Bye to what you thought you had!
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Based on what happened at Denbury, there will be very few severance packages, and they won't make much sense. Here's who got them at Denbury:
- Almost all of the techs
- All of the petrophysicists
- Most people who'd worked for XOM before
They made sure our salary+bonus and job didn't change, and they don't plan on moving the office for two years . . . all because they wanted to make sure that no severance needs to be paid.
I think they will only end up moving a very few people to Spring/Houston two years from now.
Their management seems clueless . . . they just wanted our CO2 pipeline, and didn't seem to even realize that we had CO2 floods. They seem to have no intent on starting any new CO2 floods.
Base on all that, I elected to resign/retire before officially going on the XOM payroll. Those my age that are staying are clearly just staying on to "milk the system" for the next two years, as they don't think they'll be doing any meaningful work during that period.
Definitely some loopholes coming to light. Listen very closely to the language used in the 5/6 meeting. Especially if you are LCO. Offer with a location specified at a later date and you don’t move, no severance. You get the offer for a position with a location specified at a later date and don’t accept, no severance.
You probably don’t have one at all!