Thread regarding Concho Resources Inc. layoffs

Layoffs are here.

All 55 and older are being offered VSPs. Who knows what happens after that.

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Post ID: @OP+14P1SPT9

7 replies (most recent on top)

Ok hired almost 10 years ago. Never ever did this company prove true to what I was offered at hiring as far as what I was offered... bonus, stock, advancement vacation, etc all was B.S. promises and I turned down another offer with a much better respected company in this Permian basin. Bad decision on my part but want to alert others considering offers from concho. Don’t do it. It’s all a front in order for the company to
Get high ratings for annual great company to work for.!!!!!

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Post ID: @mbel+14P1SPT9

Omg yes. Word on street is it’s a terrible place to work or To even consider working at. Extremely Greedy management and only interested in the numerous kickbacks and any other perks they’re able to get. People in management are only good ol boys close to the chest with members of midkiff family or other wealthy well know old-midland families who can donate money. Non of which require or even fulfill oil industry knowledge-experienced in the oil industry. So sad to see a company like this with so much potential be driven into the ground with greedy arrogant management who have absolutely no interest in its employees. Only push employees to vote the company into “best company” bs. If they don’t vote for it it’s their own personal demise. I should know cause I went through it. Worst company I’ve ever worked for in my professional career. “Professional” is key !!! Concho isn’t!!!!!

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Post ID: @lkks+14P1SPT9

My Dad is 62 and has decided to take it

good luck all

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Post ID: @1asp+14P1SPT9

Whatever package looks like, there probably won’t be another one for 55+ workers. Next go around will not be voluntary.

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Post ID: @1xce+14P1SPT9

Yes very true managers do not care for hard works. It’s about who you know. They say that they are this great company that has these great benefits package. 1st insurance is free but it’s free for a reason, you will have to purchase another insurance just to get MD visits payed for or pr-scrip-ions. Unless you have a major surgery it’s useless. Then they talk about the 401k match well so much for that, then they talk about the great stock options. These do not kick in until 3 years to be vested. They are way under in terms of compensation vs other oil companies, but we HAVE GREAT INSURANCE AND STOCKS AND 401k. They used to give 3000 for insurance bills since insurance useless, they took that away. There is so many back door deals that you cannot get work done that is cheaper and better workers, cause of the back channel deals. They could save money instead of wasting on all these gyms, the well cafeteria. This company used to be worth working for due to 401k stocks but now they are just average. It would be better to work for Chevron, XTO and number of others paying better and managment that will reward people that care and want to get their work done. Managment is in on these bribes, I know of many, even though they have you watch videos and say this is a no no but I promise it’s about the Managment getting their 3rd patties work so that they can get their cut, hunting trip, kids sports payed for and a number of other ways of compensation. If they would have stopped this then the employees that work so hard just to make a paycheck and prepare for retirement. So sad they used to be a good company. Numerous safety guys that you never see. They have these parties get together just a time so Managment can mess around and blow money that could be in the pockets of the people that keep this company standing.

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Post ID: @1mkx+14P1SPT9

Concho is not what is purports to be in a highly recognized BEST WORKPLACE company. Most stressful place I've ever worked at. The lazy employees are either protected by poor management or recognized for doing what they do NOT do. What about those terminated after 5+ years of dedication to the company and its success; and recognized by upper management for their excellence - all before this 55+ package offer. It's all about the numbers game and not quality of work. Out of luck. Concho is set up with attorneys to protect the company and put the long-term employees out on the street with little to nothing for their loyalty and dedication. Says company isn't interested in experience, just robot-training. Millennials should pay attention and learn from this what their company is truly about. BEWARE !!!! iT'S NOT WHAT YOU THINK IT IS !!!! Many others support this comment !!! Best company to work for years ago..... but not within the last 5 years and it's not because of the oil prices or downturn of the oil industry or Caronavirus. It's management!.

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Post ID: @oks+14P1SPT9

What does the VSP package look like?

Also bonus program cut in half, company match reduced from 10% to 6% on 401k

could be worse I guess, hope for the best for everyone.

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Post ID: @iyu+14P1SPT9

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