Anyone going over to the Exxon layoff site to read what they’re saying about CVX and the arbitration? It’s interesting.
15 replies (most recent on top)
Once again showing MWorthless how to play the game. File a motion or two and tie up two years of profits/assets in court. Don’t think they expect to win just slow the deal down and be a pain in the A-$. Kudos
Exxon is really a bit too big and is ripe for a break up. Adding Hess to Exxon is nonsensical for so many reasons.
Sometimes people forget that Hess has only 1800 employees…. How do you run a $60B company with only 1800 people? Thats what CVX is shifting to.
@bh+1jn799z8b if Hess had operated assets this would be different. Noble Israel and EG staff were kept on the operated assets! Hess staff do not know Exxon's Guyana assets in a particularly meaningful way. Their Gulf of America operated assets are either insignificant or ones CVX already does the operators work as a JV partner. Hess staff in north Dakota or Malaysia sure they may be safe for now, but office staff in Houston are cooked....
HESS people have the benefit of (I) knowing the assets and (II) running a more efficient cost model. Chevron would be stupid to displace them.
Would expect the traditional back-office/IT consolidation (which likely favors Chevron staff). However, any synergies in the core functions (E.g. engineering, geo, etc.) are as likely to be borne by Chevron staff as they are by Hess staff.
Chevron acquired Texaco and layer off many
Chevron’s position since pushback from Exxon is that IS A MERGER. For this legal argument to seem plausible, Hess by large must remain somewhat whole post unification. If it was a sale of assets, then it would look different, but would not be acceptable to letter of the Exxon contract. Smart move by Chevron legal, but then the synergy of joining falls on Chevron to cut the overlapping positions.
We should bring over the entire Hess exploration team and can ours.
Anyone thinking CVX is slashing 20%+ of our staff and planning on hiring more than a literal handful of Hess staff is definitely too stupid to be one of that handful. They are the synergies.
Exxon staff know no more than you or I about the likely outcome of arbitration. It's a delaying tactic that prevents cvx from buying anyone else while looking real d-mb for two years. It almost definitely won't stop the deal from closing but that wasn't the point!
I have a friend that works at HEss. They are confident that any openings will go to them. Doesn’t seem like they are preparing the workforce for layoffs.
The Esso CEO won’t be getting a holiday ham from MW any time soon.
Genius corporate warfare
This was always a low risk, high reward play by XOM. They’ve hamstrung us, and if we lose, we are cooked. If we win, they’re had us in timeout for 2 years, unable to acquire or grow. Brilliantly executed by them.
Meh.. nothing to see there but more speculation and discontent. XOM playing the game. XOM playing the game nothing more
https://www.thelayoff.com/t/1jn42xq18