Any clue on what departments will be hit hard?
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All: let’s face it. This is a poorly managed company in a declining sector. Oil prices drive EVERYTHING. Thus, the average employee adds little if any value (compare this for example with a company like Apple that actually creates value). So, everyone is expendable. To quote Charles De Gaulle: “cemeteries are filled with indispensable people.”
POB is also getting architectural design updates along with the new furnishings. They’re investing in Bartlesville; that sounds like commitment to me.
Bartlesville won’t be hit hard. They are currently replacing existing furniture with all new furniture in every office, cube and common area. Why spend the $$ to do an overhaul and then let a chunk of staff go??
IT and Finance in Bartlesville will be hit very hard.
No IT new hires had offers rescinded; that happened even in downturns.
You mean they’re cheap and that’s why they always get to stick around.
Offers can be rescinded. Like happened the last couple of times. New hires aren’t safe. And they’re cheap to get rid of.
@3sha+18ccDbJ3 It’s a joke. We all know the new hires are the untouchable, golden children of COP.
We actually have new hires starting this summer.
Anyone from Scotland
The new hires.
@2vet+18ccDbJ3 - Don't count on it... IT will be hit hard as well.
Concho’s IT department is only 60 people so COP IT cuts should be very light.
IT in Bartlesville could easily be moved to TX. By getting rid of Bartlesville, the daily company jet flights and the hangers, the company would save billions and the stock price would soar. There is absolutely no reason to keep Bartlesville other than some deal was made long ago with the city to keep supporting it. Makes no business sense.
Bartlesville will probably not be touched.
They are the IT... above the rules according to MP..
Any thing on IT? The whole BA team should be gone. Just report writers that claim credit for all successes and have no ideas to help the areas they support. KAG is the worst.
The Warn letter only pertains to Texas. That said, Bartlesville should see significant activity as decisions are made to keep it or move that section of our business to West Texas where there is no state income tax. If people begin transferring to West Texas from Bartlesville it may be more than just working the Concho acquisition.
Will be interesting to see what happens to the Exploration refugees who survive the Great Purge. I suspect they will try to reconstitute themselves into another autonomous, arrogant "think tank" with no accountability for their decisions. These charlatans couldn't find oil under a car!
seems a lot of speculation
Exploration is going to be decimated. Maybe 90%. They even talk about this in the presentation on the acquisition. They don’t admit, of course, the $10-20 billion wasted on Explorations’ lies, but the chickens are finally coming home to roost. Concho is an admission we can’t create value in exploring.
Reservoir Engineering (Exploration’s intelligent enabling brother-by-incest) will be second, but these folks might have a chance of finding a job elsewhere.
Finally, look to management and executives. Although much fewer in number, the cost savings will be bigly because of their immense salaries, but only after we pay them their Diamond Parachutes. Matt (enabler extraordinaire of Exploration)— buh-bye.
IT
Exploration will be purged. Subsurface and L48 will be pounded. But don’t worry. Managers will be just fine!
ESOI is butchered too
I’ve heard Finance, HR, are on the chopping block.