I have heard that maybe only 20% of rice folks will land at EQT. So if they layoff 80%, then they will have to file the WARN notice w the state. That will be posted online and indicate how many will be affected and when. The warn notice needs to be filed 60 days in advance.
Good luck to everyone. I have a feeling that 70-80% are being fired. Thankfully the severance packages are very good.
This seems like an impossibly high percentage, @OToqcH5-1fdr. Does anybody else know anything about this?
“Opinions vary. I work at EQT. You don't think our way works? Wow.”
“Who is buying who? We are the winners and you are the losers. To the victor goes the spoils.”
This didn’t age well.
"Opinions vary. I work at EQT. You don't think our way works? Wow."
No, it really doesn't. Everyday we adopt more of how Rice did things because EQT's didn't work.
You misunderstood. Of course EQT's way works. That doesn't mean there's nothing they can take from Rice. If EQT really has anything approaching a startup culture as their website insists, they should be really interested in what rice has done. We have been successful (worth buying at a huge premium...) and have had the benefit of coming at a lot of this stuff without decades of, "that's how we do it" hanging around. I'm sure some of the stuff we do is weird, but for the things that are different and worked, they're worth examining.
I have no ill will towards eqt. It seems like a great place to work by all accounts. I'm well qualified for my position according to EQT's former job postings for the EQT equivalent. So I'm going to remain optimistic. If I don't make it into the 20%, I'll have another job somewhere else within a month and a lot more cash in the bank. That's a pretty sweet worst case scenario.
As for this weird delete guy, if EQT doesn't select us we get a severance and told we're no longer needed, not marched into a wood chipper. Simmer down bro, did Toby kill your puppy?
Yyyyyyyyyeeeeeeeeeeeesssssssssssss 80% will soon become OBSELETE! It will be DELIGHTFUL!
The team of blue shall become the team of red. DELETE! DELETE! DELETE!
Opinions vary. I work at EQT. You don't think our way works? Wow.
Who is buying who? We are the winners and you are the losers. To the victor goes the spoils.
Right, so, EQT has gotten where they are without improving along the way? Of course their current "way" will have a lot of inertia, but if something does work better or more efficiently they'd be stupid to not use it. They're about dollars and cents just like any other company.
Rice has over 1/3 of the acreage EQT does, there's going to be absurd amounts of data moving around regardless. They'd be silly to ignore systems that can assimilate their data quickly (Rice can) and move forward with it. Especially if the Rice system is more efficient and cheaper.
Everyone at Rice just finished a buyout from the other side. We know lots aren't going to make the cut. We know what we did with the other company's system. I'm just saying that EQT should be objective and take whatever parts are useful.
But the "harsh reality" you speak of.... comes with a pile of cash, so it'll be fine, either way. There's probably quite a few who don't even want to go to EQT, would rather cash out and head to a job somewhere else.
So naive. I feel bad for these folks. They don't care about the "Rice" way. EQT is an established, profitable, we'll run company that is here to stay and not some flash-in-the-pan flip joint like Rice Energy. Things will be the EQT way.
You can tell these youngsters have never been bought out before. The harsh reality is going to hit them hard.
"No land folks required."
That may be how it turns out, but that would be a mistake. We move faster on more acres with fewer people than EQT and have for the past two years. Part of that's the processes we've developed (which EQT will now own), but the people are a part of it too.
That all said there's probably 10-12 people you'd need to keep to bring those processes and efficiencies over and get EQT using them. So, still, very low total going over.
No land folks required. No pad or pipeline permitting folks required. No HR or accounting people required. No VPs or managers required. Possibly some folks from drilling and completions but non-managers.
It's going to be a blood bath for the rice energy workers.
You don't need any of the managers, which just about every other person at rice has a manager title. The asset areas can split out for the most part amongst the existing EQT engineering team. Probably the well tenders and financial people are about the only folks that would be valuable to keep. Need to know what kind of shady deals went on behind closed doors.
That seems like it would have to vary widely by department. If a department is very contractor heavy with only a few employees, it seems like you'd have to keep the employees at least. Still saving a ton of money ditching most of the contractors. I guess some departments like HR could just totally be dropped though. And you could probably thin out middle management a good bit. They'll already have managers for those respective departments.
You would think the bottom level employees actually doing the work would probably need to carry over though.