Heard through the grapevine the number is 700-800 consisting of almost all of conventional operations (hopefully including myself) in Calgary and field as well as some in Deep Basin, finance and other supporting roles.
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I tend to agree with COP 'stuck it to' CVE. It's almost laughable if you're not a CVE shareholder.
I wouldn't say COP 'stuck it to' Cenovus, more like a small number of dumb--ses at Cenovus had zero clue what they were doing when they researched the deal.
If after you show someone all the dents, rust, scratches and burning oil of your $1,000 car and they offer you $10,000.
Did you hose them or were you just dealing with an idiot?
Because cenovus got hosed on the deal. Conoco said you take them so they dont have to pay for there packages and Cenovus has to deal with it.
This was a terrible deal for Cenovus, Conoco got so lucky!
usually COP are the ones getting hosed - they really stuck it to Cenovus this time
Wow you have the ConocoPhillips staff figured out already. You are correct they are good at PowerPoint. You are also correct they should have reviewed the staff because you did get some less than exceptional staff.
CVE management believes the Conoco staff have extensive Deep Basin experience with which they can allay the concerns in the investment community that CVE is stepping outside their field of expertise. Doesn't seem to have worked from the stated opinions in various news articles and analyst comments.
What also concerns me is CVE management thought it prudent to bring over all the Conoco staff without vetting individuals. They clearly have no concern for legacy CVE staff or even shareholder interests when they pay out hundreds of severances when they could have let Conoco deal with that themselves.
The Conoco staff themselves haven't drilled many wells or shown a track record of quality or cost improvement as some other operators have (Seven Gens, Encana, CNRL, Peyto come to mind). Not really their fault but their chief accomplishment has been making Powerpoint presentations.
First and smaller traunch of layoffs will be immediately after closing on Suffield and Pelican assets. Next round will be once the Palliser and Weyburn assets sell. They'll also be going through other teams throughout the company to identify any more 'redundancies' as they like to call their loyal employees.
When is this happening?
Why would Cenovus offer so many COP people jobs and then layoff so many?