I was laid off last October. Didn't think it would happen to me since I had great reviews, but the selection process remains a mystery to most people. I had less than 5 years with the company so the severance package was not that great. I'm an engineer who has worked outside oil and gas before, so I didn't think getting a new job would be a problem. But I had to work, retirement was not an option.
Unless you're head over heels in love with COP and/or are sleeping with your boss and are fire-proof, start looking for a new job now. If you get laid off, you'll be joining thousands of other people laid off who need a job. The competition is fierce. Work is out there if: you're willing to move to less desirable locations, and; you're prepared to take less money that what you made at COP.
COP hired during the uptick and paid better than most to get their people. Now in this economy, it's a take it or leave it salary mentality. Companies do not need to pay a premium to attract talent. The market is flooded.
I didn't have to move, but I did take less money. My new company remarked about how many experience people are out there, and the number of resumes and applications they receive.
I applied for a ton of jobs, had recruiters contact me, and recommend indeed.com and linkedin. From October to January - nothing. Pitiful time to be looking for a job with Thanksgiving and Christmas in there, and most companies not hiring at the end of the year. And while I applied for my job in January, it wasn't until April that I got an offer. NO ONE HIRES FAST. Be prepared to suffer through a company's dragged out posting, review, interview, offer, background check, etc etc processes. So start now. It is infinitely easier finding a job when you have one than desperately wanting a job when you don't have one.