Denver Business Journal: "Chevron merger deal rewarded departing PDC Energy execs with more than $100 million"..."Chevron issues mass layoff notice for Colorado workers following PDC Energy merger"... Same old same old, but will the reorg propagate across Chevron?
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With the generous change of control package they will be crying all the way to the bank.
Fake news. They announced numbers, Thursday. 80-85% of PDC being retained.
Layoffs in Evans, CO means PDC people who did not get jobs with the Chevron acquisition.
It is apparent that the reason CVX acquired the company is simply to add reserves. The CEO needs to dress up the books. Adding people does not add anything of value to the annual report. This is just a paper drill and management is beefing up the weak spots. At least now you know where you stand. If you are not contributing to the bottom line, you will be in deep sh** eventually.
Why is this news?? We announced savings due to synergies; the majority of those are personnel. Where you expecting no personnel reduction? That would be d-mb.
This is de rigueur for M&As... Should be no surprise.
A ‘bizwest’ article highlighted a third of the Evans office, don’t think I can’t link but you can google it
This article highlighted a third in Evans
https://bizwest.com/2023/08/25/pdc-chevron-merger-to-result-in-layoffs-in-evans/
No numbers given. As is Chevron's way, everyone laid off Oct 31 and then all reapply for jobs...but no indication of percent expected to be left standing.
Wasn’t able to access the article can you post numbers / percentage?
Including a lot of CTC employees, sad