Has there been any talk of severance packages? Its my understanding that the Concho packages were actually pretty good when the companies joined. True or just rumors?
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Old timer here, but that’s what COP did with Burlington. Gave them 12 months to decide whether to stay or go, then free to leave WITH big payout. About 99% left.
MRO management was told COP may keep somewhere between 1-5% of MRO employees. COP is seeking a very few MRO employees (engineers) to come on board but if MRO employee doesn't like the position or COP drops them for any reason within 2 years, the MRO employee still gets their package. Seems like COP may temporarily keep some MRO employees for handovers and let them go.
COP will use this opportunity just like the Concho deal to get rid of folks from their side. Don’t believe for a second you’re safe if you’re COP.
They’re should be nice volunteer packages coming your way. There are many contemporaries of the CEO wanting to cash out and the power people could make it happen. If it is the right time take the package and don’t look back.
So much functional overlap in Houston theres bound to be layoffs.. Severance will be a large drink in any of the SP cafeterias before 1pm.
Does COP expect to severe many of its own employees? I assumed only MRO employees would be let go.
MRO package is nice, everyone gets 39 weeks pay minimum, max pay of 104 weeks with your best bonus included plus next bonus at max target payout.
The MRO CoC is pretty cushy with 1yr sev and bonus...whats for us Conoco folks? Better be not less..
The Concho ones were good but not great. Still, beats sticking around this “inclusive” sinking ship.