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Old 10-07-2015, 07:25 AM   #81
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Rough numbers from conoco:

100 staff layoffs last week
300 staff layoffs today
100 contractor layoffs today
Those are some pretty ugly numbers for sure.

A 'well placed' friend suggested that the numbers are especially bad because a number of projects (including Surmont) are winding down. Some of this was scheduled (sort of) regardless of the market, not that it makes it any better....

Good grief; pretty grim times.
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Old 10-07-2015, 08:45 AM   #82
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Heard about lots at Cenovus yesterday....
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Old 10-07-2015, 08:54 AM   #83
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I think this has likely been the worse week yet for producers and it's only Wednesday
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Old 10-07-2015, 08:56 AM   #84
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Oil is $49.49 today. If it breaks $50 by noon, I'm ordering a Subway, double meat.
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Old 10-07-2015, 09:02 AM   #85
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Its budget season. Plans for next year are in place. Need to get severances paid out on this years balance sheet as its a write off anyway.

This round or perhaps one more in November if Boards reject the initial budgets and that should bring to a sustainable level of staffing for the current oil price. Except for the EPC's and construction sides as they still have some work left from earlier in the year so you will still see layoffs from them.
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Old 10-07-2015, 09:03 AM   #86
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Oil is $49.49 today. If it breaks $50 by noon, I'm ordering a Subway, double meat.
I thought we all agreed not to piss away another boom.
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Old 10-07-2015, 09:35 AM   #87
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Just got an email from my buddy at Cenovous who is currently sitting in his office with the door closed..... waiting.
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Old 10-07-2015, 09:47 AM   #88
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I would go around knocking on doors just to add a little fun to an otherwise awkward day.
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Old 10-07-2015, 09:59 AM   #89
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I would go around knocking on doors just to add a little fun to an otherwise awkward day.
That would, deservedly, carry a high risk of injury.
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Old 10-07-2015, 10:05 AM   #90
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COS rejected Suncor's buyout offer. It will be interesting to see how the market reacts. Stocks have been surging in the last couple of days, and lots are still up today, but are starting to pull back from their gains this morning. I wonder if it will trend into the red.
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Old 10-07-2015, 10:22 AM   #91
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COS rejected Suncor's buyout offer. It will be interesting to see how the market reacts. Stocks have been surging in the last couple of days, and lots are still up today, but are starting to pull back from their gains this morning. I wonder if it will trend into the red.
Adopting a poison pill after a hostile offer could be contentious.
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Old 10-07-2015, 10:24 AM   #92
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Adopting a poison pill after a hostile offer could be contentious.
I've seen that used by a couple of sources this morning. What does it mean by "poison pill?" Is that used to describe a company that needs a buyout but didn't take it?
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Old 10-07-2015, 10:29 AM   #93
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I've seen that used by a couple of sources this morning. What does it mean by "poison pill?" Is that used to describe a company that needs a buyout but didn't take it?
Basically they implemented a share plan whereby if they ever get another unsolicited offer that goes directly to shareholders, as soon as that buyer amasses 20% holding in the company, every other shareholder then has the option to buy additional shares for very cheap. Effectively diluting any purchasers share holdings in half.

(If I read it correctly).


The Suncor offer is technically still on the table and open (it went to the Shareholders and not board/management, so they can't really just reject it themselves).
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Old 10-07-2015, 10:37 AM   #94
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I've seen that used by a couple of sources this morning. What does it mean by "poison pill?" Is that used to describe a company that needs a buyout but didn't take it?
A poison pill is a takeover defense that a company can use when faced with a hostile takeover.

Basically, it gives COS shareholders of record prior to the takeover offer the right to purchase additional shares at a substantial discount - which provides them with instant profit, while diluting the shares acquired by SU (they don't get to participate in the discounted shares). Essentially makes a takeover more expensive for SU.

Generally though, the defense should be in place prior to receipt of a hostile offer, which it wasn't in the case of COS and SU. Amending your shareholder rights plan after the fact is problematic, as it might not hold up to a legal challenge by SU.
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Old 10-07-2015, 01:37 PM   #95
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Oil is $49.49 today. If it breaks $50 by noon, I'm ordering a Subway, double meat.
You jinxed it. 47.75 right now.
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Old 10-07-2015, 01:58 PM   #96
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You jinxed it. 47.75 right now.
Alright everyone nothing to see here, get back to eating the pizza or veggie subs...
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Old 10-07-2015, 02:46 PM   #97
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Alright everyone nothing to see here, get back to eating the pizza or veggie subs...
Nope, it's cream from the work fridge for me today.
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Old 10-07-2015, 02:49 PM   #98
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Nope, it's cream from the work fridge for me today.
Take what you can while you can! Soon that cream is going to be gone and you are stuck with just splenda
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Old 10-07-2015, 03:08 PM   #99
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um that took a weird turn.
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Old 10-07-2015, 03:24 PM   #100
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So what doesn't this thread have now?
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