Southwestern's severance was also generous from what I heard (9 months pay, 18 months cobra, payout of any unvested LTI). They did revise the change of control prior to the merger announcement with CHK.
Houston..we have a problem....
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Last: 4 hrs ago by fixer
Sorry ahead of time for the long post. I have followed this thread for years and always appreciate your perspectives.
All of your posts likely hold some truths. 3 weeks per year is better than what I received when Texas Instruments closed our Stafford plant in my previous job and I will be just fine, but when compared to other recent upstream oil company severances it does not compare favorably. Marathon is a great example.
The other piece of context to share is those of us that have been at Hess for over a decade have heard the same message from leadership the whole time. "We just need to get Guyana up and running and it will all be sunshine and rainbows" (Paraphrasing here obviously). We went through multiple layoffs / reorgs and now run very lean which creates a large workload, but we perform well, and the remaining employees generally carry their weight. Poor performers were let go long ago. All of us in my department loved the company and people and planned on retiring from Hess.
Then, as soon as we start printing money after years of hard work, John Hess just sells out and we get a severance package that is underwhelming when compared to other operator M&A's. But we can all take solace in the fact that he gets an extra 5 billion or so and a Chevron board seat.
I loved the culture and people and hate to see it just vanish, but it is what it is at this point. I expected 25-30% laid off, not 70%, particularly since Chevron leadership kept pushing this "Stronger together" message and emphasized how much their culture is similar to ours at our townhalls. Also, they expressed how eager to learn how we performed so well with so few people.
So, when you combine all the misleading messaging, the loss of the company and colleagues you loved, an underwhelming severance compared to other operators, and a way higher layoff percentage than any of us expected, you get a better idea of the frustrations Hess tower is dealing with this week.
Bkag9824, I had no idea Chevron employees are only getting 2 weeks per year. Is that on top of a 2-month base or something? I only knew they were laying of 15-20% of the company which is why I assumed we would lose ~30% or so. If I don't get a role at Chevron, I will likely have to find something outside of O&G, as there are very few openings and a ton of laid off professionals looking.
All of your posts likely hold some truths. 3 weeks per year is better than what I received when Texas Instruments closed our Stafford plant in my previous job and I will be just fine, but when compared to other recent upstream oil company severances it does not compare favorably. Marathon is a great example.
The other piece of context to share is those of us that have been at Hess for over a decade have heard the same message from leadership the whole time. "We just need to get Guyana up and running and it will all be sunshine and rainbows" (Paraphrasing here obviously). We went through multiple layoffs / reorgs and now run very lean which creates a large workload, but we perform well, and the remaining employees generally carry their weight. Poor performers were let go long ago. All of us in my department loved the company and people and planned on retiring from Hess.
Then, as soon as we start printing money after years of hard work, John Hess just sells out and we get a severance package that is underwhelming when compared to other operator M&A's. But we can all take solace in the fact that he gets an extra 5 billion or so and a Chevron board seat.
I loved the culture and people and hate to see it just vanish, but it is what it is at this point. I expected 25-30% laid off, not 70%, particularly since Chevron leadership kept pushing this "Stronger together" message and emphasized how much their culture is similar to ours at our townhalls. Also, they expressed how eager to learn how we performed so well with so few people.
So, when you combine all the misleading messaging, the loss of the company and colleagues you loved, an underwhelming severance compared to other operators, and a way higher layoff percentage than any of us expected, you get a better idea of the frustrations Hess tower is dealing with this week.
Bkag9824, I had no idea Chevron employees are only getting 2 weeks per year. Is that on top of a 2-month base or something? I only knew they were laying of 15-20% of the company which is why I assumed we would lose ~30% or so. If I don't get a role at Chevron, I will likely have to find something outside of O&G, as there are very few openings and a ton of laid off professionals looking.
maroonbleeder said:
"We just need to get Guyana up and running and it will all be sunshine and rainbows" (Paraphrasing here obviously). We went through multiple layoffs / reorgs and now run very lean which creates a large workload, but we perform well, and the remaining employees generally carry their weight. Poor performers were let go long ago. All of us in my department loved the company and people and planned on retiring from Hess.
