Wow, as a long term investor in imperial, you got to be worried. Anyone know what the attrition rate and if anyone is actually left to manage these assets when everyone keeps resigning.
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@18k it's inflated because of the wars, the elbows up boomer investor strategy and share buybacks. Its on a declining path and would be prudent to think of a sale before oil prices plummet and the company struggles.
You're worried about the stock of a company that is up 44% YTD? If you're that worried pull your money now and reap the profits.
@jq exactly
@jq the oil industry in Canada has a bright future as one of the areas with huge reserves, a stable political climate, responsible environmental practices, and a government that is finally keen on building infrastructure like pipelines. Canada's oil sector has a bright future, it just seems like Imperial won't be a part of it, so it'll be Suncor, CNRL, Cenovus, etc leading the charge.
Either way, fewer opportunities for employees at Imperial, but better opportunities outside the company.
@k1 sure they'll fill the jobs with bodies in Edmonton. But there will be a significant loss of talent and knowledge.
Replacing an employee in a specialized role with 20+ experience with someone new to the company in Edmonton is not the same. For one role, the rest of the team can help bridge the gap. But when the entire team turns over, stuff is gonna get missed and opportunities will be lost.
@gf probably one of given the attrition. Imperial has rarely posted these many jobs at once. Just a rebuttal to those who say talent is lost - company doesn't give two sh--s about anyone. They'll find bodies and keep running.
Imperial is trying to sell off their assets. That’s what John Whelan was brought in to do
@fm is it a one off or real trend? I don't see many conversion from contractors to FT in my area.
They are hiring staff contractors now as full time. Machine keeps churning with new bodies.
Quite a lot of people left in downstream sites too.......both CI's and SLS.
There are senior executives left, and a bunch of admin assistants. Most of the "doers" who were getting things done and improving the business have left.
The company will keep running in the short term, but expect things to degrade longer term with the loss of many of the more experienced technical and commercial staff.
In the last year, at least 30% of technical staff in Calgary have either left or plan to do so.
I’d be deploying capital elsewhere. IOL will probably try and plug cheap overseas labour into the field assets to save money, that’s when sh-t will really hit the fan.