Many rumors that some groups in Houston are having zero cuts. Doesn't seem right when other groups are taking hits of 30%. Is this true? How?
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I thought drilling organization would take a big hit but looks like no. I should have been a driller. They have always been treated special.
Wells are a small part of what geologists do. No geologists=no reserves replacement. Plus exploration project timelines already go past 2022 when a rebound is expected and capex can be deferred for many of them but they still need to be worked to a point where they can be executed once prices recover. Just speculation but I predict relatively small Houston geo headcount reduction for those reasons
There will be many groups with small impacts, less than 5%. These groups are generally revenue generating groups. The groups that spend capex (projects, drillers, geologists, procurement) will be hit hard. No Projects=No people; No wells=No drillers=No geologists
@cxv+17QI4eew What are these other studies that are being done?
@jsq not sure what contractors you're referring to as about 80% of contractors have been let go already. Some orgs have the remaining contractors taking furloughs.
Treasurers- no cuts
It is pretty unbelievable to hear this. My group has hut all of our contractors (long ago), PIP'd our 8% and now we are laying off 30%. How in the world are other groups mentioned not cutting as well? We too have people retiring, attrition, etc. If the groups you support shrink why wouldn't you shrink as well? Pretty unfair for people in those groups who are the lowest performers to get to stay around (remember they said moving people around will be minimal - likely just for people with sponsors) when we are biting so far into the talent pool of other organizations.
Chemicals does make sense if they are planning on level of activity to remain unchanged to increase.
Controllers is not expecting involuntary cuts for employees.
We can reach the number we need with letting go contractors, reduced hiring, and normal retirements. In fact, my organization was told that if a lot of people choose the voluntary option, we will have a shortage and will need to find people to fill some of those spaces.
You could say chemicals. Only 20 this round but we have Other studies being done.
Is that only for this round?
Corporate SHE - no cuts.
Executive Security - no cuts. 8 new hires.
Yes it is true. Planning has no cuts. The closer you are to providing a work product for a VP the safer you are.