Just got to know Nexen officially became CNooc International. Does that mean more layoffs? I really hope not!
You suggest “hope” that unfortunately fell to the roadside in 2012 when the process of ownership fell into the hands of the Chinese and our Federal Government. Layoffs have been a daily occurrence for the past 5 years and for the most part under the radar (under 50) doesn’t require government or publishing scrutiny, a once great company is now in shambles and that is shameful. A downtown HQ office that was vibrant and happy with 2000 people that wanted to go to work everyday because each person was part of the goal, the ideal, the solution is now less than 800 and moving to a smaller location (not sure what the lease penalty is going to amount to on a 25 year agreement signed in 2016) but I’m sure it amounts to reducing G&A (salary/benefits) to pay for it and again that means layoffs. So yes there will be more layoffs and I would suggest it even happened last week when the name change was released in the news. Nexen gave me my best years and I was happy to give them mine.