There will be a layoff of approximately 40 people. Unsure which asset will be hit.
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Low performers are many, many so called supervisors. If they let some of the contractors go, MOC employees will have to get out of the office and actually go to do their jobs. Pity, pity.
I agree with the previous posters. MANY of the people let go in February were actually strong performers but they were either 50+, close to vesting, or made over a certain pay grade. The simple fact is the lay off was a salary dump. This next round should take care of the low performers and contractors.
I agree with your comment about those over 50. That is a fact. Many I knew that were let go were in the 50+ and within 2 years of vesting. That is typical for the E&P companies. I hear there is another round of layoffs by the end of the 4th quarter. That should wipe out the contractors and some of the managers as well. Support teams will be compromised as well.
To 153359 What a rude and ridiculous comment -- "those let go in February were not top performers or made more than someone equally talented." If you worked with those let go, you are obviously completely out of touch!! It only makes sense that with the number of employees let go, the need for HR staffing and managers should decline accordingly. Legal can certainly be outsourced. BTW, if you analyze the data, HR drew a line in the sand and let go of those who were within 2 years of full vesting and those who were over 50 years old. It wasn't rocket science.
Would you say it is more Tillman or more the board steering the direction right now? Tillman's experience comes from a bench that was cash and asset rich, with a view to the long game. MOC is a very different company. Would the board hold more sway because of that gap in experience and knowledge?
Sorry to have ruffled your feathers, but there is NOTHING secure on the E&P side of the business. Keep in mind who is running the business..Tillman..Exxon...get the big picture now. Assets are liquid cash money that can be spent on big capital projects, i.e. offshore and Africa. Exxon, Shell, Total, BHP are all waiting to snap up existing production at a very cheap price, and will. Conoco, BP, and Chevron are dumping assets to keep their bottom line in the black and they are MUCH larger than MOC. Don't be so angry with everyone, but face the facts. Move on and put MOC behind you, life will be much better.
153632-no I'm not. But I do know that it takes more than 2 rigs running to make the company money. I just happen to think OKC and Wyoming ate dead weight and need to be sold.
nonconventional
(ˌnɒnkənˈvɛnʃənəl)
adj
- not established by accepted usage or general agreement; non-traditional.
153359 you must be one of the folks let go in Feb. things have changed rapidly for OKC. That's what this page is mostly I think, people who were let go because they weren't the top performers or were paid more than someone equally talented. Now they like to come on here and bash the company. Sour grapes
Companies - really "corporations" - do not retain assets that earn no income. The shale holdings for now are too expensive to exploit at $40/bbl oil. They represent potential income - but only to those who can either wait out the storm or who have the means to drill immediately and economically. Back in the 1990s, the only way an oil company could increase its reserves without incurring the huge costs associated with exploration and drilling was to purchase another company. Thus, Exxon and Mobil became Exxon-Mobil, Conoco and Phillips Petroleum became Conoco-Phillips, etc.
Counting OKC as a core asset is laughable.
Anonymous152681- GOM is not an unconventional (non-conventional isn't even a term). Try to not sound ignorant when making fun of others...
You are an idiot. East Texas is already sold and the Bakken, OKC, Eagle Ford and GOM are core non-conventional assets they want to keep. If oil prices keep dropping, there will be more layoffs, but they will keep these core non-conventional assets.
You are an idiot. East Texas is already sold and the Bakken, OKC, Eagle Ford and GOM are core non-conventional assets they want to keep. If oil prices keep dropping, there will be more layoffs, but they will keep these core non-conventional assets.
Oklahoma and East Texas will be sold. Bakken and EagleFord will be next, then the layoffs will be massive. Never lead anyone to Marathon for employment. Tillman and his white house cronies need to be cut without their golden parachutes.
Prepare for a lot of contractors to not have their contracts renewed when they expire as the next part of the cuts.
Guess Lee thinks keeping the GOM is a good idea. I know the rumor was that the GOM was the next asset to get sold, but since that isn't happening what area(s) do you think are on the block. He made it known during his Barclays speech that the goal is to sell $500m in assets and they only got $100m for ETNL. My money is on OKC or Wyoming.
http://fuelfix.com/blog/2015/09/10/marathon-oil-trims-jobs-100-million-in-spending-on-exploration/#33909101=0
They know where the oil is: in the black shales that require fracking. With the price of oil so low, they don't need explorationists to find new sources, so...
Sorry, friends, I feel your pain. Best regards, Shihong
Management has stated that more reductions may be made as business needs dictate.
No need for exploration, we couldn't find oil at autozone!!!!
Just remember: Houston was hit first then the assets got hit. It took around a week before it was all said and done. And don't forget Lee said they are selling assets as well. We know ETNL was sold but what other areas are in danger? GOM? Wyoming? Oklahoma?
Is that it for now or are more cuts coming later?
They let go of almost all exploration people....not sure what the strategy is for an exploration company not to have exploration geologists and engineers....
I also heard that most if not all have been notified.
Sounds like everyone has already been notified that they're getting let go.