Cenovus Energy (NYSE:CVE) agrees to acquire ConocoPhillips' (NYSE:COP) 50% interest in the Foster Creek Christina Lake partnership, the companies' jointly owned oil sands venture operated by CVE, and the majority of COP's Deep Basin conventional assets in Alberta and British Columbia, for C$17.7B (US$14.1B) in cash and stock.
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Looks like 1any knows a thing or two. CVE made offers to like 585 Calgary and Field staff. All folks currently working Deep Basin or WCBU assets received offers. Great times ahead for these folks!
in these WCB times the longer tenure w/ larger company's you come from, the less likely you'll be deemed competitive...it's tough to compete against those with both senior and junior sector experience where results were the metric vs corporate alliances
The prize pig Elmorth is going as it looks like RL couldn't protect you this time and all the arrogant egos that go with it. The rest of the BU has just as good of people but not the attitude and wish them the best.
This is their opportunity to get those wages lowered. Clean house and keep those at a lower wage.
Packages will be in July
I've heard they are going to try to minimize packages and instead find positions at either company if possible.
Get real 1any. No they don't NEED to keep staff. Those that try to shove roses up your a-- have a hidden agenda. Maybe they don't want to believe it. Or maybe they are just stupid. Either way it's your choice to stick your head in the sand.
I don't think it's over for WCBU at all. Cenovus doesn't currently have a position in the Deep Basin so they need the staff to develop the plays they just purchased. In fact, I think it will be a new beginning for the staff in WCBU that have endured 2 years of layoffs and minimal investment in top tier assets. Like they said, this is a win-win!!! Now they just need to trim about 3 layers of "managers" and life will be good.
I bet it will take them until sept to deal with the people. They won't do anything until it closes which will be June at the latest and then the packages will come. They like to drag it out a little more pain for the staff.
I just hope the managers and leads get it this time along with all the others that thought it would never happen to them.
Nope, all of COP is the walking dead - just a matter of when.
So now comes the real question... Right now the vast majority people in the WCBU are the walking dead, when will they be "dealt with"?
It's over now for WCBU.
Sell Canada to fund share buybacks to increase ELT bonuses - not a sustainable future for the rest of the employees.
Notice the future focus on short cycle projects. There is a reluctance to invest (or even hold) assets with long life reserves. This speaks volumes about the future.
I give us one more (Trump fueled) boom and then its all over.
I'm surprised Conoco didn't see the need to keep the great Elmworth
Shrink to grow.
I guess they will spend some of this money on packages. Good luck WCBU you are going to need it.
SJB next then >>>>>BARTLESVILLE!
One thing I've learned is no one is safe. Brush up your resume you are going to need it Canada WCBU. Surely they only need a handful of people to run Blueberry and that's if that play even turns out. It has a lot of risk. They might wish they had sold it too
This means other BU are safe?
Start looking g for a job canada
Ha, finally COP is out of this mess. We dont have to get rid of Bartelsville :)
Yes Edson and Clearwater
That include edson and clearwater as well??
Cenovus overpaid. Ouch for them
Surmount and Blueberry
So what does that leave in Canada for COP?