Despite better than expected Q3 earnings, ENB stock declined almost 5% in one day alone. As far as I can remember, this is unprecedented. Even during the financial crisis of 2008, ENB stock held steady. What is going on ? What do the speculators know we don't know ? Have they been reading this website ? AM claims it is related to Enbridge's sector performance. But is it really the case ? Peers have just remained stagnant but not declined.
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ENB stock is in free fall this after declaring a generous dividend. What is the board waiting for ?
Advice???
Just show up to work everyday so you can make some money. Work for money and nothing else. This company is only going to need you while they still have use for you so don’t expect anything else more than that. Everyone is treated like a number regardless if you are an employee or contractor. Just keep on smiling in front of your boss and let them hear what they want to hear coz they themselves fear for their jobs. If you hear them motivating you or trying to engage you just pretend you care even if you don’t coz at the end of the day they don’t really care about or if you have money to feed your family. Claim you did a really good job on the reports and take credit even if someone else did it coz you don’t really have the skills to do it. Pretend you are really busy even if you are just browsing the internet. Pretend that you have a lot on your plate even if you have been doing the same reports for 6 mos already but still couldn’t get the numbers right. Fake it til you make it. For meantime, brush up your resume and be ready in case your manager volunteered you to be laid off so they can hit the department’s target savings.
Excellent advice. Probably the best post I’ve read here. Thank you.
"Any advice on how to keep it together while watching the company slide?"
CWR here. The company has been telling me they hate me for years, even before the cuts. My advice is to work for your next job. Do the things you want to tell stories about in your next interview. Most people currently can't complete their work tasks due to the chaos, so set your personal productivity goals and don't worry about the outcomes. If you do get pulled the last thing you want is to say you surfed the web and waited in line for the crying closet for the last year.
How about you just don’t watch the company slide? How about you actually save some money and start finding a job in another oil and gas related company that you think is really stable and immune to the falling oil prices? Coz you my friend will be jobless in no time along with the rest of people working in the company when it actually slide. I used to like reading the comments here of people who were actually laid off and feared of getting laid off coz I think this is a site where people express their feelings and not of people who speculate if the company’s assets are safe to operate or if the stock price are gonna go down further. Just so you know I even bought more stocks coz they’re cheap now, which I bet you also own some of it. Some people here sounded like my incompetent supervisor who works from home all the time and my colleagues who spends more tim gossiping around than actually working.
Any advice on how to keep it together while watching the company slide? I am finding myself just tuning out.
Someone’s got some ‘splainin’ to do.
Someone seems to have a death wish for this company. And I’m pretty sure that “someone” is not a rank-and-file employee. What I can’t figure out is why the ELT members want to unravel ENB. What’s in it for them? Will they be getting a major payout if the company falls apart? Nothing makes any sense.
What the hell happened to Enbridge? How did everything go so wrong so quickly? It was such a great company. It’s a crying shame.
From eLink:
"And while our shares have come under some selling pressure recently, this has also been the case with many of our peers in the sector. The market continues to be wary of the fragile commodity price recovery, ongoing regulatory risk for project execution and competition for new project opportunities."
Seasoned investors can see beyond short-term setbacks. ENB just does not have a long-term upside. Internal turmoil needs to be fixed before it can even move ahead.
Stage 4 cancer.
True dat true dat brotha
The insidiousness of the “cancer” you speak of is, of course, by design. The bonuses of VPs, Directors and whoever else has responsibility for budgets are dependent on them meeting their reduced budgets. Which means laying people off and cutting as many expenses as possible. So, there is a huge incentive for them to be what you call bad “cancer cells”.
Whatever positive culture Enbridge formally had is now dead. But those who cut costs will get their bonuses. Hope they feel good about what they have to do to get them.
Ain't nuttin more true Dan dis.
It’s like Enbridge has cancer. The harshness with which Al has treated both current and former employees has taken hold and is making the company sick from within. And Al and the ELT are perpetuating the negative cycle because they have taken on so much debt that they have to cut off healthy parts of the body (talented people and good parts of the company). And the cancer cells (hurtful people) are having a heyday because they’re in charge, and their power is spreading. But it’s making the whole company sick.
Enbridge has become so ugly in such a short period of time. So filled with hatred.
I wonder if Enbridge’s fate will be similar to that of Enron. A company crumbled due to greed. It’s so sad to watch this company cannibalize itself.
Al and the entire ELT shock and disgust me. Their carelessness with the company, people’s lives and the environment show extreme selfishness, short sightedness and immaturity. One would have hoped that someone on the board could have stopped them, but that was not the case. Al is like Hitler, and the other ELT members and VPs, are all complicit. I hope that Minnesota sees through Al’s dishonesty and blocks Line 3. Enbridge is the height of arrogance and I hate the company.
Al “Massive Debt” Monaco. He should read the story about Dome Petroleum and HBOG. Didn’t end well.
It is now clear, the takeover of Spectra is an epic fail. Two good companies destroyed by the greed of the leaders of both companies.
More ELT should have operational experience. Too many bean counters at the top.
To an accountant, everything looks like an accounting problem. Karen, like all of Enbridge’s remaining employees, are simply accounting problems, and will be disposed of when necessary. If you haven’t noticed, Enbridge is in survival mode.
Enormous debt, and employees (with their salaries, pensions, benefits and time) are
his only lever.
I do wonder if he will dispose of KR after she has done his bidding.
No loyalty in war.
Friends, Enbridge has simply bitten off more than it can chew and investors have made their displeasure known. Too much debt.
Spectra acquisition was indeed Enbridge’s shark jumping episode, and all that implies.
Employees will continue to pay the price.
Bye bye, Al.
Al the destroyer. What Enbridge really needs is a builder as top leader.
Exit, stage left.
Al, time for you to say you’re stepping down now to spend more time with your family.
Get out now while the getting’s good.
Leave the rest of the script to another writer.
Great analogy. Like Happy Days, Enbridge has lost its inspiration, focus and magic, which will now be nearly impossible to reclaim. Also like Happy Days, Enbridge will continue for a while longer, but no longer as a huge success and no longer as a great place to work. Sad.
Also, I find Enbridge’s lack of transparency regarding its safety and integrity practices worrisome. Comes across as arrogant. Might want to re-think Al as CEO. He comes across as arrogant as well, and very willing to sacrifice employees and culture. Not good, Al. A definite death spiral.
Don’t worry about Al. He’ll have a golden parachute, along with the other ELT members. Will you?
Now that the Fonz has jumped the shark, to keep the show running for a while longer, here’s what the writers will do: 1) continue laying off staff and decreasing their salaries and benefits, 2) sell off non core assets, such as St Lawrence Gas, 3) no new investments in renewables, 4) cut dividends as a last resort.
Eventually they will have to carve off major assets such as L.P. and sell those too.
E = Fonzi on water skis
Yup.
With the Spectra acquisition Enbridge jumped the shark.
The layoffs are the main synergy savings, other than moving into the Spectra office in Houston. Further layoffs, along with reduced salaries, pensions and benefits, will continue to make up ongoing synergy savings.
Where are the synergy savings that were realized from the merger?
Too much debt, not enough synergy savings.
Battered employee morale due to massive layoffs and brain drain doesn’t help matters.
Shut up you gheylord
The market knows that Enbridge is not well positioned for the future. Where's the green energy investment? In modern times, pipelines, while still valuable, will not carry us forward through the next 20 years+.
Just because we're a big company doesn't meant that we'll exist forever.
I don't think all the blame should be sector performance. It probably is the right public thing to say though. Saying our shareholders don't have confidence with our company is a career limiting move.