- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Marathon Oil warns of mass Houston layoffs after merger
Posted on 10/31/24 at 12:12 pm
Posted on 10/31/24 at 12:12 pm
quote:
Marathon Oil's pending $22.5 billion merger with ConocoPhillips will result in significant layoffs as the Houston oil giants consolidate their staffs.
First reported by Houston Business Journal's Naomi Klinge, Marathon penned a Worker Adjustment and Retraining Notification Act (WARN) letter detailing the layoffs to the Texas Workforce Commission. The layoffs will begin after the companies close their merger during the fourth quarter.
Per Klinge, Marathon's WARN letter detailed a 12-month period after the deal's closure in which "more than 500 workers" at the company's Houston HQ will be laid off. Those tabbed for layoffs will be notified of termination within a month of ConocoPhillips ending its acquisition of Marathon Oil.
Not all workers will immediately lose their positions, with some staying on in transition roles. Klinge reports that Marathon is expecting to keep its west Houston facility at the southeast corner of Interstate 10 and Beltway 8 near the CityCentre complex.
quote:
Marathon's pending layoffs continue a growing trend among oil giants in the Houston area. In September, a report published by Reuters stated Shell Global would cut a significant portion of its upstream workforce, trimming oil and gas exploration staff by 20 percent. While not confirmed, the Houston company employs 9,000 workers in the Bayou City, and indicated it was looking at all avenues to reduce costs while improving performance.
LINK
I know this happens just about every time with these large M&A’s. I’m guessing a combination of duplicate positions and low performers.
Just hope none of the good baws or bawettes on here are amongst the group.
10
Posted on 10/31/24 at 12:16 pm to ragincajun03
makes sense - you don't need double the HR staff, double the legal staff, double the executive staff.
Posted on 10/31/24 at 12:16 pm to ragincajun03
quote:
Just hope none of the good baws or bawettes on here are amongst the group.
I worked for and retired from Marathon upstream.
Posted on 10/31/24 at 12:16 pm to ragincajun03
Late stage capitalism.
Posted on 10/31/24 at 12:18 pm to ragincajun03
quote:
I know this happens just about every time with these large M&A’s.
I have a decent sized chunk of their stock, it usually spikes after a merger but I'm going to have to keep an eye on this
Posted on 10/31/24 at 12:18 pm to ragincajun03
quote:
Marathon is expecting to keep its west Houston facility at the southeast corner of Interstate 10 and Beltway 8 near the CityCentre complex.
I used to work in their building here, it was state of the art with daycare, two restaurants, gym,
Posted on 10/31/24 at 12:19 pm to waiting4saturday
quote:
you don't need double the HR staff, double the legal staff, double the executive staff.
Baw…I’m gonna disagree with that middle one!
Posted on 10/31/24 at 12:20 pm to ragincajun03
At my last job, we changed ownership twice in a few years, it was a bloodbath every time
Posted on 10/31/24 at 12:21 pm to 777Tiger
quote:
I have a decent sized chunk of their stock
They never were really good at anything. Just rode along and rode along. Even keel.
Posted on 10/31/24 at 12:22 pm to waiting4saturday
“you don't need double the HR staff, double the legal staff, double the executive staff.”
You make sense but I guarantee that will not be the scope and target of the layoffs..
Fwiw you marathon guys.. I was with a small independent that was bough by CoP. we all were upset at being back with a major.. I found CoP a great company.. left but it was for a special opportunity and not frustrated with CoP..
Good luck.. hope you get a nice severance and a new opportunity you love..
You make sense but I guarantee that will not be the scope and target of the layoffs..
Fwiw you marathon guys.. I was with a small independent that was bough by CoP. we all were upset at being back with a major.. I found CoP a great company.. left but it was for a special opportunity and not frustrated with CoP..
Good luck.. hope you get a nice severance and a new opportunity you love..
Posted on 10/31/24 at 12:27 pm to Thecoz
Will be life-changing opportunity for those with entrepreneurial spirit.
Posted on 10/31/24 at 12:28 pm to ragincajun03
Sucks for Marathon execs but this was fully expected when the merger was announced
Interesting to see what the long-term effect this merger will have for ConocoPhillips stockholders
Interesting to see what the long-term effect this merger will have for ConocoPhillips stockholders
Posted on 10/31/24 at 12:28 pm to ragincajun03
Made 400,000 BOE a day while I worked for them for my final ten years. Still making 405,000 BOE a day ten years after I retired.
Posted on 10/31/24 at 12:28 pm to ragincajun03
Shell is laying off a bunch of personnel as well
Posted on 10/31/24 at 12:29 pm to SportsGuyNOLA
quote:
Sucks for Marathon execs
execs will always come out like a bandit post mergerPosted on 10/31/24 at 12:29 pm to Thecoz
I’ve heard lots of negative experiences from folks who worked at Shell and Exxon. At least upstream Exxon/XTO. Not much downstream/petrochem.
Never really heard any negatives experiences from employees or former employees of Conoco. Kind of like Chevron. Unless someone just ended up with a horrible arse manager or director suddenly, folks I’ve talked with regarding Chevron generally had overall positive experiences.
Never really heard any negatives experiences from employees or former employees of Conoco. Kind of like Chevron. Unless someone just ended up with a horrible arse manager or director suddenly, folks I’ve talked with regarding Chevron generally had overall positive experiences.
Posted on 10/31/24 at 12:32 pm to aTmTexas Dillo
quote:
Just rode along and rode along. Even keel.
made a pretty good jump not too long after I bought in a few years back, maybe time to let it go, got it around $5-6
Posted on 10/31/24 at 12:34 pm to supatigah
quote:
Shell is laying off a bunch of personnel as well
You all know this means oil and gas companies are slowly drying up. Onshore conventional is about dead. Offshore is extremely difficult and expensive and unconventional US is quite mature now. Will still be punching infill horizontal wells in the shale plays. But for those of you ten years in, you will see many changes.
Offshore GOM was hot as hell when I hired on. And onshore GOM was still pretty active at that time. I started in Laffy and what a fun town that was back in the day.
Posted on 10/31/24 at 12:41 pm to aTmTexas Dillo
started in Laffy and…..
La Fondas on Friday:)… most did not go back to the office….
Work hard… play hard… amoco… early 80s
La Fondas on Friday:)… most did not go back to the office….
Work hard… play hard… amoco… early 80s
Posted on 10/31/24 at 12:52 pm to waiting4saturday
quote:
makes sense - you don't need double the HR staff, double the legal staff, double the executive staff
Yep. These merger related layoffs massacre the white collar ranks. “Administrative synergies.” It’s one of the main reasons these mergers happen. They pay for the costs with your salary.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News