Didn't make sense to have, in essence, two headquarters so close to each other. It was widely assumed WPZ would be located in Dallas. Those in the know figured this would be the eventual outcome -- OKC first to be sure. So it's a year or 18 months earlier. If this was never in your planning after the deal was initially announced in June 2015, that's just wishful thinking. Call up Sunoco, Citgo or American Airlines and ask them why they left. Corporate synergies. If you think a WMB fund investor is fretting over a headquarters building...well, sorry.
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The way I see it, ETE/WMB are doing you all a favor. Maybe it'll force you who are laid off to see a little more of what the world has to offer. Oh sure, you'll miss all your OU and OSU fraternity/sorority buddies but you just might survive without them. You can always come visit them and your families who have never ventured outside of Oklahoma for the holidays.
Best of luck to all of you
Yeah, they've locked themselves in good. Why do you think the WMB Board constantly says they fully support the deal? Its part of the agreement and they don't want to give ETE an out. ETE's only hope seems to be for WMB shareholders to vote the deal down. An end to the deal would be great for Tulsa, bad for the BOD wallets. The OKC office is going away sooner or later anyway, with or without ETE. But if ETE doesn't end up with it, someone else will try at this price.
It would have to be a material adverse change to their wallets for that argument to be used
Material Adverse Change. Change in conditions or terms from the time the agreement was made.
Can you briefly explain a "MAC Argument"? Thanks. Good luck to you as well. It was nice working here when it was good. We had some wonderful times. Many, many great people. Truly a shame what has happened.
The only thing we know is what was filed in the amended S4 by ETE. If you read this , page 21, the only offices mentioned are Tulsa and OKC. No information was given on any other offices so anything regarding them would be pure speculation. If you survive the cut next Tuesday, I would speculate that we would have 6 months or more post merger before more headcount reductions in offices outside of Tulsa or OKC take place. One other point of speculation would be it seems ETE is attempting everything they can to make the deal less attractive to Williams shareholders. We haven't seen the last of the drama yet I'm afraid. Maybe they are hoping that an "MAC" argument is used in litigation to cancel the deal. Good luck to all next week, it has certainly been a pleasure working with most of you.
PA offices will be closed as well.
Wondering how it will affect the Pittsburgh office. Hopefully they leave us alone to a degree since they don't have any midstream in PA except the Sunoco Mariner line across the state.
I already have another job lined up, just hanging on hoping I get laid off so I can get the "package". Everyone, especially the folks in OKC, should have seen this coming from a long ways off.
Uncle Willie, it sure was a fun ride.
Exactly 1moz - couldn't have said it better. No one should be surprised at this news. Who in their right mind would think it rational for them to keep three significantly staffed offices within a 3-4 hour radius? Wishful thinking at best.
I've been there...and it sucks, and I'm sorry to those it impacts. But to be appalled at the news is ridiculous. You should have seen this coming as soon as the announcement was made. I never had too much interaction with the folks in Tulsa, but those in OKC have always been spoiled, entitled former CHK-ers. Please do not post that ETE won't look at your "talents". I hope none of you get laid off, but let the reality set in that some, not all, but some of you are not nearly as important or talented as you claim to be. Start networking and good luck to you all.
I came to Tulsa on a weekend in 1978 and got a job in O&G on the Monday morning thereafter, with no networking- basically a cold call to WBEC. Tulsa was a thriving and a beautiful city at the time. We lost so many oil and gas companies to Houston and of course it wasn't long after this that the bust of the early 80s ensued. I was very fortunate to have worked with many fine people at Williams over the years and to have had a hand in building several of their larger O&G facilities. This development is particularly sad to me as Williams is THE FACE of Tulsa. Layoffs are a part of the O&G business and if you are in it long enough it is bound to affect you at some point. I am retired now and glad the ups and downs of the business are behind me. Here's hoping all of you are able to weather through this and come out whole and smiling on the other side.
The way I see it, ETE/WMB are doing you all a favor. Maybe it'll force you who are laid off to see a little more of what the world has to offer. Oh sure, you'll miss all your OU and OSU fraternity/sorority buddies but you just might survive without them. You can always come visit them and your families who have never ventured outside of Oklahoma for the holidays.
At least it should free up some parking in the north garage for the rest of us who are stuck in this sh--- hole city.
Lunches are still being catered to the higher ups and other teams. Self control? Hello...
ETE - Got nothing against you - most of us were rooting for you to take it over.
At the rate we are going the Williams dinosaur will finished destroying the OKC acquisition, and remove some of the best people (Field, HR, IT, PM). Guess we will find out in a week or so.
Williams will probably screw the RIF up as well, keeping the dinosaurs and kicking out the good ones. There is talk that very little actual review of skill-sets was done.
Former OKC-ite here, was hoping for ETE to come in an make it lean and mean like it was at ACMP, looks like it will all get ground up and split up.
Is it me, or does it seem like AA and ETE are not talking or taking into account the employees. There are Tulsa employees who have never worked anywhere else, and then word comes down out of the blue that..well..we are going to essentially close it all. Could ETE and WMB not issued a joint statement to the employees prior to the announcement?
Fun ride though! See you guys and gals on the other side (wherever that is....)
Colleagues,
As ETE indicated earlier today in a filing with the Securities and Exchange Commission, ETE has determined that, following the anticipated close of the pending merger, it will be necessary to reduce costs in order to enhance the financial strength of the combined company.
Per the filing, ETE believes that as a result of continued challenging energy commodity prices, decreased equity values and tightened access to credit, it will need to significantly reduce its presence in both Tulsa and Oklahoma City post-merger.
I know this news is unsettling. I would like to be able to share additional details; however, the details in ETE's disclosure are a change from ETE's commitment in the merger agreement, and at this time, we simply don't have more information. I assure you that we'll communicate more details as they are known. In the meantime, Williams is committed to completing the transaction with ETE per the merger agreement executed on September 28, 2015.
I am extremely proud of the work that we've done together to build Williams into the company it is today, and know that our employees are the best in the industry. This announcement will likely cause uncertainty, but I ask that you please maintain your focus on our safe operations.
Thanks for your commitment and dedication.
Alan
Disgusting and embarrassing company. Typical Republican tyranny. Screwing over the working man. Get out NOW.
Surprised it took so long to become public. It's hearbreaking what the board and EOT have done to this company.
you are surprised? The Williams execs are cashing in, and screwing the employees.