I heard today that many staff will go to the new company who is purchasing the assets. I guess this will reduce the number of people who are laid off. I wish the best for those who are transferred to the new company with the assets.
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Hey old man! Cheers bud. Best of luck to you. Tenneco is a relic! Worked on some of their stuff years ago. Your insight is appreciated, unfortunately a lot of young folks won't have the opportunity you do to retire. The industry will take years to recover and when it does oil prices will go sky high again. This time there will be very few folks left. I feel for those guys, especially the ones with a bad taste left in their mouth- I don't think they will come back. Who ends up with all the money we made for these guys? Oh never mind. The board and Watson and Patricia and .... Man could they get by on less to keep the company's producing folks around? Probably, but they won't and who looses? Everyone else. Same story, different generation- sad to see them have to go through it.
Most of these "mom & pop" companies do not keep a O&M work force the use Danos, Island or one if the other contractors. I saw it when Chevron sold off Properties to Penzoil several guys were "sold" with the property. Then what happened a couple years later Penzoil is out. If you are young take any job you are offered. In the oil field crash of 85 & 86 I went 9 months without working. You couldn't buy a job flipping burgers. Right after I hired on with Tenneco we went up for sale and was bought by CVX. I took the job but it was 4 pay grades lower and took 5 years to make the same money I was making with Tenneco. At least I had a job and pay off the debt I had from not working. Things are much different for me now. I learned from my mistakes so this go round if Chevron says we don't need you I can just retire and do whatever I want.
Fieldwood, Venari, Ridgewood Energy Corp., and Talos Energy LLC are just a few of the possible buyers.
Fieldwood Energy LLC, which is backed by private equity firm Riverstone Holdings LLC, has bought Gulf of Mexico shelf properties from Houston oil and gas explorer Apache Corp. for $3.75 billion in 2013 and were looking to add more. They also bought SandRidge Energy’s Gulf of Mexico and Gulf Coast business unit for $750 million the same year, making them the 6th largest producer in GOM in 2014 after only one year in existence.
Ingrid Hillhouse is Vice President, Acquisitions previously worked for Chevron and is probably familiar with the assets.
Any idea on who the new owner is???
I believe they will have a brighter future with the new company. Welcome the opportunity and do your best.
Well said, Anon 494, very true...
Yeah... but what happens if the energy sector remains depressed for the next year? It's likely after one year on the job with the GOM asset purchaser that half the Chevron employees who transferred with the asset will be layed off. NO SEVERENCE, NO COBRA MEDICAL. Life is not always fair and there's no guarantee of ever keeping a job as long as one would like. Good luck to all who are forced to work for the new employer. And as famously said by The Who in one of their signature songs; Meet the new boss... Same as the old boss!