This thing never ends at this company. Hoping 2019 will be better. Anyone have any more updates on this.
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Nexen’s biggest problem at the Long Lake site in Fort Mc was spending the 6 billion at the phase 1 site when what it should have done was spend that money at phase 2 in Anzac to begin with. It would have been far more profitable which would have helped keep the investment community at bay. Phase1 was supposed to yield 72,000 bbl/day and it has never been any where close to that, that decision to start there falls squarely on the shoulders of Gary Nieuwenburg and Marvin Romanow, really unfair that both these individuals needed to bring Brink’s trucks to the building when they were shown the door in 2012.
As far as the clown who suggested that there were not that many layoffs the best I can summarize is that this person has been living in a rainforest in the Amazon for the past 5 years. Layoffs continue there on a weekly basis. I will bet money that the Calgary HQ presence will eventually no longer be required, I’m pretty sure it’s not required now, most profitable assets they have and that’s not many are being managed at location, North Sea is run out of Aberdeen, Scotland (Buzzard field is winding down)and Deep Water in the gulf is run out of Houston. The little drips that come out of offshore Nigeria and inland Columbia aren’t even worth looking at and the Canadian assets Long Lake will never be profitable and Shale in North East BC might have been a good project but without an LNG facility in St Rupert it’s just an asset that’s spinning its wheels.
That person was most likely sarcastic (or selfish). Nexen had great assets all over the world. What happened to it deserves a book to be written. Long lake project killed the company. It all started when engineer Jim A came back from Israel with so called Ormat technology. He created his company and his bud Gary Niew persuaded Charlie F. to get into a jv with company that nobody knew. New co raised equity and debt (with backup and support) enough for billions to be spent. M.R. could not stop Long Lake, came up with explanations like "lean zones" during conf calls. Nexen stock started to slide. Francis Saville as BOD Chair was happy to see the offer from Chinese. M R and Gary Nie were let go. But Gary Niew* is happy now. With so much money he calls himself as an equity investor playing with stock market. All folks happily retired but ordinary people paid the price.
I would add to that person with the stupid post who asked "what else do you need?" how about meaningful work, open leadership, interesting projects, good supervisors, job security, funding for projects, …. basically, anything that would make one feel some dignity in their work.
TO the person who commented that layoffs at Nexen were small - are you being sarcastic or are you insane? Nexen once had over 5000 employees and now has less than 800 and most of them are Chinese.
if it was not Chinese Nexen would have been in trouble. Layoffs at Nexen were very small and people are happy working at Bow, everyone has an office. Pay and benefits are superb, what else you need during these tough times?
Poor performing gas assets in Canada is one of the major reason of future layoffs. Nexen should have never been sold to Chinese. Period.
I wonder if CNOOC layoff Canadian workers and replaces them with workers from Beijing, look at their executive team pretty much all Chinese now so I’m suggesting that’s probably how it looks through the rank and file as well. I’m still amazed that they are in business based on how that executive management team has steered this vessel into an eddy of desperation. Sell any assets of value to companies that can actually run a business properly and then go back to Beijing and discuss why the 15.1 billion dollar science experiment didn’t work in North America.