After yesterday’s announcement, I’m sure a lot of us have the same questions. Which teams have overlapping roles, and when will we find out what happens to them? What does this mean for people based in Fort Worth if the combined company is headquartered in PA? Will there be any changes before the deal closes? If jobs are cut, what severance or retention terms will apply? And what happens to our benefits and equity awards?
6 replies (most recent on top)
@k2 where did you get the 20% retention from, conjecture ?
@d1 you bet wrong. Salary + bonus divided by 2
Mr. Degner when asked multiple times if Range is for sale, the employees were told no. Here we are waiting for the next 5 months to see if we still have a job. A lot of employees have been with the family for 30 + years and now they have to start over. I understand it's about the dollar but this affects everybody from the employees, businesses and the non-profits we support. Of course Degner got his protection by being on EQT board with another Range accomplice. Once again thank you Range Resources for sc--wing people right before the holidays. Was a great family oriented company, not so much anymore.
6 months severance and only transitioning 20% of the employees.
A month for each year? Try a week. Devastating to the people in Fort Worth.
This is only speculation, but I think a good portion of the Range employees need to be very concerned about losing their jobs. Especially the Fort Worth team. I would bet most of the offers will be for the PA employees, and even with that, I think the numbers will be small. The field employees are probably the safest, but they will also not all be needed. Middle level management, Director, VP level, etc. will be gone. Most back office personnel will be gone. The word 'synergies' was used in the press release. Although that partially refers to infrastructure, it also refers to staffing and G&A.
As for the severance, I'm betting employees will get something like a month severance for each year they worked, with a minimum of maybe a few months pay. I can also see Range 'cheaping out' and capping that at like a year or something. There will probably be a transition period where some employees are asked to stay, and their severance will only be paid out if they do stay through that period. That could cause for some interesting decisions to be made because the PA and Fort Worth job market is about to be a little flooded, and do you risk losing your chance to get hired at a new company by sticking around for the transition/severance... Some tough decisions to come. Anyone who is terminated or not offered a job at EQT will likely get their RSU's vested out in full, and will have the ability to sell at EQT's stock price, but there is likely to also be a blackout period for some time, so that will be interesting too.
This is going to be a rough time for a lot of people who have stayed loyal to this company, but at the end of the day, this is a publicly traded company and the investors are really the ones in control. Watching Range sh-t the bed with the 'Louisiana Purchase' the come back to power like they've done over the last few years has actually been impressive to watch, and all Range employees should be proud of that, and thankful for a company that has weathered the storms.