My boss, also the owner, has said for years - "You're such a big part of our success, when we sell the business, I want you and x, y and z, to be able to cash life changing checks."
It's a great sentiment and most of the time I really believe he means what he says.
A couple times I've come back to him with a plan on paper wherein myself, x, y, and z will all be contractually obligated to receive life changing checks...and the number pales in comparison to where he'll be.
He's never gone through with executing that doc. We'll see. It doesn't make your situation hurt less or the sentiment any less true.
Best of luck to you and your team! I have a relative who retired 2 times from Hess and loved the company.
Sims said:maroonbleeder said:
"We just need to get Guyana up and running and it will all be sunshine and rainbows" (Paraphrasing here obviously). We went through multiple layoffs / reorgs and now run very lean which creates a large workload, but we perform well, and the remaining employees generally carry their weight. Poor performers were let go long ago. All of us in my department loved the company and people and planned on retiring from Hess.
My boss, also the owner, has said for years - "You're such a big part of our success, when we sell the business, I want you and x, y and z, to be able to cash life changing checks."
It's a great sentiment and most of the time I really believe he means what he says.
A couple times I've come back to him with a plan on paper wherein myself, x, y, and z will all be contractually obligated to receive life changing checks...and the number pales in comparison to where he'll be.
He's never gone through with executing that doc. We'll see. It doesn't make your situation hurt less or the sentiment any less true.
Best of luck to you and your team! I have a relative who retired 2 times from Hess and loved the company.
Its easier for an owner to say that when its a privately owned company. Hess and Chevron have shareholders to answer to. It still sucks and it definitely doesn't feel fair as an employee to bust your ass through lean times and then get cut out right before the fruit of the work will be enjoyed. John Hess may own the most of Hess stock and will receive the most from the buyout, but you also have Vanguard and Black Rock as major investors and you know they aren't going to take less to ensure the severed employees get a decent parachute. I would view the Hess situation as the norm rather than the exception.
I work for a decent sized public company and we have our M&A severance minimums clearly outlined in a policy. Yes, the board of the new company can change them but it's a pretty lengthy waiting period to do so.
100% agree. My point is...owners say a lot of things to motivate people that are empty rhetoric (whether they mean it that way or not). Doesn't mean anything until they write it down and both of you sign it.
CVX left standing goes into a short holding period, maybe a month or so if memory serves, and then it's 2 weeks/yrs of service.
I haven't heard latest numbers but I think CVX will be closer to 30% US workforce. US based HR target reduction is closer to 50-60% according to some sources. We are trying to lean out as much as possible, tons of back office support roles are being offshored.
I would encourage anyone working at a major corp like Chevron or Hess to take any positive "employees are the backbone of our company" or "we're going to be great partners" speak from senior leadership with an unhealthy dose of skepticism along with the largest grain of salt you can find.
I haven't heard latest numbers but I think CVX will be closer to 30% US workforce. US based HR target reduction is closer to 50-60% according to some sources. We are trying to lean out as much as possible, tons of back office support roles are being offshored.
I would encourage anyone working at a major corp like Chevron or Hess to take any positive "employees are the backbone of our company" or "we're going to be great partners" speak from senior leadership with an unhealthy dose of skepticism along with the largest grain of salt you can find.
Dont severed Hess employees also receive full bonus payout (20%+), full LTI vesting, and get a big retention bonus if they stayed on until the merger happened? That is what I heard from someone at Hess. This is likely a very significant amount of money that most corporate employees would never receive at other companies after a layoff.
As someone who has been laid off a few times in my career, I sympathize for the Hess folks. But Hess employees were very well paid, above average bonuses, pension + great 401k match. I dont think Hess employees realize how good they had it. Not to mention they basically got a 2 year advanced notice from when the chevron buyout first got announced in 2023. The last time I got laid off I got a few hours notice and a 2 week severance lol.
John Hess and his father created many many millionaire employees since Leon Hess started the company in 1933. From everything Ive heard, John Hess didnt have any family members to leave the company to, so decided to sell it and enjoy his retirement. Cant blame the guy for that.
I do hope everyone at Hess finds other employment soon or gets to stay on with Chevron. God bless to everyone dealing with layoffs.
