Apparently if the merger is approved Hess employees will be offered 1.5 years salary regardless of tenure if they are let go as negotiated by our CEO with Chevron CEO. What are Chevron employees getting for their severance as part of their restructuring? The same?
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@c3 It’s 3 weeks per year of service. Plus $15k. Plus $5k (2nd payout of $10k retention. Some were given more depending on position importance).
@dg Nope. That’s just what Hess has been
Calling it.
@OP your info is not correct..
Hess employees get 3 weeks / year of service maxed at 24 years (72 weeks). There are minimums depending on grade.
Lower level gets 3 mo minimum.
Director level gets 6 mo minimum.
Senior director and up get 12 mo minimum.
It’s not really productive to either company’s employee morale to be spreading unsubstantiated / speculative / unfounded rumors like this.
I’ve been through plenty of layoffs and the employees of the company getting absorbed tend to do significantly worse in being retained than the employees of the company doing the purchasing.
Hess employee morale is likely on par or worse than the employee morale at Chevron. The only people coming out on top in this deal will be shareholders, c-suite and outsourcing firms around the world.
Doesn't Hess have something like 1800 employees?
It's easy to offer up generous severance provisions when you're not overstaffed 3x over.
It’s very common for M&As to include specific employee terms for layoffs within a certain timeframe of the official integration date. Varies by company and negotiations before everything is signed (it happens before employees start on payroll not afterwards). I know it to be true that Legacy PDCE folks have a different (better) severance than Chevron calculations up through August of this year. Some companies also negotiate different terms about service date tenure. Would not surprise me if HESS offered a different package…some companies also do layoffs before transitioning payroll and those always honor what the company had in place prior to the acquiring company coming in.
This isn't true. Hess minimum severance is 3 months.
apples and oranges, nothing to see here. 2 different transactions and end results
They use merger to make the “acquired” feel better. Therefore of that helps then great
Hess is a merger, not an acquisition.
Basically 2 weeks per year served unless you had a previously negotiated deal (such as legacy PDCe.
@cc I'm actually a L-PDCE employee and actually the same person that posted below that L-PDCE employees have 1 year of severance if let go before August of this year. We do, in fact, have a different severance package than Chevron folks if we're let go before August 7th regardless of years of service. So it isn't unreasonable for Hess to have something different than Chevron folks as well.
This is not true. Its about the same as what Noble and PDCE employees received 2-3weeks per year of service.
Can you substantiate that Hess is offering 1,5 years of severance? Is it a mere rumor or does it come from reliable sources? Meanwhile, Chevron is offering a paltry 2 weeks per year of service. Despite the fact employees will be facing a very bad job market. They should at least do 3 weeks.
L-PDCE people have a 1 year severance package that's part of their change of control contract that's still in place until August. So this isn't out of the realm of possibilities.
BS
HESS has no change of control package for rank and file.
Hess is being “acquired” so what does that tell you…,hmmmmm
Applied to Hess! Wish me luck!
Just got a position there just for the package IF the merger is approved. If I receive any info that it will be Exxon, I will get a job there in order to get the 1.5 years severance! A little exhausting!
Go to Hess! Quick!