Dont seem to be too concerned
19 replies (most recent on top)
Not bothered at all. Enjoy your retirement benefits.
LAPC leaving the company in droves to preserve their retirement benefits and nobody seems bothered
The rank and file got nice bonuses and stock options. The oil finders shared a shared in an override pool that paid each one a little under 1%. I use to see their monthly payments in some of the work I did and sometimes they had checks for overrides of 50K a month or more. The oil finders did really well for sure.
@2bqz With such a small start up did they share the wealth and are you still working? I found that start ups sometimes move so fast equity policies don’t always get underwritten for rank n file but a lot of back slapping while everyone is working like a sweat shop and then when you do lift your head up the partners are walking away with crates of money after selling out. Hope you did better but is fun.
@2bqz that sounds like a dream!!
I agree with @2xml+18MoaZi6, and I am part of the technical staff that supports engineering and geoscience type jobs. There is no need for my job without them for sure. Over the years I have worked for startups and went after leases onshore and offshore. At one company the first thing after starting the company was to hire a very good exploration manger (VP), and a few interpreters and find what we wanted to go after. We were lucky because our VP of Exploration was an independent oil man and he knew the business side as well as the technical side. Once we got our leases offshore he contracted the engineering, did the land himself and we hired a office admin. Over a five years we had found about a billion dollars in reserves with the VP, four interpreters, and office admin, and contractors that did the mechanical end like drilling and production. It would have never worked without the starting with seismic and well data interpretation and one very smart VP of Exploration that had a varied background. Most fun I ever had in my oil and gas career.
@2xml, OXY engineers figure out how to get it out of the ground ?? Since when did OXY start manufacturing wellheads, trees, manifolds, risers and all the associated tooling? Neither did APC.
Wise up ...
I would say you can do very nicely without big land or supply chain departments.
It's not just subsurface folks who are God's gift to oil and gas companies. It's all the technical folks. Geoscientists find the resource (a remarkably complex endeavor), or determine how much there is, while engineers figure out how to get it out of the ground (again, very complex) and get it to market. God's gift, just the fact of it.
That said, land folks have their place, too, because the business model doesn't work by just purchasing every parcel of land we intend to drill on: we have to lease it. Sprinkle in a few supply chain folks here and there and what you have are very essential personnel for an oil and gas company to perform successfully.
If you don't occupy one of the professions I just mentioned then you better thank your lucky stars those aforementioned people are good enough at their job so that yours exists.
@itcs you are showing your ignorance. Subsurface people aren’t “gods gift” but there would be no oil industry without them. Their job is literally to find the oil. We would have nothing to engineer, build or operate if nobody could find the oil. Who do you bring to an oil company start up? Engineers? Operators? No. start ups are started up by geoscientists.
Subsurface is more involved in the planning aspects of oil field development (oil in place, number of wells, size of facilities, the terms of the deal). It can be far more leveraging to the project economics and corporate capital efficiency than the ops details are.
Why are all Subsurface people arrogant a– holes?
They think they are gods gift to the oil industry
You make me laugh. Ops jobs = reboot, retry. zoom. Need it to go faster, buy more hardware. Lets have a pre-meeting meeting.
I disagree on the subsurface skills. With Chevron, Exxon, BP and and many more offshore players there are people all over with skills.
Please list any subsurface skill that you "simply cannot find."
There are some skills in subsurface where you simply cannot find them out on the street these days. Ops jobs are easy to replace.
There are so many people looking for jobs why should Oxy care. For everyone that leaves there are hundreds if not thousands competing for the job. This goes for early to late stage employees,
There are many millennials who have a strong work ethic and a positive attitude. They just lack experience and have a different view of corporations compared to older workers.
VH thinks she can replace them cheaply with young millenials. they work hard when they are not on multiples leaves