What is going to happen with our salaries ones we move to Cenovus, what about our benefits and position?
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I left last fall they vested my stocks at around the $40 mark , I didn't have a choice the taxes taken off was 48% ouch . At lest the stocks are higher $50 . Hope that helps
Does anyone know what happens to our unvested stock if we go to Cenovus? I've been told I'm going.
Dear 1qmb.
Um, I don't think Cenovus intended this $13.3 Billion purchase as a gift to the folks in Pelican Lake and Suffield. Keep dreaming!
They'll be looking to the COP folks to deliver the $4.0 to $9.0MM NPV 10% and sub $6/BOE F&D costs on the assets that they picked up. You might want to review your own investor presentation. They didn't buy these assets as a gift to you, they bought them for the 10 year drillable inventory as a long term strategy.
Why would you draw from ECA expertise when COP people are right beside you? That is clearly the wrong attitude to approach this with...I assume you're not a decision maker.
Some of these idiots are unreal, they talk as if the people at Cenovus do not know what gas processing facility looks like and their skill sets apply only to heavy oil. As mentioned below, Cenovus is full of ex-Encana staff that know a thing or two about conventionals.
In this market, and with multiple rounds of layoffs at both companies in the last 2 years, I think we can assume that the people at both CVE and COP are really, really good at their jobs. I think you can be sure that a top performer, in this market, and with the global workforce at COP competing for those rankings, that the person is a top performer, period. COP has proven experience in these plays and assets and has been able draw from a global portfolio and global expertise to improve them. Surely, CVE also has some really good people with top notch skill sets. As someone who has been through two previous purchases/takeovers, one thing I do know is that if you go into it with an "us versus them" or a "we are better than they are" mentality, then you are setting yourself and the company up for failure! Obviously, both sides will have a vested interest in success. At the end of the day, I see teams of people assembled from both companies to ensure broad experience, knowledge and skill that will provide both continuity and success. It's in all of our best interests to be open to change, open to collaboration and we can all have success in this new, transformational iteration of CVE.
If Cenovus needs unconventional experts they can always grab them from Encana where they actually have operational experience and a track record of success. There is still plenty of contacts with Encana and they also work in the same tower to boot.
It looks like a few folks at the Cenovus country club are feeling a little insecure about the COP unconventional experts coming over. Granted, COP isnt the lowest cost operator in many plays, but they have been able to leverage global learnings and have seen paradigm shifts in both cost and performance in others, and this is where some continuity is prudent. Training up newbies on $45MM projects probably isn't the best way to go, especially when one mistake can result in catastrophic results on many levels and in many areas.
There are no jobs on the market. Don't waste your time. This town is very much finished.
Totally agree with the comment below. Cenovus would be better off hiring outside of COP. COP people feel to entitled. Let them go experience what it's like to have to look for a job.
What's hilarious is a top performer at COP might be at the bottom at a new company. Lots of talent not working right now in the city and a bad attitude like yours where you think your so darn valuable in this market is exactly the kind of people they need to weed out. In fact I rather higher two people with less experience in the play and educate them then have a know it all to deal with. EXECUTE is not something anyone at COP should brag about being good at when you got many companies running leaner headcounts that are more efficient.
Top performer what you been smoking every other company could drill , complete , tie in for half the cost of CPC . I agree there are some terrific people working for CPC . Hopefully we're given the time to show how we can perform without all the procedures , policy's and all the functional groups holding us back .
Cenovus will be looking to reassign their staff from the Pelican Lake and Suffield assets once a sale is finalized. Do you really think they'll take you over their own? Put down your SPIRIT magazine and come back to reality Alice..
Reapply for a position? That is hilarious. So they are going to take a proven top performer in an asset, and replace them with an unproven individual with no knowledge of the play, development or position? Why would anyone spend a premium on good assets and then shuffle the entire team? I don't think so. They need to EXECUTE, and the only way to do that effectively and efficiently is with the current people working those assets. It's called CONTINUITY!
James is that you?
Cenovus offers a decent salary/benefits but just like everyone else, they have cut back in recent years. Jealous of anyone that gets an offer, I for one expect to be laid off. I really like Conoco...it's not a perfect company but I worked with some very nice, smart people in my group. I'm quite saddened by the news.
This is an employers market. Be willing to accept almost anything. The alternative is horrible.
You'll be lucky to have a job the way things are going in this town. Be ready to make concessions if they keep you because the alternative isn't pretty....oil isn't recovering anytime soon.
What is going to happen with our salaries ones we move to Cenovus? What about our benefits and position?
Just curious, but who says or what makes you think you'll move to Cenovus ?
Benefits --- toast !!!
Position --- toast !!!
Welcome to the real world.
And an office!! How sad to have to stay at COP
The great news is anyone who goes over will have new managment. Yay time for a winning team
Better than the Conoco way I hope.
What is the Cenovus way?
If you come over you will do things the Cenovus way. You are not in the driver seat anymore. The sooner you realize that the better off you will be.
I'd be much more concerned about whether or not I really have a job, and for how long.
Can't believe you are still concerned about stuff like benefits. Still don't see the writing on the wall I guess.
If you move
That was a big part of the problem was G&A. You will have to reapply for a position. Cuts for sure. You don't work for COP anymore