To the poster afraid they will be forced to take a job with the buyer….talk to a lawyer whether what you get given is a severance offer or a job offer. Even if you want to take the job offer, have it reviewed by a lawyer before you sign. It’s $400-500 well spent and should be tax deductible. There’s a decent chance a lawyer can get you out of being forced to take a position if you don’t want to work for the new buyer.
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And the worst part is that he keeps bragging about cvx management telling his that he is the future ceo... we were all so tired of that pr--k
I think we are all taking about the same mo--n jp who destroyed emc a and caused fatality there. That dummy
I actually think I’m one of extra people not needed now with slow down of work and no new initiatives. It’s a pretty top heavy BU and could have should have been trimmed ages ago - maybe would have seen black instead of red on the books. Terrified I’d get a job offer with new owner. Want a package and move on!! The mood worsens every day we have to wait for any news.
Current GMO seems way better than the previous one that went to help with Hess bs
That GMO is so clueless. He was given all the right positions, but somehow he never learned from any of them... he lacks depth, very superficial... can't understand issues and can't connect with people...
lol at the 14 up votes on the comment on the GMO, seems to be a popular opinion!
There was originally going to be an employee town hall Oct 3. This was the regularly-scheduled Q3 update, in-person in the Athabasca room, where they would talk about our production and performance stats. It didn't make it into calendars because they cancelled it prior to an invite going out due to not having any news available to share about the sale.
What town hall are you talking about being cancelled? There was no townhall booked
I'd say this week is unlikely. They cancelled the town hall because they knew they wouldn't have news to share. Although I suppose if it was going to be announced tomorrow they'd cancel it for that too.
I'm hearing more and more that something is very close. Possibly Tuesday.
Heard the somewhat-scary rumour today that the oil sands is part of the deal. (CNRL maybe??) And that the east coast is on the block too, which would mean an entire exit from Canada for Chevron. Hopefully there's no truth to that. Take with it plenty of grains of salt. Has anyone else heard a sniff of anything like that?
Good luck to everyone through this. Even if it's `just' KD this will be a massive cut.
Rumours of an announcement tomorrow but I wouldn’t hold your breath
Any new news?
Outside KD is all NOJV
You can run it with one or two people from Houston with corporate function support when needed
They need to go now with basis severance as per Alberta Law. This is way cheaper than keeping them for 4 more month or so.
Trim the fat now. If they go, 0 impact on business
Not all those people are supporting the asset being sold. There is actually work outside of the Duvernay project, which is why there will still be a CBU after this sale closes. I agree they could do a first round of cuts across Cbu and wouldn’t miss those people. But, as someone else said why would they pay packages if there’s a chance the buyer will offer them similiar jobs and get them off the hook of having to pay.
I agree with the post on cleaning the house
A similar asset is run with 1/10 th of the indirect and overhead that we have. I agree HR, Legal, FE and SCM as well as corporate affairs which is really a useless funny name of a useless group need to be trimmed. I would suggest 75% to 90% cuts there. These cuts need to be swift and fast. They will will help the bottom line now and when and if we sell.
Keep it to O&M, Some Engineering and some HES plus one manager and one or two accountants and a finance person
The rest is noise and fat. We have a corporate in the US and service centers in the Philippines and Argentina that can swallow the rest smoothly.
Forget about the arrogant opinionated post that say how important are these positions to be staff. Just set back and think about it this way. If all of these disappear tomorrow will the production money stop flowing? If they are trimmed by 90% will the money stop coming
The si please answer is no. They are busy doing busy internal work that keeps each other employed but the typical inflated ego of these useless functions make them think they have a real value to our business..
They do not. Plain and simple and can be easily outsourced.
Trim the fat
Second to last response nailed it, well said.
Yes, there is a buyer. There seems to be quite a few people there who are thinking there won’t be a buyer and their jobs will magically be saved. In the event no other operator buys it, then like already mentioned in this thread, it will go to their JV partner. That could maybe be a good thing for the employees, as they currently have no operating capacity in Canada so will need people. Now whether they want to work directly for the Kuwaitis is another story
Is there an interested buyer
You have this ongoing rant against HR, Legal and SCM. You obviously have zero idea what some of those functions actually do, or how busy they are. And why do you assume that a new, contracted worker is going to be more efficient than someone who has been in-seat for years?
I have some gripes with some of the individuals in those teams, as well as others. But most of the staff there are very good. I'd say our Legal team is excellent.