As someone who has been laid off a few times in my career, I sympathize for the Hess folks. But Hess employees were very well paid, above average bonuses, pension + great 401k match. I dont think Hess employees realize how good they had it. Not to mention they basically got a 2 year advanced notice from when the chevron buyout first got announced in 2023. The last time I got laid off I got a few hours notice and a 2 week severance lol.
John Hess and his father created many many millionaire employees since Leon Hess started the company in 1933. From everything Ive heard, John Hess didnt have any family members to leave the company to, so decided to sell it and enjoy his retirement. Cant blame the guy for that.
I do hope everyone at Hess finds other employment soon or gets to stay on with Chevron. God bless to everyone dealing with layoffs.
Will CVX sell the Hess Bakken asset?
If so.. who are the contenders?
If so.. who are the contenders?
nosoupforyou said:
Will CVX sell the Hess Bakken asset?
If so.. who are the contenders?
That's a good question. I saw an article yesterday talking about that very question. Approximately 40% of the full-time employees in North Dakota will be getting let go as part of this acquisition.
nosoupforyou said:
Will CVX sell the Hess Bakken asset?
If so.. who are the contenders?
I don't have direct insight so don't quote. But I would think those and Asia assets are first to be sold within the next ~24-36 months.
Neither are supportive of CVX's broader b-plan and are more a distraction than aligning on future growth opportunities in GoM (in-field tiebacks), W Africa, EMED, etc.
Let's not even talk about what a cluster the Noble acquisition has been. A lot of very smart folks have been planning the Hess acquisition for a couple years as mentioned in hopes of learning/improving on how these acquisitions go down. But time will tell if the new operating structure & philosophy play out.
bkag9824 said:nosoupforyou said:
Will CVX sell the Hess Bakken asset?
If so.. who are the contenders?
I don't have direct insight so don't quote. But I would think those and Asia assets are first to be sold within the next ~24-36 months.
Neither are supportive of CVX's broader b-plan and are more a distraction than aligning on future growth opportunities in GoM (in-field tiebacks), W Africa, EMED, etc.
Let's not even talk about what a cluster the Noble acquisition has been. A lot of very smart folks have been planning the Hess acquisition for a couple years as mentioned in hopes of learning/improving on how these acquisitions go down. But time will tell if the new operating structure & philosophy play out.
I'm a landman in the Bakken asset, only 3 of us cause we run so lean. We are very worried about tomorrow. We have 56 in our land department and I'm guessing a lot of them are getting laid off. Sad times, been there for 8 years and loved it.
Best wishes, sincerely.
Well I got an opportunity to stay on. The other 2 landman did as well. The rest of our group was not that fortunate. I would guess roughly 60% of the group got laid off.
Have yall heard yet ?
Have yall heard yet ?
I'm in a field role so I will not find out until I go off rotation. Wish me luck.
The D said:
Well I got an opportunity to stay on. The other 2 landman did as well. The rest of our group was not that fortunate. I would guess roughly 60% of the group got laid off.
Have yall heard yet ?
Congrats to you! Most in supply chain are getting temporary roles with Chevron through June 2026. I have only heard of 6 or so that have been offered permanent positions. There are probably more, but I just haven't heard everyone's status yet. The Bakken asset seems to have a higher percentage of permanent role offers.
I have been offered a temporary role through January 2027. I obviously would have preferred a permanent role, but this gives me a long runway and I'm hopeful I can earn a permanent role in that timeframe. An improving oil and gas price / industry would be helpful on that, so everyone here needs to start taking road trips.
maroonbleeder said:The D said:
Well I got an opportunity to stay on. The other 2 landman did as well. The rest of our group was not that fortunate. I would guess roughly 60% of the group got laid off.
Have yall heard yet ?
Congrats to you! Most in supply chain are getting temporary roles with Chevron through June 2026. I have only heard of 6 or so that have been offered permanent positions. There are probably more, but I just haven't heard everyone's status yet. The Bakken asset seems to have a higher percentage of permanent role offers.
I have been offered a temporary role through January 2027. I obviously would have preferred a permanent role, but this gives me a long runway and I'm hopeful I can earn a permanent role in that timeframe. An improving oil and gas price / industry would be helpful on that, so everyone here needs to start taking road trips.
