I’ve been with the company for over 15 years, I started with Phillips Petroleum way back then. I’ve seen things go up and down, and if you feel like you are freaked out with the drop in prices please relax – things will always go up and down for us and we always do well after the storm. I know that the stock price dropped from 85 to almost 60 but that’s inevitable given the drop in the oil prices, we will bounce back as we still have a sound business model. Ryan Lance is a great leader and he simply gets it. I heard some rumors about Denbury Resources – that may be soft a bit but overall we should have a good year next year (2015). Good luck and God bless.
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GRE they laid off older, high income staff. Who said old age is fun!
Who is responsible for selling the company to the highest bidder at 100 and then laying off the employees when the people that run the company are to be blamed. Most of the laid off people cannot find reemployment and become unproductive. Change the laws so that the right people get fired when companies miss targets. Workers should only be fired for poor performance and other specific valid reasons.
What soft rumors did you hear about Denbury?
GGRE are going to take the biggest hit. The field folks are safer because we need the wells up and running. No, the "leaders" have really screwed this one royally. They ramped up too agressively without anticipating the future commodity fluctuations. Every unit is getting hit with a minimum 20% reduction. It is tough around here right now.
Ryan Lance f***ed up and he should be the first to get fired
What about the useless twits that select new furniture and help y'all move into nicer offices? I think these interior design positions are soon going to fall under some scrutiny.
It will turn out to be more than 3%. So far the major cuts are happening in upstream - oil services providers are being hit the most. Baker, SLB, HAL, etc. No much impact to us...
Is Calgary going to be affected?
I hear that 3% will be let go
Geophysicists are very hard to find, I do not think this layer will be affected
Engineers/Geologists/Geophysicists should be just fine. It's the field workers and maybe a decent amount of field engineers (drilling, completions, stimulation) which might get the pink slips.
The 1980s energy bust adversely impacted the size of Oil industry's work force, leaving companies without the experience and knowledge they needed when prices rose and work picked up again. I hope we do not make the same mistake again.
I say less than competitors
I think we'll have smaller cuts but nothing major, we have to live through this and we'll come back stronger. Our execs always invest into future - this is my honest opinion and I am not on Conoco kool-aid