The announcement email was rather abrupt, vague, and in my opinion ominous. Anyone have any insight?
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What was the announcement?
ConocoPhillips reserves the right to amend or terminate its benefits plans at any time, in its sole discretion.
This is a brief general summary of certain terms and conditions of certain plans and is for information purposes
only. If there are any discrepancies or conflicts between this information and the terms of the official plan
documents or any underlying insurance contract, the official plan document and insurance contracts will control
your actual benefits. If you are in a job represented by a collective bargaining unit, the bargaining agreement or
practices may affect or alter the information shown in this summary. This summary is not intended to describe
terminations under sale-of-asset situations. -> This summary is not intended to describe
terminations under sale-of-asset situations. <- Hello! CEO, "sale of assets". The ConocoPhillips Leaving the Company
Summary for US-Paid Employees was revised mid July, 2015.
The business units will be decentralized and the shared services will be outsourced.
What was the announcement in the email? I did not see any announcement.
How many E&P companies have major staff in two locations?
I will believe it when I see it. Decentralizing something that has proven to be one of the most cost effective methods doesn't make sense. Particularly with the accounting jobs...the efficiencies that they gain by standardizing allows them to have far less people than if everyone had to do their own activities. I think the group's are going to get smaller and depending on what sells - much smaller...but it doesn't make sense to move the jobs and try to hire it done or get people to move. Look how the Canada transition went from Calgary to Bville.
So they would have to pay severance to the bville employees?
Is this really happening?
The positions will move to Houston but the employees will be obligated to reapply and no relocation will be offered. Or in other words, positions will be created in Houston and positions will be abolished in Bartlesville. The shared services roles serve no purpose in the decentralized model.
Can they afford moving expenses for all of Bartlesville?
I bet hey move the remaining Bartlesville people to Houston......
Rumor is they will bite the bullet for ec4 rent payments and just move all remaining people into main campus after the new year. So we will have ec3 and main campus.
The Houston Business Journal got a sneak peek into three new Energy Corridor towers.
Energy Center 3 and 4 are both fully leased to Houston-based ConocoPhillips (NYSE: COP). The 20-story, 548,00-square-foot Energy Center 3 broke ground in 2012 and was delivered in the fourth quarter of last year. Buildout is almost done on the building, and ConocoPhillips will begin moving in this August. * ConocoPhillips cannot afford the new buildings, lease signed or not. ConocoPhillips will not have sufficient staff end of year after the layoffs to fill the building...