Glad at least a temporary solution worked out for you!
We had a few get temp roles as well into next year. Some until January, some until June. I feel terrible today, some of the people I thought would stay didn't, and vice versa.
Hope the $750 billion energy deal to sell to Europe helps some of you guys out. Maybe it'll put those new LNG facilities to work.
The left cannot kill the Spirit of Charlie Kirk.
I may be working with you in the future once we decide how this asset will be handled.
What's your role w/in supply chain? I'm also in supply chain, different operator, though.
htxag09 said:
What's your role w/in supply chain? I'm also in supply chain, different operator, though.
htxag09,
I have had multiple roles in my 13-year stint at Hess, but for the last 5 years I have been the tactical procurement manager. My team gathers quotes and buys most of the materials for our GoA, Bakken and indirect assets. I also implemented Amazon business for Hess, and I administer that.
I'm in category management for a downstream/midstream company. Good to see other supply chain Ags out there and hope for the best for everyone.
BPCAg05 said:
I'm in category management for a downstream/midstream company. Good to see other supply chain Ags out there and hope for the best for everyone.
Nice. I'm also in category management, but for an operator.
IPO alert for AMPQ, a chipmaker in Austin.
https://www.marketwatch.com/story/ambiq-will-soon-make-its-ipo-debut-heres-what-to-know-about-the-ai-chip-company-debc787b
https://www.marketwatch.com/story/ambiq-will-soon-make-its-ipo-debut-heres-what-to-know-about-the-ai-chip-company-debc787b
The left cannot kill the Spirit of Charlie Kirk.
This was an interesting drop yesterday Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal | Reuters
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
CivilEng08 said:
This was an interesting drop yesterday Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal | Reuters
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
Probably left over GE folks trying to follow the "little bit of everything" model GE did for a while.
Sims said:CivilEng08 said:
This was an interesting drop yesterday Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal | Reuters
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
Probably left over GE folks trying to follow the "little bit of everything" model GE did for a while.
Thats kind of what BH was even before GE got involved. Its just an amalgamation of random oil and gas related products/services that BH has acquired over the decades, which i guess is true of all the service companies. But with BH I can't think of what their core product is. It seems like 40 different companies that all happen to have the same logo/name and shared HR policies.
Chart and FlowServe were originally announced to be merging but then BH offered a better deal.
Chart is a key vendor for me so watching this transition with care.
Chart is a key vendor for me so watching this transition with care.
TPS is their core product
HouAg12 said:
TPS is their core product
I didn't even know they were in that field. But for my little corner of the industry I just care that the offshore vessel has power that we can tie in to.
Here are their segment financials. No idea what brand is for what segment
What do you boys want for breakfast BBQ ?.....OK Chili.
MAROON said:
Here are their segment financials. No idea what brand is for what segment
And if they are anything like my employer those segments will be merged, unmerged, renamed, and merged again within the next 3 years. I have to look at a cheat sheet to know what segment I'm in most days.
cajunaggie08 said:Sims said:CivilEng08 said:
This was an interesting drop yesterday Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal | Reuters
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
Probably left over GE folks trying to follow the "little bit of everything" model GE did for a while.
Thats kind of what BH was even before GE got involved. It's just an amalgamation of random oil and gas related products/services that BH has acquired over the decades, which i guess is true of all the service companies. But with BH I can't think of what their core product is. It seems like 40 different companies that all happen to have the same logo/name and shared HR policies.
I feel same way about NOV and Oil States…just a giant mix of different things
tommyjohn said:cajunaggie08 said:Sims said:CivilEng08 said:
This was an interesting drop yesterday Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal | Reuters
I can't figure out where BH is headed anymore. Seems like they have an identity crisis.
Probably left over GE folks trying to follow the "little bit of everything" model GE did for a while.
Thats kind of what BH was even before GE got involved. It's just an amalgamation of random oil and gas related products/services that BH has acquired over the decades, which i guess is true of all the service companies. But with BH I can't think of what their core product is. It seems like 40 different companies that all happen to have the same logo/name and shared HR policies.
I feel same way about NOV and Oil States…just a giant mix of different things
Oil States is both a vendor and competitor for my product line. Thy joys of M&A.
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