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In 2015, the ELT wanted to cut deeper into the Lower 48 during layoffs, but Don vetoed that call saying that it would hurt too badly. This year, no such veto will have any weight. ELT will force another 10-20% cut depending on the work group.
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Lunam announced more layoffs to come to some of the groups under him.
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Finance folks are running 15-20% overhead reduction sensitivities at the corporate level.
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Get ready... After 2nd qtr earnings the announcement will come for staff reductions.
I heard that Tesla was seeking out oil industry employees.
- what big teeth you have
... its got nothing to do with "too painful" - if they cut it's because they see the oil market stabilising at a new "normal" and that normal does not include a recovery in activity.
L48 was saved the first time around in 2015 because it was too scary to cut our biggest BU. Now the reality has hit and they are facing 30% staff reductions to meet the new activity level, whilst Canada probably faces the same fate.
There are only 3 rigs running in all of L48. Why would you need such a large staff? Massive cuts are inevitable regardless of prices. Technology and process automation is reducing the size need of staff all over the industry. L48 is as bloated as a government agency with fat cat people doing noting all over the place.
Took long enough...
Canada finance got hit 2 days ago
Makes sense to me! Surprised it took this long