Do they go with the sale?
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Employees typically transfer with asset, except for the chosen ones they will be kept here. With that said most buyers only want 10-20% of the old company’s employees.
Has anyone heard any news on the Barnett and Fayetteville sales?
Houston Chronicle article on Saturday said they received an unsolicited offer of $5B for Bakken. XOM is in process of hiring bank to handle the offer. Article stated not sure if they will accept. Usually MPT stay with XOM but can apply to new operator if they want to. Field workers usually go with asset but if jobs are available at other locations or NRE they can stay with XOM. Most RE retire and go work for new operator.
Part of plan to reduce headcount is to sell employees including engineers in Houston who support with the asset.
Used as pipe pigs, maybe.
Employees are treated as a commodity hence they will be sold as well or let go with a letter strongly worded not do disclose a anything to anyone.
The employees will most likely transfer with the assets to the new owner. But, some will be laid off, of course.
Carlsbad is a sh1t h0le
It’s part of their plan to get more employees to move to Carlsbad