Let's see how they spin this. I'm sure they will be serving koolade. They will make it sound so Rosie and positive. I'm sure all the managers will be running around getting their orders first thing in the morning so that they know what to tell the staff. Same old same old. Been there done that.
26 replies (most recent on top)
Try to be kind to your co-workers as we play musical chairs with seats on the liferafts. There's no need to be back-stabbing and playing games. It won't get you anywhere. We're all in this together.
Don't listen to the haters, They don't know anything and are just throwing bombs to get you going.
Don't take the bait from these nego-trolls who have nothing better to do than spread BS
seems like a relatively high metric paid,given the assets, see CVE bid this am.
Nepotism,head office connections and brown nosing instantly replaced by experience,education,performance credentials...time to revise your CV for CVE.
I am in San Juan and after reading these comments I wish I could tune into your town hall! Make sure you tell the rest off us what line they are feeding you because I assume we are next
@gmd good post, kudos. Ignore haters.
wouldn't bank on spring/summer layoffs - at ConocoPhillips it could take them til Chrismas to decide the new org. And I heard the don't worry be happy instructions for supervisors came out right after the sale announcement so they would have all night to paint smiles on their faces.
Cenovus already announced they are spending over a 100 million on deep basin this year....who's going to run that program? The Pelican Lake team?? Lots of asset people are going to be OK. Read their press release. When were we ever going to spend that much?
What mess? We just got $13.3 Billion for our assets. I'd say we were doing something right genius.
Biggest issue for these assets is limited infrastructure and limited capacity. The assets themselves are top tier. Just because you got laid off three rounds ago, you don't have to be so bitter.
It's a sale not a merger. Managment is lurking
The people who are angry aren't the people who are working the assets, it's the support teams who know their time is coming to an end.
It was a good run guys, we made some coin, had some laughs. I will enjoy my package for a couple months, and then look for another job. At least it's a spring/summer layoff unlike the last one.
See y'all at the ship!
It says right in their internal investor presentation that they plan to retain high quality technical staff associated with the purchased assets. Take that hater!
Blah blah you keep telling yourself that and you might start to believe it. If you guys are so good why are you in this mess.
Actually, they DO need the asset staff as they do not have any expertise in unconventional "shale" or liquids rich tight gas plays. Their current asset portfolio is very limited to Oilsands and some conventional heavy oil assets at Pelican Lake and some CO2 enhanced oil recovery assets in Saskatchewan. They were way to limited to heavy oil and Oilsands, which is why they have floundered ever since they split from Encana. That is no secret. They also have some conventional dry gas assets in southern Alberta. So, I'm pretty sure they will need a good portion of the existing COP asset staff who have exceptional knowledge of unconventional resource plays and liquids rich tight gas plays. Cenovus bought these assets to diversify their portfolio, and from that perspective they hit it out of the park.
You guys should ask the tough questions tomorrow what do you have to loose. Make those bosses work and sweat for their pay.
Oh yes jtu because they care about staff and if they keep their job. Why don't you ask how much retention money vs layoff package money was worked into the deal. Stick your hand up tomorrow and ask. I dare you
Look for a lot of high grading opportunities at surmont! Plenty of deadwood up there can be replaced by some talented folks in WCBU.
Supervisors and managers are getting retention while the s---ers wait around for their packages and they know it. They will try every trick in th book to keep you working. Bring popcorn to the townhall because it's going to be a show or a shovel.
I'm sure Cenovus is required to take a certain number of employees, that would have been negotiated in the PSA
My guess is that most of the base level asset team people will be needed. The question will be how many 'support' staff will go over.
Keep dreaming they don't need you!!
Cenovus needs the Deep Basin and WCBU staff to works the assets they just purchased as they didn't have positions in ANY of these non Oilsands assets prior to the purchase. Unless they are grossly overstaffed in their existing Oilsands assets, I don't see how they can get rid of the COP staff currently working Deep Basin Assets. Although they can easily remove the middle management layer cake that somehow avoided the last 4 rounds of layoffs.
They are not keeping most the staff. I heard SOLD not merger in today anouncement. If your lucky you will get retention to do the work until you get packaged out. And if you do get an offer to go to cenovus it will be for half the pay, and yes they can do whatever they want so don't kid yourself. Those who have managment positions will get big retention and promised jobs and then get the boot in the end. They don't want managment that ran that place into the ground, they have their own people. Wake up time people.
The "they will take most staff" carrot will be wagged in front of you face to keep you working and focused on task. The group hugs are over, as of now you are relics of a BU that they could not offload fast enough. Good luck to all. If you choose to buy what's being sold... Well, that's on you.
Sounds about right.
It will start with....don't worry they will take most staff. Thing is how much was earmarked for severance? Hmmm. Keep up the good work, we have lots to do.
ALL CRAP
Let the self-congratulating begin.
Cenovus couldn't make money at $100 oil.
And Surmont's 'low cost production' can't even justify tying-in brand-new wellpairs
Good luck, new money