu ch preaching about setting themselves up for success in low oil prices.
This just shows they are full of horse c-ap.
Yes. 25% is 600 give or take. Gots to make room for all the Concho personnel we’ll be on boarding. Then in 2022, we can do another round! The more things change, the more they stay the same.
2401 employees in Houston according to the Org Chart. That doesn't include contractors. Sounds like it will be a big number.
Minimum 500 employee will be layoff with WARN letter. Good luck everyone. Merry Christmas and Happy New Year. This is a big number for Houston office based employee. Take the package and run!
“People are our most valuable asset.”
JK—it’s all about the $$$$$$
25%+ assuming 2000 employees in Houston.