If San Juan assets are sold, if Panhandle-Anadarko-Barnett assets are sold, if GulfCoast onshore gas & marginal oil assets are sold, if Permian gas & marginal oil assets are sold, if Canadian assets are sold, what happens to the people and what happens to management structure? If we can not commercially drill Eagle Ford, Bakken and Delaware, what happens to the people? Does anyone know?
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We apparently still have too many people in EC3. Far too many standing around putting together puzzles in the name of 'engagement'.
They will get new badges, well... most of them.
The acquiring company will take a token manager, a few supervisors that interview well and seem to match with the new culture, and nearly all of the hourly workforce.
COP will pull the high pots out before the transaction and re-assign, try and find jobs for a few others, and sever the rest that did not make the cut.
I'll give you three guesses and the first two don't count...... daaaaaaaaaa
They all become unemployment statistics!
What happens to all the people? They become Wal-Mart greeters.
Does anyone know if we are making money in Eagle Ford, Bakken or Delaware? We seem to be the high cost cost producer. Just don't see how the shale plays are going to be that significant. We seem to have trouble making them commercial ventures. Lower 48 is in trouble with asset sales and limited commercial shale opportunities. RL stated at CERA that we are focusing on Eagle Ford over Permian. Don't know Bakken future.
As a consequence of the $5-$8 billion in 2017 asset sales, it will be necessary to significantly downsize, perhaps reduce 30-40 percent by reducing from 13,300 to 8,000-9,000. We are currently waiting for the sales to be completed with little meaningful work being done or needed. Meetings continue with no productive goals or end points. Limited commercial opportunities, limited budgets, under utilized employees. Something has to change.
Odd line of questions. COP had no future as early as 2007. They lost their momentum and Mulva only understood refining so it took 10 years to get to the point where they are selling vital organs to pay debt.
Should have never split up but the same is true of a half dozen other failing companies. I hope you all make out okay, I sold my last shares traded for an expensive quality company. so peace out.
You get flushed.
You may not have a choice if the company purchasing an asset doesn't offer ppl from COP to come and work for them.
You can't keep people if you have no work to do. Go with new company or get laid off.
I was wondering what happens to the people AND the company. If no other companies want to buy COP, how does it work when the company sells most of its assets individually? I suppose it makes sense for the buyer to be able to buy only those assets that fit well AND to buy only an asset, NOT all the liabilities (pensions, debt, etc) that come with buying an entire company. But what happens when the company has no assets and just debt and pension obligations, etc?