Fellow GOMBU. Did you hear about getting a package? Since almost all of us are going to Cox. They let the field personnel know they're gone. All the support in the office, hadn't been notified yet, if they have a position.
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That's always been the case when Chevron sells a field asset. The employees working with that asset are transitioned to the buyer. The employee keeps a job, but gets no severance. The downside about the sale agreement is the buyer agrees to take the employee for at least 1 year. After one year, the buyer can layoff all employees if they want to. I don't think small operators pay a severance equal to Chevron. The best you may get is 2 to 4 weeks of pay, nothing more.
Thanks! That's what I was feeling, but had to ask.
Easy enough to do the math. Field personnel being released was obvious, office personnel will see the same fate. This should not be a surprise for anyone - ask anyone with 20 plus years with the company. They have experienced oil price downturns ( likely not as severe as the present fall in prices) Sadly, there will be no severance with the Cox transition...
Well that's not encouraging at all
Hear that? Its the sound of a toilet flushing....