Weekly layoffs have become the norm at CNOOC's Calgary, Alberta office. Rumour is that these will occur well in to December. A&D departments from various E&P's in Calgary have confirmed that a data room containing what is clearly Nexen's Canadian assets is currently on the street. CNOOC is willing to accept pennies on the dollar for these terrible liabilities. Whatever remains after this sale is rumoured to be operated out of Houston. The Calgary tower will cease to exist in two years time.
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Their VP HR used to work for Nortel. He even removed his bio from Nexen's website ! He worked for another company Flextronics it was a disaster under his management. He created his empire in this company, He promotes his own people. The company continues to go through layoffs.
Too many years of mismanagement from Esso/Wascana/China .....company has been a perennial non-performer since the glory days when controlled by Oxy
they have perhaps the worst assets in Canada. Who will buy them? Think again.