TampaBaySkers said:

Dick pick as well?

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Submit those to @HuskerDocCo for review and rating.

Toe said:

ConocoPhillips says it will lay off up to 25% of its workforce, impacting thousands of jobs

Oil giant ConocoPhillips is planning to lay off up to a quarter of its workforce, amounting to thousands of jobs, as part of broader efforts from the company to cut costs.

apnews.com

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You do realize that these reductions are tied to merger synergies and cost-cutting in corporate functions, right? The merger closed November 2024. They both had headquarters in Houston, so you've got a lot of overlap there. That's how acquisitions and mergers work. I've done a lot of M&A in my career and I've yet to see one where you don't see a reduction of 10-25% of the workforce due to redundancy within the first 12-24 months. It's how you recapture your investment as quickly as possible.

BingoDingo said:

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jaihawk said:

You do realize that these reductions are tied to merger synergies and cost-cutting in corporate functions, right? The merger closed November 2024. They both had headquarters in Houston, so you've got a lot of overlap there. That's how acquisitions and mergers work. I've done a lot of M&A in my career and I've yet to see one where you don't see a reduction of 10-25% of the workforce due to redundancy within the first 12-24 months. It's how you recapture your investment as quickly as possible.

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Heavy cope on this one. A 20-25% RIF of post-closing consolidated operations is certainly not common place or how M&A is done (and if you'd played enough in cross-border deals, you'd know that redundancy is highly regulated in a number of countries). To put it into perspective for you a bit, the size of this RIF is greater than the entire Marathon workforce pre-closing. It's also a global RIF, which beyond just being expensive and a total pain in the ass to administrate, and Marathon and Conoco didn't have overlap in int'l ops. You also do not typically need to hire BCG to advise on ordinary course post-closing corporate function synergies. Ordinary course post-closing redundancy doesn't get leaked and there aren't global CEO town halls.

Notable that Chevron also just did a 15-20% RIF. Ignore the warning signs in O&G at your leisure.