Thread regarding California Resources Corporation layoffs

Why are so many people leaving at such a high oil price?

Many people are quitting. VP's. Managers. Petrotechs. Non-petrotech's. Why are people quitting? Please don't give vague responses like "middle management sucks" or "HR are back stabbers". Some insight as to what these people might know that I/we don't will be helpful.

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Post ID: @OP+1gxE6RX2

6 replies (most recent on top)

@csdv+1gxE6RX2 poster. maybe this is an early career person with a career offer from CRC? maybe she is trying to understand the inside situation of CRC before accepting a job offer? If you can't offer some insight, maybe stay on the side?

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Post ID: @gbtg+1gxE6RX2

To the original poster, if you can’t think of any reasons that people would be leaving then CRC will probably be a good career path for you.

I hope the best of wishes to everyone else as the grass really is greener on the other side

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Post ID: @csdv+1gxE6RX2

The early career people joined for the money and leave when the current changes. They know they didn't go to college to haggle with Calgem all day. The mid career people are leaving because this is the oil price to leave and get settled in with a company/location that has another 20+ years of life left. The late career people are trying to hang out till retirement or early buy out package.

Nobody works at CRC for the career or the great/inspirational management. this is a toxic culture with regressive career advancement.

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Post ID: @6mzf+1gxE6RX2

Same for the ceo, he has no background in oil industry, limited leadership or financial experience. He knows nothing about the company or the people or care about them

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Post ID: @4kqe+1gxE6RX2

The good: CRC's financials are very strong right now. So many people are leaving that it should mean job security for the people left behind.

The bad: It is really hard to be an oil & gas employee in CA. People hate you. CRC cut cut benefits, gave small/no raises this year. The new incentive plans take forever to vest, so there is no strong incentive to stick around. Company had chaotic return to work issues (sending technical employees in Bako to field offices 45 minutes away on two separate RTW instances, only to cave when people started to quit). Senior leaders don't show much interest in employees, particularly not oil & gas employees. High % of stock is held by hedge funds which are short term investors. It also didn't help morale for anyone having to work with the Board when a 30 yr old former employee who was an individual contributor on a small asset was put on CRC's public board (no leadership experience, no real financial experience, by all accounts unqualified for public board service).

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Post ID: @2dmi+1gxE6RX2

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