Lee got punished by the board for performance. Now the rest of the company suffers for his inability to run an oil company.
Best luck to everyone today.
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Layoff package is pretty each to calculate.
The basic method is your years of service. If you have been at MRO for more than 10 years you get 2 weeks for every year worked. Between 5-10 years i think you get 1.5 weeks for every year worked. less than 5 years you get 1 week but a minimum of 8 weeks no matter what.
The second method is your salary divided by 10,000 times 2. So if you just hired on at MRO a few months ago you would probably use this method. Example 80,000 salary, equals 8 times 2 would be 16 weeks of pay.
In prior years they also moved up vesting dates for employees that were close.. Not sure if they did that this time or not.
Real mature
Lee Tillman really looks like Gru in Despicable Me...hahaha
I was let go this morning (EF Petrotech). The honest truth is that the current activity didn't warrant our staffing and that Marathon is being very generous with regards to severance, bonus, lti, and cobra.
I wish nothing but success to MRO and its remaining staff. No hard feelings on my side. Good luck to those like me who are now looking for work and deciding what to do next.
How many have gotten let go so far?
Skeleton crew: 4 VP’s per active drilling rig, 10+ VP’s per active completion frac, 450 employees per active rig, 1500+ employees per active completion frac
anyone else notice the slight resemblance between lee and Hannibal Lecter?
How much further can we go? We’re sitting at $50+ oil with a skeleton crew already and still making mass layoffs?? I can’t decide if the end is in sight for everyone soon or if the remaining employees will actually have safety.
What does the package look like, I know the stuff they put in the e-mail, but how many weeks do you get for years of service?
Good luck but you’re a fool if you think being laid off is a good thing
I don't think wanting to be let go is an unpopular opinion. I'd guess that most people (me included) are fine either way.
LT should be walked out with a ball gag
Board finally cut his compensation for abysmal performance. WSJ called them for being grossly overpaid for record shareholder value destruction.
https://www.bizjournals.com/houston/news/2021/01/28/marathon-oil-cuts-ceo-board-compensation-by-25.html
Unpopular opinion: I’m crossing my fingers I get laid off today.
How was Lee punished?
The Aviation Department was let go yesterday the 10th. Best of luck to those who remain.
Good Luck Brothers! Remember that life is bigger than just MRO. Please post as you find out details.