Thread regarding Marathon Oil Corp. layoffs

@cljo+19npF7al while that is the usual rule, Lee in his address said employees impacted by this RIF would be paid cash for their shares vesting on March 1st.

There is no LTIP cash out for stocks about to vest. You either vest or not. I was laid off on March 30. The vesting date for the next batch of stock was April 1. You guessed it, I did not get the stock.

For those laid off, the price for ltip payout is set by the share closing price on March 1 and paid out as cash, not in stock. Happy to finally see the price move up.

Between the severance, last year’s bonus and now ltip, things are working out pretty well, all things considered. BUT I’d still rather have a job.

For those that were let go in the latest RIF. What value did the company give you for your LTIP shares that were about to vest? stock is WAY up today so I'm sure they hosed you on that payout.

To add insult to injury when the return to office goes into effect next week those who have more than a 40 mile round trip commute will effectively take yet another pay cut from 2020 after the elimination of LTI. Talk about kicking somebody while they are down

Seem backwards to keep LTI for upper level and eliminate for lower level. The upper level doesn't need it and they are likely to stay, the lower level needs it and they are more likely to leave. There is zero incentive to stay with MRO if someone is offering same money. And, its not like MRO overpays, so getting same money elsewhere is not going to be too difficult in a slightly better than current market. Will be an interesting year.

I believe the reason they have taken it away from grades lower than 14 is because HRs peer review showed that other companies didn’t give LTIP to lower positions. It’s one of the reasons why the % have gone down in recent years.

Yeah, I never heard that story either. Sorta makes me think you have issues for making that one up

I never heard that story...

LTIP was always intended to be a retention tool. This is the ultimate insult to lower level staff who apparently the company has no interest in retaining. This is like the story of the starving family who ate all their kids because they could always make more children ...

Grade 14 is going to be your senior managers and above. Might be a few lower level managers in there must most will be not be 14's probably.

What is level 14

Last post was about the dvmbest I’ve seen on here.

MRO is done people. The British Mafia took over and now there is nothing left but yes people who don't talk back. It's not just those who were given a sweet severance who need to look for jobs now, it's all of us. The days are numbered. Ask for a tap or you might get nothing.

Do you think the reduction in LTIP could be setting us up for a merger?

Here me out, they changed the way vacation was earned so they wouldn’t have to pay out all of the outstanding vacation at layoffs.

Now they are reducing the LTIP and getting rid of the corporate jets. Makes you think that would allow more profit for the top while screwing the little guys. Keeping more of the stock in house for a larger payout.

Also, from what I’ve heard about the newest board member, I wouldn’t be shocked.

Thoughts?

I accepted a job at a company outside of oil and gas making more than I did at Marathon and then got a laid off a few days later and now get a severance. Thanking my lucky stars I was procrastinating on putting in my notice. Please do not stay somewhere that makes you miserable. Industries that are doing well are paying great. There isn’t anything special or rewarding about working for Marathon anymore. The culture has changed.

To: “That’s what I thought”

1: If you had any comprehension skills, you would have understood that I said once the job market opens up. Unfortunately, that may be sometime in late 2021 or early 2022.

2: Marathon isn’t a cushy job. Maybe some departments were, but the more with less philosophy has changed that for everyone.

3. FU

The only people struggling to find jobs right now are industry restricted. GSC, IT, HR, Accounting, Law can go anywhere they want. Alternative energy, healthcare, technology are all booming and paying like oil and gas used to. Many people in this round knew it was coming and holding off announcing new jobs to get a tap. Stop being so myopic. The world is bigger than oil. Leave if you are unhappy. The patriarch will never break unless the board takes action. You will never change that.

No one is going to voluntarily leave a nice, cushy job at MRO—period. If you’re so bill badarse then let’s see your resignation papers on Monday.

That’s what I thought.

If enough people leave MRO, they will have to reconsider this decision. As soon as the job market opens up, I know I’m leaving. It’s doubtful I would even give a notice. LT is a garbage “leader.”

LTIP isn’t worth too much. Last layoff they took stock worth more than the severance check so TAP was a net loser

You should ALWAYS be looking out for yourself, no matter where you work. And you would’ve been dumb to leave before being laid off—you would’ve lost your bonus and payout.

Absolute joke that only level 14 and above are eligible for lti

That’s the exact attitude that lead to many who were let go this round. We were told to be happy to have a job and to not complain. While we were on the chopping block, unbeknownst to us. And now we’re looking like fools because we didn’t make the decision to leave because we were supposed to be “grateful”.
Be happy you have a job, but realize that the company doesn’t owe you a thing. Look out for yourself.

Be happy to have a job. Get over it.

I just lost my LTIP. Reflect on the fact many other have as well and let us know how that compares to your current situation

Be thankful for what you have. There are many people who are significantly worse off than you

Count your blessings.

Guess we should just be happy to have a job.

Let them eat cake!