What are you all seeing with the budget cuts going on? I've seen contractors being let go and full time employees taking on the work. I've also noticed less cleaning in the buildings when I've been in office (I'm there several times a week). Trash cans not being emptied, bathrooms with no soap. What's going on? We have plenty of money. What are you all experiencing?
26 replies (most recent on top)
Cuts, cuts, cuts....even BUs are starting to throw in the mix.
Especially CTC is of a similar size of Pioneer, Marathon, Devon, Apache, and many more companies, without producing a single drop of oil.
With the de-emphasis on developing new oil and gas resources (outside of the Permian, we're just producing old assets), and the out-sourcing of new technology (anything alternative or green), there's little need for a highly petrotech CTC. The handwriting's on the wall, guys!
- ..2020... now 2025? Right on schedule! CTC will get hit hard, as it's obvious they add very little to Permian production (AI does all the work now), and the rest of the world is just legacy assets. 2030 will be... Permian, as it will be seriously played out by then. Oh, and of course - if you qualify for a package and it makes sense to retire, please, take it! Those who passed on the 2020 severance cornucopia will tell you what a mistake that was.
MW might keep a few in CTC but they have to meet the criteria...female and or diverse.
Otherwise your are gone guys...
Heard about the same thing from a few chapter managers in CTC.
Pray for a decent layoff package, and get out as soon as the package is offered...if you wait till December 2025 you are going to be sc--w!!
December 2025....do you know how many layoff rounds MW could go through by then....live month to month and hope the count down gets to a low number before your invited not to come back
December 2025 will seem like an eternity. A lot of stuff is going to happen between now and then. Good luck.
Cuts in this business of ours is inevitable, but as far as I’m hoping, let there be no cuts until after December 2025, my planned month for retirement. That way I can leave with 40 years of service.
MW will cut the CTC entirely. Writings on the wall.
@2ono, as far as you can go back (I know of at least back to 2010), MW has been nothing but budget cuts and layoffs, all in the name of "efficiency". Those of us who worked under D o'R and JW knew the instant MW took over as CEO, it was going to be nothing but constant whittling away. Dirty little secret is that no aspect of the company has grown under MW, and those who actually achieve are never given any recognition.
For anyone who knows MW has he always been like this with the cuts and layoffs or is this something new or different that we should be concerned about? The company is really being cheap and lean to the point of hurting.
@1kdz Sounds like a field worker that doesn't know nuthin' about them technologies
Management is caught between a rock and a hard place; now that Covid's over, we can ramp up the office to full speed, or, we can save lots of money by cutting back on basic office maintenance. Guess which one they're choosing ?
It's hard not to hate CTC: overpaid, worthless, pompous Ph.Ds who are generally clueless and add virtually nothing to the company other than 'bragging rights' that we have a 'world class' research and tech support group. Those days are done, virtually every oil company is cutting human research and focusing on AI and machine learning.
Fire them all. All the General Services people are useless
I think morale is dropping fast. When the bathrooms start to go things are really bad. Been a lot of people not flushing for example and trash everywhere. Management has their heads in the sand.
What is MW's deal with his hatred of CTC? Did an IT guy do something wrong to him years ago?
CTC 20% by year end
You heard it here first
Just sell the office space and save millions
Supposedly MW is sharpening his hatchet for his perennial favorites for cutting waste: IT, real estate and earth science. Brace yourselves.
It's gone too far. I just wonder if MW with address all of this in his town hall. Explain why we had a shareholder boost but we are dealing with so many intense cuts.
With the change in work style they cut the custodial contract to the boan.
The economic outlook is not good. You can see the sentiment in the stock market. Most indicators for the rich people are predicting similar market crash as 2008, it is expected to happen with the next few mo the, on the horizon everything looks nice but they are not telling all the truth and the truth is used by insiders who have access, so stay tight and manage your finances wisely.
They seem to hate CTC.