Layoffs in the Oil Patch 3

[CaptainCrunch]

My sister had been with Husky for 30+ years and now she's not, I'm sure she got a decent package, but still devastating and stressful.

[Locke]

Originally Posted by CaptainCrunch

My sister had been with Husky for 30+ years and now she's not, I'm sure she got a decent package, but still devastating and stressful.

30 Years with one company is basically an entire career, and she gets a package on top of that? She can probably buy a small Caribbean Island.

[kevman]

Including a strong RRSP/stock matching program and being employed at a producer through the early 2000 boom years during the height of her career? That's not devastating - that's a perfectly timed retirement gift.

[CaptainCrunch]

Its mentally devastating more then financially devastating for her. I don't know what the package is looking like, but it probably sets her up well to walk away.

[Lubicon]

Originally Posted by OldDutch

2000 well paying jobs go poof. Taking taxes the pay and economic impact with them.

They can just get some training and get into green tech though so no worries. Back up and running in a few months.

Abysmal that our Fed gov’t has taken a raw situation and stood idly by. This has real human cost.

What's different this time around is the investment climate has been poisoned in this country making it difficult for juniors to start up. Traditionally there were always small juniors and mid sized companies to land at for many of those who were downsized during mergers. It was all part of the cycle. But that has changed and there are few juniors starting up now and therefore nowhere for these people to land.

[cDnStealth]

Originally Posted by Lubicon

What's different this time around is the investment climate has been poisoned in this country making it difficult for juniors to start up. Traditionally there were always small juniors and mid sized companies to land at for many of those who were downsized during mergers. It was all part of the cycle. But that has changed and there are few juniors starting up now and therefore nowhere for these people to land.

A lot of junior level work is being shipped over seas too.

[RichieRich]

Originally Posted by CaptainCrunch

Its mentally devastating more then financially devastating for her. I don't know what the package is looking like, but it probably sets her up well to walk away.

From personal experience it's tough on the ego and pride being walked out NOT on your own terms. From a package perspective, if she's at ~30yrs there then that likely puts her early to mid 50's and if she's been decent with her personal savings/investments then by all means she should be golden retiring from this profession now. That leaves passion projects, interests, further schooling, travel (at some point), personal development and focus. Hopefully her life and mental "self" are not purely work-related and she has outside interests and a solid network to lean on?

[OldDutch]

Crunch hit on it, but from watching co-workers in their late 50s get laid off is far tougher than one would think package or not.

There is a close but not close enough aspect to it. That they would have been happy to work 5-7 more years and coast out on their terms. From the people I know they pretty much think their done in the corporate world given their age.

As others noted taking a seasoned connected person on contract for a junior was always out there. That is gone. So despite the financial part being doable, its the mental part of thinking your done and retired from corporate work too soon.

On a positive I have seen many come back on contract because they are the only ones that know what’s going on. So I would tell them to look for those opportunities. They totally exist and you can keep busy and make double what you made for a while.

[the_only_turek_fan]

So what is the solution here?

Do we just sit idly by?

The Premier has to use every tool in his tool box and the only one that will get the attention of the country is to "turn the taps off"

I don't care who it affects or how much damage is done across the country we need to start taking care of ourselves.

The status quo is not acceptable nor is it sustainable.

Enough is ####ing enough. We tried the carrot (CLP under Notley) and now it's time for the stick.

Kenney is the most pathetic premier in my lifetime. Do something or resign.

I hate Trudeau. I hate Kenney. I hate everyone.

[Rutuu]

Originally Posted by OldDutch

Crunch hit on it, but from watching co-workers in their late 50s get laid off is far tougher than one would think package or not.

There is a close but not close enough aspect to it. That they would have been happy to work 5-7 more years and coast out on their terms. From the people I know they pretty much think their done in the corporate world given their age.

As others noted taking a seasoned connected person on contract for a junior was always out there. That is gone. So despite the financial part being doable, its the mental part of thinking your done and retired from corporate work too soon.

On a positive I have seen many come back on contract because they are the only ones that know what’s going on. So I would tell them to look for those opportunities. They totally exist and you can keep busy and make double what you made for a while.

Agree with all above...bolded part...watch out somebody's condo board, there's a new sheriff in town.

[Nufy]

Originally Posted by Rutuu

Agree with all above...bolded part...watch out somebody's condo board, there's a new sheriff in town.

Sorry about your sister Cap...but I lol'ed...

[CaptainCrunch]

Its ok, to laugh, that's actually really funny.

[RichieRich]

It's been quiet on this thread for 2 weeks... and now we have the next big announcement for Calgary O&G that guaranteed will result in more folks on the street. Arc Resources and 7Generation combining.



https://www.7genergy.com/investors/a...ic-combination

[CaptainCrunch]

Cenovus released their figures last night, I think they had a 10 billion dollar loss. Husky's final numbers were revenues of 13 billion and a 10 billion dollar loss.


I think, we're heading for another raft of layoffs.

[red sky]

Losses or net earnings don't result in layoffs. Non-cash impairments aren't reflecting over future economics.

[Mr.Coffee]

Originally Posted by RichieRich

It's been quiet on this thread for 2 weeks... and now we have the next big announcement for Calgary O&G that guaranteed will result in more folks on the street. Arc Resources and 7Generation combining.



https://www.7genergy.com/investors/a...ic-combination

There’ll be some layoffs here but not as many as other combinations because they don’t have a ton of operations overlap. You’ll still maybe get some office efficiencies maybe.

Hearing IPL and North River combining but that’s rumour and also there will be a pile more layoffs from TORC after Whitecap closes that deal.

Basically this whole year is spurring a ton of M&A which translates to cuts. Still, the environment is looking more positive into the future I think now than it did.

[Ducay]

Originally Posted by red sky

Losses or net earnings don't result in layoffs. Non-cash impairments aren't reflecting over future economics.

Non-cash impairments are literally to reflect future economics, but I do agree generally they dont result in layoffs, just more an indication future jobs wont be created.

Originally Posted by Mr.Coffee

Hearing IPL and North River combining but that’s rumour

You didn't see the other big news from this evening?

Brookfield Infrastructure launches $5.7-billion hostile takeover bid for Inter Pipeline

[Suave]

Originally Posted by Ducay

Non-cash impairments are literally to reflect future economics, but I do agree generally they dont result in layoffs, just more an indication future jobs wont be created.



You didn't see the other big news from this evening?

Brookfield Infrastructure launches $5.7-billion hostile takeover bid for Inter Pipeline

IPL rejected already.

[CaptainCrunch]

Don't know where it belongs because its not relatable, but it is comparible. Bombardier lays off 1600 people this morning.


Just a lot of mass layoffs happening across the country.

[Ahuch]

Originally Posted by CaptainCrunch

Don't know where it belongs because its not relatable, but it is comparible. Bombardier lays off 1600 people this morning.


Just a lot of mass layoffs happening across the country.

To be fair, I don't think I've ever seen a positive news article about Bombardier in the last 20 years. They just don't seem to be able to compete - the C-Series was the closest they got and they basically got bullied into giving everything to Airbus anyways.