Cenovus...

[Disoblige]

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I’m sure it’ll be better than Stellantis.

So where is the opportunity in this. Will there be a flood of homes in the 600-800k?

I mean between suncor and cenovsky (4500 projected lay offs), would 5% of those people have expensive homes needing to sell?

Could be an offload of 250 homes in that price range. Of course this is rough Marth.

$1 mill+ I can see, but how many people who get laid off would need to be forced to sell a 600-800k home? Are people that irresponsible? Just make it work, jesus lol.

[Xtrema]

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So where is the opportunity in this. Will there be a flood of homes in the 600-800k?

Neighbor who is moving to assisted living asked for $699k for almost 5 month but still was able to close it at $688k (b/c Chinese). The long time listing is probably due to covid and lack of buyers.

With inferior new homes in Hamptons Enclave starting at $800K on 35' lots, prices should hold firm here.... I hope.

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$1 mill+ I can see, but how many people who get laid off would need to be forced to sell a 600-800k home? Are people that irresponsible? Just make it work, jesus lol.

My buddy is a family of 3 with $400K+ mortgage on a $600k joint with single income. Lay off would be rough. Not everyone are DINKs.

[vengie]

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Are people that irresponsible?

Yes.

[ercchry]

There is 100% O&G employees out there that would be completely fucked with only their annual RSUs drying up

[Disoblige]

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My buddy is a family of 3 with $400K+ mortgage on a $600k joint with single income. Lay off would be rough. Not everyone are DINKs.

I would assume one would have at least 6 months or more of liquid savings, and get by through EI until they can find a job (even if it's not an ideal career job).
The difference would be the people. Some will make it work no matter what, some are going to not make it. So hopefully your buddy isn't the latter.

If you put yourself in that situation (high mortgage, kids, etc.), then you better be ready to work your ass off like it's a life or death situation if things get messy. Make it work, not as difficult as it sounds.

[Darkane]

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I would assume one would have at least 6 months or more of liquid savings, and get by through EI until they can find a job (even if it's not an ideal career job).
The difference would be the people. Some will make it work no matter what, some are going to not make it. So hopefully your buddy isn't the latter.

If you put yourself in that situation (high mortgage, kids, etc.), then you better be ready to work your ass off like it's a life or death situation if things get messy. Make it work, not as difficult as it sounds.

Do you mean 6 months of liquid savings with the package?

Because we’re talking 30-40G sitting around in savings.

Do people have that? Good question.

[The_Rural_Juror]

This is no joke gais. I see the light now and am taking this seriously. The angry beyonder who helped come up with the Cenovus branding is facing a 1.5 - 2.5 months per year of service severance + benefits + financial planner + counselling lay off package. Your neg reps are coming!

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Cenovsky? Huskovus? Chuskovusy?

Can't go wrong.

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Ovintiv 2?

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New branding should be a dabbing Husky to align with the times.

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Too Polish.

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approved, but also very 2019.

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like smoking a dab?

[Mitsu3000gt]

I am hearing ~2,000 layoffs across both companies with the bulk being from Husky.

[Xtrema]

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I would assume one would have at least 6 months or more of liquid savings, and get by through EI until they can find a job (even if it's not an ideal career job).
The difference would be the people. Some will make it work no matter what, some are going to not make it. So hopefully your buddy isn't the latter.

If you put yourself in that situation (high mortgage, kids, etc.), then you better be ready to work your ass off like it's a life or death situation if things get messy. Make it work, not as difficult as it sounds.

Oh definitely, when kids are involved you will do anything which may include fire sale that Darkane is looking for.

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Do you mean 6 months of liquid savings with the package?

Because we’re talking 30-40G sitting around in savings.

Do people have that? Good question.

My circle definitely does after a few years of O&G job. The ones that fly closer to the sun are the "entrepreneurs".

[The_Rural_Juror]

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If you put yourself in that situation (high mortgage, kids, etc.), then you better be ready to work your ass off like it's a life or death situation if things get messy. Make it work, not as difficult as it sounds.

The O&G industry has only been laying off people for the last 3-4 years. How dare you insinuate that people put themselves in this position while largely earning 6 figure salaries with bonus, pension, rrsp match, and benefits?

Come on man!

[Disoblige]

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I am hearing ~2,000 layoffs across both companies with the bulk being from Husky.

No one gives a shit what you have to say, or what you heard from your uncle's cousin's brother-in-law's best friend. The thing is, no one knows the exact plan yet. Even employees don't know.

[The_Rural_Juror]

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No one gives a shit what you have to say, or what you heard from your uncle's cousin's brother-in-law's best friend. The thing is, no one knows the exact plan yet. Even employees don't know.

I heard from Mitsu3000gt that there are ~2,000 layoffs.

[Disoblige]

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I heard from Mitsu3000gt that there are ~2,000 layoffs.

I believe that

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Do you mean 6 months of liquid savings with the package?

Because we’re talking 30-40G sitting around in savings.

Do people have that? Good question.

No, I am talking about before package. Package will be extra and helpful of course, but one should not rely on it.
I am talking about people who choose their lifestyle the way it is. Hard time feeling sorry for someone who can't afford to pay something when they could have easily not over leveraged themselves.
I feel way more for those who are working two jobs to make ends meet and can't afford rent or entry level housing. Those are people who are actually working hard and still having a tough time.

[Mitsu3000gt]

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I heard from Mitsu3000gt that there are ~2,000 layoffs.

A good friend of mine works at Husky, that's just what he told me. Of course I hope it isn't true...

[sabad66]

What is standard severance for major o&g these days? 3 weeks per year of service?

[The_Rural_Juror]

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What is standard severance for major o&g these days? 3 weeks per year of service?

There is no standard but 3 weeks would be low from what Mitsu told me.

[Xtrema]

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There is no standard but 3 weeks would be low from what Mitsu told me.

Thought CNQ is the gold standard?

[Disoblige]

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What is standard severance for major o&g these days? 3 weeks per year of service?

Found the source to answer your question:
https://forums.beyond.ca/threads/368...kplace-release

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... but I believe it's 2 weeks for every year worked. A quick search suggests it's only 2 days pay for every year worked, but I thought it was more than that.

[Asian_defender]

Can't speak for everyone but in my personal experience the people who work 150k salary jobs are too entitled.
Had a buddy who got let go during the last round, after his EI ran out he still wasn't working so I suggested that he got to Walmart or Costco to get a temp job and keep food on the table
His response was "I would never work those jobs, I'd rather sit at home then go and work for $15 dollars an hour". Sure enough he's going through a separation as money conversations got ugly and he refuses to work now for anything less than 100k per year.
Meanwhile the wife was working at Co-op to try to keep things afloat

[The_Rural_Juror]

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Thought CNQ is the gold standard?

Stay on the line. I will ask Mitsu.