enough already with the Noble bashing...which does not help anyone - does anyone have any insight or helpful information concerning potential cutbacks? times are tough and would like to know what the everyone is hearing across the company
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Managers in Denver are nothing but a bunch of flunky lackeys... order taking servants. Not an original thought in their collective heads.
Just found out I make 31% less than a newly acquired rosetta counterpart who has less experience...WHAT???? no wonder that company was on the verge of bankruptcy...the only right thing to do by the Noble management is to give those guys ZERO pay increases for the next 10 years, believe me, those guys are not going anywhere at that pay level....incredible
The only real, useful information that exists without a crystal ball is... PREPARE FOR THE WORST! take control, network, dust off resume, look for a job. All else is mental masturbation.
Don"t think any of this was lost on current Noble employees. They saw what happened. Almost all of them are looking for new gigs. They have no respect for the management team.
Stover is a punk. He laid off loyal Noble employees to make room for these Rosetta employees. When the industry was healthy I had numerous opportunities to leave Noble. Places where I would still be employed. I was loyal to Noble. I was assured that I was making valuable contributions. Then inexplicably dismissed in April.
I worked the Noble Rosetta merger numbers and on average the Rosetta employee is paid 25% to 30% more than the equivalent Noble pay grade. It even gets worse, when Rosetta decided to put itself up for sale, there were numerous promotions across the board that were double digit to make sure that the Rosetta employees went into any merger at least a pay grade up. Bonuses for heritage Rosetta employees are guaranteed to be paid at target regardless of company conditions. Stover was afraid the deal would not close so he agreed to take on the pumped up Rosetta employees. The kicker is that nobody at Noble can do anything about it. Industry conditions are weak and Noble management knows that the employees have nowhere to go. So, suck it up, a deal is a deal.
Keep in mind that Noble had some very favorable hedges in place for 2015. Those hedges were worth approximately $1 billion in additional cash flow. For the most part they are expiring at the end of 2015. When those hedges expire most if not all of their production will be paid at market rates.
Sorry to say specific information on cutbacks is not the important issue. Although it might help psychologically to know the exact specifics of future cuts it's more important to understand they are coming, they are industry wide and prepare yourself accordingly. Lets face it, this is a commodity driven business that is massively overproducing. With current low prices every producer is doing the same thing: grappling with low revenues by trying to produce and sell more product. Collectively they are only making the price situation worse. Eventually, after lots of companies fail, supply and demand will come back into balance and prices will stabilize. Some analysts suggest this will take years. Until then every producer, including Noble, will be cutting staff periodically. The number and severity of cuts will follow the commodity price. That's just the way it is. Best thing you can do is recognize this new environment for what it is and adapt to it. Concentrate on doing your job and being upbeat, but keep your resume up to date and an eye on the job market. Use whatever time you have to get your personal finances in order. Pay down your bills, build your savings and avoid big expenditures. If you survive one round of cuts don't think you are now safe because there will be another. I know this isn't what you want to hear, but prepare yourself for marathon not a sprint.
I've heard rumblings of layoff coming this year (but ONLY RUMORS). Nothing to hang your hat on. However, I believe MORE people will be leaving on their own. I KNOW original Noble people are not happy hearing former Rosetta people have salaries much higher than Noble. Plus I've heard their bonuses will be substantially higher; something about a contract?!?!? But these are all RUMORS.
Can you provide details on that?
Only cuts I've heard of so far are coming from the MBU.