You also still need Land, Corp Affairs, and others.
There is zero chance CBU is going to shed staff now to make KD look more efficient. Zero. Prospective buyers had ample opportunities to view the data. They can decide for themselves what roles will continue if they assume operatorship, and they can figure out what their operating costs will be with a reduced headcount. We are way too advanced in the process to think that we're going to be offering a `new and improved, lean and efficient' KD to prospective buyers.
CBU is not going to do mass layoffs now, and be on the hook for all that associated severance, when there's the possibility that a new buyer offers jobs. The layoffs will come, but it will be after the sale goes through. Your opinions are wrong, they're based on your own bias, and they're not helpful.
The recipe is easy
- Fire the head of HR and keep only 1 or 2. Contract out payroll and services.
- Fire the head of legal, all lawyers and keep just one. Change your external law firms who su-ked you dry
- Fire the head of SCM and keep only one or two. Put them under finance and contract out the rest of services
- Fire the head of FE and 90% of the staff. Contract out
Keep it to Ops, HES and Finance. Small team. Period
The rest are just creating business between themselves.
I don’t have the crystal ball, but it sounds like there is already a buyer so no need to suddenly slash to show how low it can go. I’d be surprised if that happens.
Apparently the new strategy is to slash and burn to run the BU as peanut as possible. Zero extras. Show buyers how low opex can be. 50-70% cuts ahead.
Not sure when we'll hear something, but there won't be an announcement this week, or next. They cancelled the Q3 townhall for Oct 3 because they know nobody wants to hear about production numbers right now. Only KD sale and future state, and they had zero news to share.
It might go into 2025 because the only option will be to sell to the joint venture partner
Hopefully the sale will drag into 2025
Eventually sell? They’re sold already and days are numbered now. Seems a poster here has a lot of grudges against certain support functions without seeing the bigger picture. CBU didn’t fail because of CBU’s HR, Legal, etc, like any other function (HSE, OPSand Finance included) there have been good and not good individuals working and leading in those areas over the years. Unfortunately, the way they’ve been forced to manage things are a symptom of the enterprise issues like all the ridiculous politics, processes and rules that roll out from “the Center”, or by having expats in key leadership roles who clearly just give a damn about their next job and not the actual BU or its people. The writing was on the wall when CBU started to send its best leaders out on ex pat assignments years ago and started back filling with ex pats or re patriate Canadians who had nowhere else to go. Add on top the way the enterprise has used them as a sandbox to test various things out like making them implement the Smart S4 upgrade last year, then making them reverse that implementation this year. What a waste and extra layer of BS on the workforce there. It’s easy to blame the BU level people and support functions, but the root cause on this goes far beyond that into “the Center”.
If you want to sell your house, you will clean it, stage it and then market it
CBU had so many problems. Fines, law suits, HR disasters, bad reputation, incompetent legal team who only farm work to external offices and blame them for anything go wrong. Legal team that instead of warning the company leaders of wrongdoings, they lie to them and tell them they can ve defended to they stay employed because now there is a need for them. Supply Chain that have hand cuffed operations with useless contracts. Supply Chain that is too slow to take out a trash can with a meeting. FE that is just a house of family and friends or social engineeing choices.
They wanted top dollars for a house that is in good location but need a massive renovation. It needed to be torn down and rebuilt.
The new buyers considered all of these risks in the price.
Instead, CBU should have fired the heads of HR, Legal, SCM and FE. Minimized the number of their support staff to a minimum and contracted out these services. KEPT their strong Operations team, HES and Finance. Then start marketing
They will eventually sell but these functions have eroded the value dramatically
I think there may be an announcement this week, and closing will be toward end of November, once all pdc ex pat job offers are finalized. I’m curious how they will do it this time, every time there is a re org HR tries a different notification method lol. I bet they will all be told on a work from home Monday or Friday via teams. Efficient. Less public than a line up of cabs outside the building, there’s going to be a lot let go.
suits or suites lol
They have so many liabilities and law suites
HR, SCM and Legal have errorded the value of the asset.
When and even if the sale go through which is highly doubtful, the amount of money that we arw getting will be a disgrace. I think they will not make it public as it is embarrassing.
Another reminder to the whole of Chevron. If you let HR and these other functions run the business they will and they will ruin the company. Fines, law suites, bad morale and unethical dealings.
The gmo is a total voucher. Big mouth, no substance....
Still nothing other than timing is on track on for q4 implementation, whatever that means