but any ideas on how the Permian sale could affect employees?
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Do not go with COP. Worst of the worst. A dead end. At least now, your resume reads Shell, Once you go to COP, you’re damaged goods. And you will be miserable.
Go with ConocoPhillips. The oil industry is still a tough place to get reemployed, especially in heavy duty subsurface roles.
You will either move to Conoco, a good reputable company with comparable pay/benefits. Or you will get severance, which should be good, and you can apply wherever you want. You'll be okay.
Some high fliers will be getting saved into other units, potentially displacing encumbants over time. It seems mostly management that still has high flyers in Permian. Privileged technical folk already moved elsewhere - yes, JR at JG2, that's you!
Location, location, location. If you're working there or you have some projects in the pipeline you might think about that.
In the past, you were shuffled around to other assets. But considering other assets coming off re-shape, this time does seem different.
From the news articles out so far, CP will take on some of the staff. Rest will have a severance as negotiated in the acquisition.
The severance could be good or bad. This is from when CP acquired Concho:
Summary
Basic Benefit – available at 1 year of eligible service
• 4 weeks of severance pay
Enhanced Benefits – available at 2+ years of eligible service with a signed general release of
liability
• 3 weeks of severance pay for each year of service, less the Basic Benefit
• $2,000 educational reimbursement
• Maximum 60 weeks of severance pay
Example:
An employee with 6 years of eligible service who is laid off is eligible for 4 weeks of severance
pay under the Basic Benefit. Upon the return of a signed general release of liability, the
employee is eligible for an additional 14 weeks of severance (18 weeks enhanced benefits – 4
weeks basic) and up to $2,000 in educational reimbursement.
*Your recognized service may include service with companies acquired by Concho Resources
Inc.
ConocoPhillips reserves the right to amend or terminate any of its Plans at its sole discretion at
any time, without notice. If there is any conflict between this summary and the official Plan
document, the official Plan document will govern. This document is not intended to modify our
"at-will" employment arrangement. Employees have no acquired rights in the company's plans
and programs, other than as set forth in the official documents.
I'm always stressed over possible layoffs so I'm probably imagining things that are not there even in something positive.