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Old 10-22-2019, 09:03 PM   #5181
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Was just coming here to post about 233 million in tax breaks that Husky got.

I dunno. Maybe we deserve this? People keep selling the fantasy of slashing taxes for the wealthy and corporations, and this #### keeps happening.
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Old 10-22-2019, 09:04 PM   #5182
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The $233 million they "received" is revising an estimate for what's called future income taxes to account for the differences in how income for tax compliance and income for financial reporting is calculated and the extra taxes they expect to pay in the future because of these differences...with a lower tax rate they are saying the amount they would pay in the future will be lower than they originally estimated.

TLDR: they didn't receive a $233 million refund cheque from the government. They just expect to pay less in the future.
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Old 10-22-2019, 09:06 PM   #5183
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233 million in future breaks? Well, we all stand corrected! That's not real money because it hasn't happened yet.
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Old 10-22-2019, 09:17 PM   #5184
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233 million in future breaks? Well, we all stand corrected! That's not real money because it hasn't happened yet.
Oh, I don't disagree that the company is better off paying less down the road, but it will take many, many years for those tax savings to make it into their bank account when they pay less in taxes.
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Old 10-22-2019, 09:17 PM   #5185
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They also had $248 million profit in Q1 this year.
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Old 10-22-2019, 09:35 PM   #5186
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Oh, I don't disagree that the company is better off paying less down the road, but it will take many, many years for those tax savings to make it into their bank account when they pay less in taxes.

Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs
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Old 10-22-2019, 09:43 PM   #5187
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Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs

Oh come on. If you want to start a thread about Bombardier go for it. But you're getting off topic here.
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Old 10-22-2019, 09:49 PM   #5188
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and so, if the Libs were defeated last night, what was their move?
Same thing?

I don't think the companies care who won. At the end of the day both parties have done jack to help the oil industry.
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Old 10-22-2019, 09:52 PM   #5189
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Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs
I might not be clear on what I am saying/what my position really is. One key part I missed saying is that this future tax provisions where the estimate was revised earlier this year was built up over time, and Husky would have been showing lower earnings because they estimated their future taxes at the higher rate in place in the past. But a quick change in the rate causes them to revise what was done in the past. They showed lower profits then over time, and higher one time today.

Look, the optics suck. They really do. Layoffs suck too, especially when a company should be making more money after having a lower tax rate in the coming years. I'm personally a firm believer that society is better off when the corporation treats its employees well being just as importantly as making a profit. You have more people working, making money, supporting the economy than if Scrooge McDuck is sleeping on his pile of coins.

All I am trying to say is the narrative isn't quite as simple as people are making it out to be.
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Old 10-22-2019, 11:17 PM   #5190
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Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs
Says the guy over in the election thread excusing dirty back room dealing to save a corrupt company as political business as usual.

This is a transparent tax break for a company. One to help off set the challenges their facing. Layoffs happen especially given the artificial headwinds created by our government.

But ya, that high horse of yours. Lets talk about that.
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Old 10-22-2019, 11:19 PM   #5191
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Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs
Perhaps you should ask your dad for his opinion?
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Old 10-22-2019, 11:43 PM   #5192
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A bad day for people at Husky and CNRL, sorry to hear about those job losses. It is not an easy process or decision.

I think one of the more understated issues today though, are the changes to work in industry downtown. You’ve got computers and software doing more heavy lifting than ever before. You have the shale revolution which has reduced the need for geosciences and land personnel. You have technical disciplines for large areas in engineering that can be covered off by techs or service support roles. It’s a different industry than even just 5-10 years ago.
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Old 10-23-2019, 06:52 AM   #5193
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Layoffs have always happened in the oil industry in Calgary, always, since like the 70’s. Always have, always will. To suggest the election had anything to do with the Husky layoffs is ridiculous, plain and simple.

