This deal was sold to CVE investors because of the JV fit, should they fail to achieve MAJOR cost efficiencies from eliminating duplicated functions/job losses then CVE will suffer even more than it has since the anouncement.
Then again oil could hit $100 and perhaps retained COP mgmnt could resume hiring their buddies/relatives again.
CVE plans to reduce G&A/bbl by 24% and since they just doubled production and have 3600 employees total they plan to retain about ~1100 employees. I suspect field staff will be mostly untouched, some offers for office technical staff and very few support staff.
KM from CVE must have said, "we need you" to the CoP Canada staff at least 5 times in the Town Hall.
Pushing accounting and production accounting roles down to Bartlesville was one of the worst decision ever made. The people are great but the US model for managing this piece of the business cost Canada millions of dollars. Maybe there is a chance for success now that these functions will be managed by Canadian professionals.
Cenovus did not want Bartlesville so it will be shut down and abandoned.
Friend of mine at Cenovus mentioned they plan to spend $170MM in 2017 on deep basin assets ramping up to $350 by 2019.
Hate to say it, but Cenovous probably doesn't need many of us to run it's business. Get prepared.
best in class - more like useless donkeys. Have you seen the guys that run oilsands
COP workforce is best is class, Cenovus will be laying off their current staff to make room for everyone.
They have land staff that are not paid as much as you. Tick tock
Doesn't sound like they sugar coated it.
Well you should make sure you use proper English if you think you are so important.
No way... We are a valuable and skilled workforce, Cenovus will take 80% of us. Nothing will work without is!
What about the Land folks?
Looks like if your with IT/HR/Facilities/Finance or all the support staff you will be laid off
Most field staff will move to Cenovus. Some office staff to be retained by Cenvous but everyone else is all but doomed unless they work Blueberry or Surmont. My guess is 400 layoffs.