Other companies are doing whatever they can to keep their best people, while Apache is so determined to get rid of them that it's willing to pay them to walk away. Others are offering raises where this place is offering severances and nobody seems to think there's something very wrong with it.
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APA will sell its stake in Suriname before it produces just like it has done around the world for years.....Australia, Canada, Argentina, GOM-Lucius.....don't get your hopes up!
Salaries of talented technical people are peanuts compared to the income of VPs. And even the income of VPs is not that much compared to our billions in debt. Debt is exactly what makes Apa unattractive. But if Suriname becomes a success, some players could be interested.
No one is buying APA especially with the $3B in estimated decom liability sitting quietly in the Fieldwood1 mask being managed by people that bankrupted their own company twice in 2 years!
The answer is simple! Get ride of highly paid (probably talented) to make the company more appealing for purchase package. New hires will be nowhere close to current employees for salary and bonus rates. This will make the company a cheaper buy in such a high market.
I agree, it's favorable to hang around until the company "dismisses" you. But time is finite. If you're wanting to jump ship, especially to get into a different industry, waiting around for something that may not happen in YEARS could seriously impact your future potential elsewhere.
Apache is a dead end and everyone knows it. You're either in the camp of "I want to stay in oil and gas" or "I don't" and if you're in the former, it's probably way more optimal to stay with the company as long as you can.
Thank you for the insight @kjc+1doQrXS0
@khl+1doQrXS0 - come on, what do you think the answer is, and why would you even ask that question, what answer do you expect? That someone on an anonymous message board should justify themselves to another anonymous person on a message board? Use your logic.
How do you know all this
We're still providing severance as of last month for US employees. I can tell you however, the line between getting it and nothing at all is getting thinner by the year. To balance risk, we use a combination of formula, history and approvals between both HR and the employee's departmental VP to determine the amount. While severance has never been required, this helps us both get the release signed and look favorable in the event the employee takes us to court.
Most often, US employees receiving severance can expect up to a year of pay. However, long tenured employees a part of several protected classes can get even higher. I've seen up to 18 months in addition to extensions on health insurance and more.
Like other comments posted here, don't quit. Get what is yours.
I haven’t heard of severance being offered, where in the company is this occurring?