Stay for a possible layoff check at big Oil?

LastOfTheBoomers said:
I saw this comment on Bloomberg this morning:

@AJInsight: US oil shale breakevens (including amortized drilling costs) Eagle Ford high 50s, Bakken low 60s, others 70-80 per Strategas/Rystad. WTI $64

Adam is a good guy to follow on Twitter
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I'd have to see the details of his numbers but there are certain things to keep in mind about crude pricing. The first is that the price of a specific crude depends on it assay - how much boils at each temperature cut point. Next, the shale oil is not WTI. It typically has more low boiling point material than WTI but they are different. Most shale oil wells do not have access to the major pipeline networks. That means that production has to be trucked either to a terminal or to the actual refinery. This really depresses the wellhead price.

I suspect drilling will continue to fall until more stability returns to the market. It's really looking to find its level. In the face of massive uncertainty, most businesses will do nothing.
 
Grigori said:
I've scheduled vacation out to January 23rd, so I can be home. It's not retired, but it's still out of the office. I'll just wait and see if I hear anything from the company.
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I have often found in the past that taking significant time off (3-4 weeks), typically around holidays, has resulted in me separating from the employment mentally. This would often result in it being very hard to go back after the break. Perhaps you can use this psychological trick to your advantage.

In my case, after I had taken ~ 14 months of unpaid leave to care for my mother, it became crystal clear to me that I would not be returning when the leave finally expired.

-gauss
 
I actually think that the mass layoff scenario you outline may take longer than you think.

Christmas / New Year - most companies would not embark on a layoff in this period unless things were truly desperate. Big Oil may be damaged, but hardly desperate.

Drilling will continue just based on momentum, existing contracts, committed materials, ect for three to six months. All of the recent shock has happened suddenly, most of the oil companies want to take three months at to evaluate without jumping into a major pull back plan which is going to be A. Expensive and B. Difficult to reverse once implemented.

So from your standpoint, it seems unrealistic to depend on a golden handshake suddenly appearing from HR in the near term.


Sent from my iPad using Early Retirement Forum
 
Retired Today !

Today, I am Retired Early ! :dance::dance::dance::dance:

NO KIDDING - I can't believe it myself that I'm home now.

Thanks to all of you ... you helped me hang in there another week or so.

I went into the office at 6:30 am, expecting a hard day on some year end reserves stuff, and the boss came by and escorted me to the conference room and the HR rep with the waiting package. The boss told me my performance had improved for a while, but had gone back down, and they were letting me go. I was not expecting this, and had no clue it was coming. I'm so glad I didn't quit early this week even though I felt that I almost couldn't stand it anymore !

I didn't have to go through that probably long shot plan I had thought out to get into mass layoffs.

It's not very dignified to not have a going away lunch, and a speech about my great accomplishments, but I'm going to get a $157,000 gross severance check ! :LOL: Their estimated net assuming 25% Federal tax is $117,700, They did not include FICA and perhaps other taxes. Seems like it's pretty much of a home run scenario. I'll have COBRA, and some other benefits. When I calm down, I'll look at the package more closely. Our net base expenses average $67,000 per year, and medical, tax, post retirement add to that number. Less than $100,000 I'm sure.

When the boss was leaving he offered his hand. I shook it, but did not stand. And I just couldn't find it in me to jump up, hug him, and give him the big wet kiss he deserved, and I wish I had given him. Merry Christmas !!

I had bags in my office, and was able to pack and bug out in less than 10 minutes with all my personal things.

I feel shocked, but happy ! :D:LOL::(:cool:;):dance:
I feel like I've been beat up in a boxing match, and won the lottery at the same time. Practically hyperventilating here, but I'm going to be fine. I'm pretty much going to try to chill now. Get outside and get the adrenaline out of my body. Talk to my wife. Do some yoga.
 
Congratulations!

Even though this isn't exactly how you saw yourself leaving, you are receiving the severance you wanted. I hope once the dust settles you can relax and enjoy your freedom.
 
Four stars, kid!

As I read the tea leaves, you should be able to pick up work in your field in about 12 months more or less. If you want. On your terms.

Today, you are a free man.
 
Congratulations! I am so happy for you. Merry Christmas!

I will look forward to your future posts to see how you are doing.
 
Definitely better than your plan to quit in January! Were you able to supress the smile on your face? I'm not sure if I could have.

Once you have the check cashed and no further ties with the company, perhaps you should call your old boss and tell him that you were planning to resign in January anyway but thanks for the severance. :D

Congratulations!!! :dance:
 
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Too bad they had to say your performance wasn't up to par. Guess you didn't single-handedly jack up the oil prices but let them fall some more.

I'm very happy for your reaction to it all-the feeling of freedom, you were ready to call it quits and had a plan. Now you get to know you never have the stress of going back. Keep us posted how it goes for you once the dust settles.

Getting your Cobra paid for and a large severance means your performance was just fine but big Oil found a way to downsize a little bit, a little sooner.
:dance::dance::dance:
 
Congratulations Grigori! I don't think it could have ended any better than this. Enjoy your ER!
 
Congrats...

Kinda surprised they gave you a package when they let you go for performance reasons.... but I am sure you do not care one iota...
 
Congratulations! I'm glad it worked out for you.
 
Congrats. I'm in oil (consulting) with an a-hole boss and I am jealous! Boy Howdy (as we say in Texas).


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Congrats! I'm reading this thread for the first time this morning, and was very pleased to get to the post where you were packaged out.

Sounds like Santa came early this year.
 
Just getting caught back up on this and what great news for you getting the severance package! Since you were going out anyway, having the extra severance bonus is just what you wanted. Kind of sucks they say your performance was below their expectations, but who cares now? Best Christmas present you could get.
 
Great! It was worth the wait. It doesn't matter what they said about your performance. I still would have thanked your boss for the nice vacation, car and boat you would be getting. I'd also would have found it hard to not mention I was about to retire anyway. :D

I've got four more "in-office" days until I resign/retire. :dance:

Unfortunately, there won't be any chance of a package.
 
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