Anyone else think the town hall the other day was peculiar? First, the guest of honor, Mr. L48, was a no show. Then it turned into an advertisement for the global wells/projects/supply chain group. (good thing no one is looking at overlaps in the company cuz there is a L48 group that does the same thing.) No one called into the meeting seemed to know how to mute their phones. A real cluster. Then to top it off, Houston based employees were told that they shouldn't have even been invited and need not be concerned with how strange it was.
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Did anyone pop the question?
You can tell something is about to happen as people get moved around to other places without job postings or only minimal announcements so that they avoid the threshing floor of restructuring.
Town Halls are a complete waste of time. The last few in Midland didn't say anything that everybody didn't already know - more layoffs, more asset sells, reorganization, were operating well, stock price s---s, we repaired the balance sheet, nah nah nah, nah - I think I'm going to throw up at the next one. The problem we have is that the same people who led us into this mess are the same ones trying to led us out of it. And there's not a single one of them who know how to run a lower 48 oil and gas company.
Field staff are more dispensable. As viewed from Houston , it is the field staff that is responsible for the cost overruns whether new drills , recompletions, work overs, facilities, etc, etc, etc. Not worth the expense of relocating field staff to Houston during the upcoming centralization. Look at the recent San Juan & Canadian asset sales. Field staff was either laid off or sold off to purchaser to be done with as purchaser sees fit. The new Lwr 48 BU can and will operate everything from Houston. As was stated by the OP, there will be no MCBU, no PAB BU, no Rockies BU, no GCBU, no SJBU. There will be only Eagle Ford, Bakken and Permian-Delaware unconventional plays. Who knows, may be able to make the unconventional plays commercial if field staff is no longer involved...they have made each of the plays a commercial disaster to date.
@fbp so you would rather keep center staff than field staff? I will not be surprised if management believe the oil will get itself out and separated magically to be sold while center staff do their daily 3 hour yoga routine, no work Fridays etc. This thinking is so hopeless and stupid & that's why I am sure this is the decision higher ups will take. I have lost all hope in this company, God please deliver us from this madness !!!!
COP puts the LIAR in peculiar.
Eventually there will be only be L48 BU and Alaska BU, just like the good ol' days eh y'all?
fbp, you are stating what obviously SHOULD happen but with Mr. L48 leading the restructuring, I bet his empire will just s--- in the center functions and he will not only survive but reign supreme- so so sad!
My bet is the Midland office will be significantly scaled down or possibly closed w/ functions being transferred and consolidated in Houston as part of the effort to reduce redundancy. After the Lwr 48 asset sales are completed, there will be very little remaining. There will be no MCBU, no SJBU, no GCBU, no Rockies BU. All will be rolled up into a Lwr 48 BU. Rightly or wrongly, future Lwr 48 will be an essentially all-in bet on non-commercial unconventional. There are no other alternatives. Lwr 48 BU will managed and operated out of Houston. There will be relatively few relocations as there is more than adequate staffing in Houston.
Suspect Mr. Lwr 48 will be casualty of upcoming restructuring as the position will be down-graded to a BU Manger position.
Sounds more than peculiar.