Now that the SYU sale has been announced, what’s going to happen to the XOM staff? Word is some will be offered positions with the new company. I know we have several SYU people out in the expat circuit as well..
Anyone working at SYU and can comment?
Why could the new operator get it done when our HiPos could not?
SYU restarted this week... Good for the people employed there! Lots of effort went into that operation!
SYU could be a great last gig for someone close to retirement. Not sure if there is much to transferring assets or closing down a site. I can’t think of a better location.
Delaying the cost to decommission the asset is the true value. The wells have not been restarted as there is no place for the oil to go.
None of us were paying attention when it was announced that XOM bought the pipeline in the middle of October.
SYU has produced over 660 million barrels, according to the field site on the company website.
Im shocked we held this asset for so long after the 2015 pipeline rupture. Plains All American clearly stated they are not going to repair the pipeline, but we held on....hoping for a trucking option for the landlocked oil at LFC. Those 3 platforms must be extremely productive or we would not have held on for so long. Crazy.
Thanks @agm+1jyF1www for the answer. That was a genuine question from a non-US employee. Don't really understand why people voted it down... 🤔
Exxon faces $2 billion loss on sale of troubled California oil properties
https://stocks.apple.com/ABiMiCtl3TeuN-YPFfwUj-g
OK goof ba--s. Pensions are protected.
Also since SYU has been down for so long long, I doubt there much except a skeletal staff. I’ve been in a similar situation with another company. The new company was extremely generous with us financially. It all depends on how much they want to retain your skills. So don’t assume the worst. Maybe a blessing to re-direct to a better place.
Sounds like they are lending Flame the money to buy their asset. When Flame defaults because they can’t get the pipeline restarted, the the company gets the asset back.
BUT, all the workers get screwed out of their pensions because they left the company to work for Flame, only to come back when Flame folds. Sounds like a typical move by the company to continue to sc--w over loyal employees.
Where did you see the sale announced?
The employees working SYU go with the asset. Same thing happening at Billings refinery. The purchaser needs to be able to operate the facility so the people are sold with it to keep it running.
What happens to employees when they are sold with an asset? They lose most of their hard earned pension. They still get a benefit based on their service before the sale, but it’s not payable until age 65. Without any inflation protection, decades of inflation make the earned pension go poof.
Santa Ynez, located near Santa Barbara, has been shut down since 2015. Hostile business environment in California against O&G and all industries. The local board recently rejected the restart of the unit again. California want all renewables - wind, solar, and bio. Guess that is why many Californians are leaving that state in droves and moving to Texas.
All the best to the folks at SYU. They been fighting this battle for a while.
Oil and gas company Sable Offshore Corp. plans to go public through a merger with SPAC Flame Acquisition Corp. (NYSE:FLME) that also includes the purchase of an ExxonMobil oil field off the coast of California.
The deal pegs the enterprise value of the company at $883M, with an equity value of $689M, according to Flame's investor presentation on the merger. Flame currently has $289M in cash in trust.
As part of the merger, Sable will acquire the Santa Ynez oil field located off the coast of Santa Barbara, Calif., along with an associated on-shore processing facility.
Flame went public in February 2021, raising $288M.
Santa Ynez Unit
What’s SYU?