Thread regarding ConocoPhillips layoffs

ConocoPhillips Severance Package?

Can anyone comment on COP's severance package? I have heard they give 1 month salary per year of service? is that true... any one who has received severance from ConocoPhillips in recent layoffs...if you can let us know...

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Post ID: @OP+CDEttKN

21 replies (most recent on top)

We had a maximum of 60 weeks after 30 years in the GCBU. Unless you went to work for the company that bought your asset. If they did purchase and not pay 75% of your current salary, COP would give you severance, but you still could not work for the new owner. That means you are being sold to the new company as an asset. This is not speculation, that is fact.

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Post ID: @aMriq+CDEttKN

This thread is old, but does have some useful information to those wondering what to expect from a severance check. That being said, there are some confusing posts that I would like to clarify. First, the basic payment is 4 weeks pay. NOT 4 weeks/year, 4 weeks total. People citing 4 weeks severance are talking about the basic benefit. The supplemental is the bribe not to sue. If you sign the waiver, you get 3 weeks PER YEAR of service, to a maximum of 60. I have heard that you can negotiate severance a bit, but not having been through the process, I don't know how that would work.

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Post ID: @5mmju+CDEttKN

I wonder why some people got 3 weeks per year worked and others got 4 weeks per year. There are even people here who claimed to negotiate additional 4 weeks. I wonder what type of negotiation was done? Just like working at ConocoPhillips, there are always some people who are privy to additional benefits which others are not privy to. That is why there is so much nepitism. Eveyone has some relative working there, even if the relative is a dumnb ass.

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Post ID: @15fKL+CDEttKN

in the handbook its 3 weeks for every year of service, or a minimum of 4 weeks if you don't sign a waiver

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Post ID: @qpyN+CDEttKN

I heard COP was 3 weeks per year. BP was 4 weeks per year. Others were 2 weeks per year. Not sure Shell and now Chevron.

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Post ID: @5PsG+CDEttKN

I secured 10 weeks pay and negotiated an additional 4 weeks. Yup - I had nothing to lose so I went in full steam and outtalked the ignorant director laying me off and discovered severance at cop was negotiable :)

I left with 1/3 salary mailed to me. 4 weeks later, I went across the street, landed more money and better benefits.

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Post ID: @4CIr+CDEttKN

If you are retirement eligible age and you are laid off - which category do you fit into for invested RSUs? I believe the rules are different if retire and invested RSUs are 6 months old then they don't prorate.

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Post ID: @2Its+CDEttKN

The US Severence Policy states employees receive unvested RSUs as long as they have been held for 1 year. The employee receives nothing for RSUs held less than 6 months. For RSUs held between 6 and 12 months, an employee receives a pro-rata share (i.e., 50% for those held for 6 months, 75% for those held 9 months, etc).

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Post ID: @2kJU+CDEttKN

Vested yes but future ones no. Any holidays that are earned and have not been used yet get paid out. VCIP gets prorated up to the date of severance, any future VCIP is lost. Don't hurt your head trying to figure it out because like I said they don't and will not give you a break down of the cheque you receive. It's an envelope with one cheque and a letter for you to sing off on the cheque received.

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Post ID: @2Xnz+CDEttKN

Wait a minute. I thought employees got to keep the unpaid restricted stock if they held it for more than six months as an RSU? Maybe there was some pro-ration but no stock isn't what we heard in our team meeting.

Anyone find that on the website? Maybe in the terms when they gave out the RSU's?

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Post ID: @2rkd+CDEttKN

cheque - UK

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Post ID: @28yU+CDEttKN

The payouts may vary based on country. The noted holiday pay and VCIP are not associated with USA payouts.

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Post ID: @10Tb+CDEttKN

I don't understand - the severance package includes vcip pay for next year?

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Post ID: @1amk+CDEttKN

Yes that is what I got. Keep in mind it is one big cheque.. Holiday pay, VCIP, 3 weeks base pay per year served. They don't give you the calculations they use just a lump sum and a letter to sign off on. They do not give you unpaid restricted stock units. What you have is what you get. Wait a few months before you settle up with your stocks because they will accumulate to the end of of severancce period. Anyone heard what percentage will be let go this fall?

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Post ID: @1eKn+CDEttKN

http://hrcpdocctr.conocophillips.com/Documents/2013_Annual_Enrollment/EE_SPD/EE_Severance.pdf

The severance package is published. On the payroll until the end of the month for up to 21 days so ideally a layoff early in the month and not late in the month. Otherwise the severance package is the standard package.

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Post ID: @1EoU+CDEttKN

Anonymous 123755

It is a rough calculation on base salary. If you take Base salary +VCIP, I would say 3 weeks for every year worked.

The people who got laid off before the VCIP award got some, if not all their VCIP for last year ( Note, this is hearsay, I didn't see the actual numbers)

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Post ID: @1GcB+CDEttKN

Anonymous 123537 - Are you saying you received 4 weeks severance pay for every year of service?? If so, that is more than the standard 3 weeks for every year of service up to 60 weeks.

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Post ID: @1J5I+CDEttKN

If people have un paid stock restricted units do they get those? That $20k could help a lot.

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Post ID: @1Jnv+CDEttKN

I got a base salary of one month per year of service. It is more generous than EPC companies, who get one week per year of service.

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Post ID: @1hUL+CDEttKN

Yup that's what I got

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Post ID: @1qKA+CDEttKN

3 weeks for every year up to 60 weeks total

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Post ID: @1ORm+CDEttKN

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