Any news on how much of that 30% is for the canadian BUs? Any rumours of whether or not they're laying off juniors?
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I heard from someone that the layoffs are before the cancelled "fun friday" date. Good luck to everyone! I need this job to support my family!
Some expats still around are incompetent self entitled individuals but they know how to brown nose with their superiors
The expats will stay, it's a US company. Canada is still Managment top heavy, time to let them go not demote so they make the same and let the real workers go!
There are still so many expats in Canada. When are they going to leave saving a few of us from being laid off? They costs alot of money.
I definitely wouldn't be surprised if there is another round hitting Canada. How many people does the oilsands BU need to operate a field/facility with no near-term expansion/development? WCBU could also use a haircut (minimal near-term development). As for timing, not sure when but suspect the analysts will be wanting to know soon...
25% layoffs impacting Canadian business unit. Layoffs are happening before Q3. Good luck to everyone. It is just a numbers game.
Supply chain and IT could be cut a lot further. The SCM team in particular is far too big.
Canadian Select at 30 per barrel
I heard the same thing
I'm hearing from a contact in Houston that COP will reduce G&A by as much as 50% across the board. Which I agree with. The company just can't survive with all these people.
Sadly, it's just a game of numbers for the management and VPs. Very unethical ... A company that promotes this behavior will fade eventually... Very best of luck with all the hardworking people in the industry.
In Canada heavy oil and (at some point) exploration off the East Coast are where the focus is.
Reducing staff does little to reduce costs. The day to day expenses are the costs to produce the oil and gas; but the cost to produce the oil and gas continue to exceed the market price of the oil and gas. Impossible to continue as a business entity if the cost of production is 5x the costs of production for the competition.
Management is concerned with an exit strategy only.
Where is this rumour of 30% layoffs coming from?
It says that all of the incompetent empire-building managers that over hired in L48 and Canada are the reason we are in this drastic mess now but unfortunately they are all still around!
Over 60% of the juniors were targeted in Canada during the last round. What does this say for future growth of the Canadian assets? Not much. No one is safe.
Contractors are usually last
The number one priority at this time is to reduce cost. The easiest way to reduce cost is by layoffs especially at a time of reduced workscope or income. The company would always keep an experienced professional to train Fresh graduates. And then, at the right price, we can always get a consultant or any professional when needed.
And in a few years they will wonder why they cannot recruit enough professionals......
They are putting more lands on the block. Selling off Canada in pieces has been the plan for years.
Wcbu is lean now. Oil Sands turn next round. Contractors first, after remaining groups.
30-50%? Can you please state your source? My small technical group within the WCBU is already down to a skeleton crew. There must be some real juicy fat to cut from some areas if they are truly discussing these types on numbers.
30% to 50% in Canada. Highly paid employees plus Managment are to be looked at first.