How did this thread even exist before Monday?
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Old 10-23-2019, 11:25 AM   #5194
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Maybe we should give them a one time gift in the name of share holder value? Perhaps a couple billion? Get some dividends sent out? Really do so some good for the shareholders and perhaps a bonus for some of the VIPs
At least figure out what the you're talking about before making comments like this. If the number is a future income tax number as Calf is mentioning, then it's mainly an estimated tax liability for the difference between the acquisition cost and the FMV of the assets if the assets were to be sold. The FMV of O&G assets is super low right now, so the estimate was revised to better reflect the current value of O&G assets. This is not the same as the government cutting the a cheque.

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Layoffs have always happened in the oil industry in Calgary, always, since like the 70’s. Always have, always will. To suggest the election had anything to do with the Husky layoffs is ridiculous, plain and simple.

How did this thread even exist before Monday?
Agreed.

At least from an HR perspective, I'm pretty sure the head rolling was planned a long time in advance. Some people are kidding themselves if they think the election was remotely close to the reason why these layoffs occurred. The election was a smoke screen and excuse for a pre-planned layoff whether it ended up a Conservative or NDP Majority to the current Liberal minority result. Tons of companies have 20-30% targets that essentially have 6-24 months year timeline targets.

I'm listening to a plethora of stories from many HR contacts of many companies desperately slashing head counts, even if they don't have media attention (especially foreign companies that are losing a ton of money). The nastiest stuff I've been hearing is at least (4-5 cases of friends or a friend of a friend) is employees being welcomed back from maternity leave a few days early with an option of:
1. Sign this form and resign so we don't have to report your number as a layoff. Receive a package, maybe outplacement if we feel generous.
2. Come back to work to your old role or we may even downgrade your role. Do this knowing full well you're on the list for the next round of layoffs which might be in a few weeks or months. The package likely won't be as good at that time, and if we downgraded your role, that's the salary we get to calculate the severance at, not the salary you had before you went on maternity leave.

You can negotiate your package if it's a case by case basis and not a full on mass layoff. Usually the severance stuff is non-negotiable, but you can always try to argue for a slightly extended end date, benefits and outplacement services + extended outplacement services duration.

It's really nasty out there right now with toxic environments entering radioactive range. It's also really damn hard to stay positive in many companies who make announcements in town halls and everyone realizes that a significant portion of them is essentially a dead man walking. Anyone affected by all of this, you have my condolences. My family hasn't walked away from these last few years unscathed either. Taking a major role downgrade to keep treading water sucks major, but it is already on the lucky side. It's fricken rough right now and most companies aren't exactly hiring.
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Old 10-23-2019, 07:34 PM   #5195
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Old 10-23-2019, 10:51 PM   #5196
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A bad day for people at Husky and CNRL, sorry to hear about those job losses. It is not an easy process or decision.

I think one of the more understated issues today though, are the changes to work in industry downtown. You’ve got computers and software doing more heavy lifting than ever before. You have the shale revolution which has reduced the need for geosciences and land personnel. You have technical disciplines for large areas in engineering that can be covered off by techs or service support roles. It’s a different industry than even just 5-10 years ago.
Can confirm it didn't happen at CNRL, other news, my team is going through a sale right now and it's just carnage in the Calgary office. Lots of people quitting etc.

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Old 10-23-2019, 10:54 PM   #5197
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Can confirm it didn't happen at CNRL, other news, my team is going through a sale right now and it's just carnage in the Calgary office. Lots of people quitting etc.


That’s interesting that people feel comfortable enough to quit. Are they just jumping into the abyss or do they feel there is somewhere to go?
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Old 10-23-2019, 11:27 PM   #5198
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Can confirm it didn't happen at CNRL, other news, my team is going through a sale right now and it's just carnage in the Calgary office. Lots of people quitting etc.
Power/generation business?
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Old 10-23-2019, 11:28 PM   #5199
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Power/generation business?
O&G/pipelines

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That’s interesting that people feel comfortable enough to quit. Are they just jumping into the abyss or do they feel there is somewhere to go?
Didn't ask to be quite honest. I don't work in Calgary anymore, although my project team is based out of there.
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Old 10-24-2019, 12:18 AM   #5200
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Why did people run with the cnrl rumor as fact without confirming?

First thing we should have done Tuesday morning is fact check everything we read after an election full of lies, fear mongering and embellishments.
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