Are we Really going to spend 100 million plus on severance packages for MRO employees?
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Ive been laid off and MRO should get everything they’re promised and more. IMHO layoffs are never needed and are always the result of top level business decisions and have nothing to do with anything done or not done by the plebs who actually keep things going. MRO who keep their jobs should get hazard pay for the trauma and stress.
It’s a really great package until you realize the G14s that only have 20K bigger bases to do less than you are actually getting close to 100K more than you in total packages. Some massive escalation formula there.
Nothing like making the G10s - G12s earn their package with sweat as servants for 12 months while the G14s walk immediately while putting forth 0 work on their departure.
@dnnp+1vHfpVAa Good explanation, that makes sense
Severance packages are taxed as ordinary income per the IRS in the year the money hits your account, so most likely you get thrown into a higher tax bracket that year. Also - depending on you job - how quickly do you really expect to replace your low six figure job with another low six figure job in oil and gas? Severance packages are retirement nest eggs, not a lottery ticket to go on holiday for 6 months. That’s why transitioning to COP is appealing.
@7eif+1vHfpVAa
Seems like MRO employees won the lottery! I wouldn't give that up. I'd take my chances on being able to find another job in 24 months
@6uiz+1vHfpVAa
MRO employee here. Majority of the folks are looking to take the severance package. People who don't want the package, are mostly in areas where opportunities are v limited.
Cash on the table for 2 years (with bonus and vested stocks) >> a job
To any MRO employees out there. Honest question, if given so much severance, what are pros/cons of coming to work for COP?
Seems like a no brainer to me if you are getting 104 weeks of pay. . . .take a 6 month vacation and then find another job! Why would you give that up and start at COP day 1?
Small costs associated with buying high quality acreage and drilling inventory
Not sure where you got your numbers from but the Execs packages was way more than 100 million and the “employees” have done pretty well out the deal as well.
It was worked into the negotiated sale price. The package was updated and "sweetened" he day before the announcement was made last spring. No need to act shocked about it now.
Our packages are pretty good. Everything looks employee gets 9 months minimum. To get the weekly pay amount for those months it is your base pay plus your best bonus from last three years. Divide that by 12 and then multiply by your years. Many employees will get 104 weeks of pay.
Plus stock vesting, COBRA for a year paid.
Thanks for paying us!
Well, they could save a lot of money by laying off current COP employees instead. Does that sound better to you?
I believe a large part of that went to the executives, almost half.