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And isn't it amazing how certain people there can make it thru so many cut backs and companies ? Office personnel they keep around and for what ? if there is no production happening, why do they need SUCKetaries ?? OOps ! there is the answer. to keep on sucking to keep their job. Ayye RED !
Probably February 2016, they'll breakout the cardboard boxes again
How much longer until the next layoffs?
The braintrusts at Range Resources,Eqt,Chesepeak,Seneca Resources and Exco flooded the market and made gas prices go to record lows.Hey Einsteins ever hear of supply and demand?
Received an email from a friend that made it through this cut. Apparently the remaining were told that the 401K is going away and it would be wise to find new employment soon. Too bad as friends there had the hope that management would get a clue and try and save the company. I know many were all in to help in any way they could to do just that. It appears management was either lied to by Wilder and Ross, to stupid to realize what was going on, or both. From the cuts I've heard about, it doesn't appear that the company can sustain itself. Lots of VP's out the door (which probably was a good move), but many technical people went too. IT cut to less than half and my friend said they were almost bare bones as it was from the last cut, Accounting drastically cut, and the land department was also drastically cut. Field personnel were cut and more is expected. If this isn't obviously being setup for a sale, then I don't know what it'll take to convince people. I was surprised to see them let people go in the middle of the month, screwing them out of 30 days medical coverage. From what I understand the severance was pretty poor too, and then to top it off of course letting people go right before the holidays...that's pretty heartless. Most of this I attribute to Wilder. One of the VP's that I know asked to stay to the end of the year, was told directly by Wilder - NO. You can read a lot about him on the Internet. He's disliked by pretty much all with the few exceptions of those investors who he made some money for. There are a lot more investors pissed off at him, but of course that does nothing for these former EXCO employees.
The layoffs certainly were not performance based it was strictly money. A lot of the ones left will not be able to continue to deliver a quality product. Some of the decisions on who was let go made no sense. They got rid of the highly technical person and kept some ones data entry tech. Then you had those that lied and said they could take on someone else's duties in another state to save themselves. Commiserating, schemers and BS'ers is all that is left at Exco. Enjoy each other's company while you can
Appalachia was on the block, probably or will soon be sold for a fraction of the money invested. The Texas and LA assets will be sold to a major for a mere fraction of the money invested. Again this gets the big guys their money back no matter what happens. They restructured the Loans principly to make sure their buddies get the assets at the mere sign of default and BK. There is no appreciation or fair treatment of employees that made them a lot of money not so long ago. If you are still working at EXCO, why are you still there? There will be no better times at EXCO or a new company taking over. It's done.
Names? Why do you need names? Are you going to provide employment for each and every one or would it make your comment more interesting in some way?
does anyone have a list of or know names from the Dallas office?
Please sell the company quickly EXCO to who ever will buy the assets. Because it's painfully obvious you can only attract the current chop shop management team that is Wilder. At this point I don't know who would buy this stock at even a dollar. Fifty cents and under is considerably more than the company is worth with current management. Face it folks the new management is short term, pump the stock with a cookie cutter financial strategic plan then flip it for a quick buck. Get out now the severance plans were pitiful for years of service and they will only get worse.
Theres been way too many employees that have taken advantage or such a great career and just as many bosses that let it happen or turned a blind eye towards it instead of letting them go now we are all in jeopardy cause you asinine mistakes made by the higher ups. Thanks I guess I'll just plan for getting my car repo'd and my house foreclosed on
F J Risinger and D Fennell
F Don Henry
I work here currently and survived the big 2013 lay offs, the 2013 "cut backs" and as of tonight the 2015 lay offs but I'm honestly scared for my well being as what will happen next. So many people that have been with the company since Ohio have left or got fired. Me being from PA am lucky! My super told me earlier today that they are slowly working into all field personal being gone by 11/30 so noone that is still around should expect that nice end of year bonus! Leave asap
My last statement was focused toward the Appalachian region. No clue for the plans south
A buyout has already happened. They just won't say anything. By them end of the year they plan on laying off another 200+ then another 150 January then the fiscal year closes and it becomes official and who ever is left has a job under the "new" company name and may be forced out by new management. I STRONGLY suggest who ever is left save every f***ing penny and start applying anywhere they can. Cough cough total cut backs are planned at 85% of the July workforce
I guess im not getting my holiday bonus this year. That usually goes straight into my fun account. Lost health insurance and I still need a few procedures done. Fartin suckbags.
They bought our co out in 2011, and ran it into the ground.kept supervisors and are having them tend wells. What a joke. In my old shop there are 2 guys now doing the work 14 once did..... really. Management is a big freaking joke. I still have pics of supers sleeping on toolboxes, no hard hats, no frc ect. If that was anyone else they would have been gone. Nice no wing you Exco. For the sake of the few that are left I hopened they can transition to whoever will purchase them.
Cutting a huge portion of staff is going to drive the stock price higher? Apparently not....
The layoffs are just logs for the fire that they intend on burning next Monday. They are hoping this will drive the stock higher after the stock split. Top management (Wildman) has been ordered to short term squeeze every nickel so the top three paper owners can recoup some of their original investment.
The 45% was in reference to the Appalachia operations, PA, WV, OH, etc..
By federal law they can't lay off more than 1/3rd of the employees without a 90 day notice so 45% is in my opinion not accurate...that is unless that's 45% of the Dallas office but overall less than 1/3rd of the total staff. I agree that they have laid off in some cases the wrong and too many critical people for EXCO to remain effective in selling product. Cutting accounting is going to cause issues with billing. Cutting land as severe as it was cut is going to make keeping leases in compliance very difficult. They also cut almost half their IT staff who provide well down/up and production status, product flow and more. My guess is accounting will have trouble first followed by IT when they are not able to keep reporting systems up and running, with land soon after as leases fall out of compliance. They did get rid of a lot of overhead - to many VP's. I agree that with the current staff they won't be able to support the business and imagine that the few left will be looking for other employment soon.
This is just a move to keep the doors open and stay in compliance. They absolutely can not operate with this skeleton staff as structured after today. I give it 2-3 weeks. Unless a deal is already in the works, which I suspect.
Brutal. What departments still have staff?
The workforce has been cut to non-operational levels. By the end of the year it's gone.
Heard about 45% of workforce. Buyout seems imminent.