Company ending work from home for some

[LilDrunkenSmurf]

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There are companies that aren't 5 days a week?

Pembina is 3 days a week in office, with optional WFH on Mon/Fri.

[taemo]

plains midstream is 3 days office and Monday and Friday WFH

we are also still hybrid, wed and friday we can WFH

interesting read
https://www.msn.com/en-us/money/comp...it/ar-AA1gAmBS

[ThePenIsMightier]

I am confident Cenovus is 2 days optional WfH as well.

*Other 3 days spent on upper floor lounge area gazing S/E for inspiration.

[g-m]

It's 1 day, my wife works there.

I find it crazy but my wife frequently tells my I'm a boomer in a young body

[DonJuan]

Friend of mine used to work for Amazon until they told him he can't work remotely anymore (based out of Vancouver lives here).

[ThePenIsMightier]

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It's 1 day, my wife works there.

I find it crazy but my wife frequently tells my I'm a boomer in a young body

[sabad66]

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What are the bonuses like at Suncor? What is worth having this eternal layoff looming over the horizon? Other than the fact that im sure 50% of people don't do anything.

Maybe I answered my own question

Bonuses are OK (I’d say about average in o&g) but RSUs are quite lucrative

I wouldn’t say it’s a looming layoffs for eternity. Ceo has been pretty transparent, he wants 1500 people out by year end. In q2 financial results in early august he mentioned 535 out of 1500 completed so far. So 965 poor souls left to go as of mid august. He also mentioned that they would announce when the 1500 were done.

No doubt there was/is fat to trim…most of the people laid off / roles eliminated are not surprising.

But ya I have no doubt that this RTO for 5 days a week is an additional lever to have people quit which would work towards the 1500 goal. He’s a smart dude.

[Swank]

MRU is still 40/60 home/campus respectively until the end of 2023.

[riander5]

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Bonuses are OK (I’d say about average in o&g) but RSUs are quite lucrative

I wouldn’t say it’s a looming layoffs for eternity. Ceo has been pretty transparent, he wants 1500 people out by year end. In q2 financial results in early august he mentioned 535 out of 1500 completed so far. So 965 poor souls left to go as of mid august. He also mentioned that they would announce when the 1500 were done.

No doubt there was/is fat to trim…most of the people laid off / roles eliminated are not surprising.

But ya I have no doubt that this RTO for 5 days a week is an additional lever to have people quit which would work towards the 1500 goal. He’s a smart dude.

Fair enough.

I just dont understand how these companies STILL have fat to trim after the last decade haha.

You'd think if anything they'd be hiring after the perfect fat trimming period of 2015-2019 but I guess not

[jabjab]

My buddy works at Enbridge and it's wfh still on Wednesday and Friday. They don't get RSU but his group gives him 2 days off a month in addition to his 4 week holidays

[LilDrunkenSmurf]

Full time WFH, baby. Going on 3.5 years strong.

[colsankey]

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Fair enough.

I just dont understand how these companies STILL have fat to trim after the last decade haha.

You'd think if anything they'd be hiring after the perfect fat trimming period of 2015-2019 but I guess not

Shareholders always want more, and as long as theres people left in the office to flog, theres always a way to do more with less.

[spike98]

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Fair enough.

I just dont understand how these companies STILL have fat to trim after the last decade haha.

You'd think if anything they'd be hiring after the perfect fat trimming period of 2015-2019 but I guess not

Head count a pendulum in O&G that lags behind the price of oil. When its booming, they hire like crazy to try and get a ton of projects off the ground. Lots are contract. Then when the price of oil starts to fall, they cut cut cut once the earnings are released with adjustments. Rinse/Repeat.

The thing is you only really hear about the cuts as they are abrupt and reported by the news. The hiring frenzy goes on slowly and in the background.

[ThePenIsMightier]

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Head count a pendulum in O&G that lags behind the price of oil. When its booming, they hire like crazy to try and get a ton of projects off the ground. Lots are contract. Then when the price of oil starts to fall, they cut cut cut once the earnings are released with adjustments. Rinse/Repeat.

The thing is you only really hear about the cuts as they are abrupt and reported by the news. The hiring frenzy goes on slowly and in the background.

I love how there's only an appetite to approve projects when prices are high, like as if a prophecy of much value doesn't take 24+ months to implement and build.

And they know what the price will be then, right?

[ExtraSlow]

[killramos]

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I love how there's only an appetite to approve projects when prices are high, like as if a prophecy of much value doesn't take 24+ months to implement and build.

And they know what the price will be then, right?

When prices are high they are backwardated

When prices are low they are still backwardated

So when prices are high, relatively speaking, you can lock in 24 months of decent pricing to backstop the project. Can't do that when prices are low.

Plus, there are lots of good projects you can do in less than 24 months. Maybe not on Suncor or Cenovus's timelines, but plenty of companies are agile enough to pay out a project before then.

[ExtraSlow]

Truth. Forward strip looks very different when today's price is $80 vs $45 vs $129. And larger projects are financed (sometimes) based on forward strip on day of approval.

[schurchill39]

My company has implemented a permanent hybrid schedule. Monday tuesday thursday in office and wednesday friday optional to WFH. Its actually been really nice

[Pacman]

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Bonuses are OK (I’d say about average in o&g) but RSUs are quite lucrative

I wouldn’t say it’s a looming layoffs for eternity. Ceo has been pretty transparent, he wants 1500 people out by year end. In q2 financial results in early august he mentioned 535 out of 1500 completed so far. So 965 poor souls left to go as of mid august. He also mentioned that they would announce when the 1500 were done.

No doubt there was/is fat to trim…most of the people laid off / roles eliminated are not surprising.

But ya I have no doubt that this RTO for 5 days a week is an additional lever to have people quit which would work towards the 1500 goal. He’s a smart dude.

My wife is over there and agreed, salary and bonus are average but the RSU's can be good some years. She's working late into the night picking up slack from some of the layoffs that have affected her group.

[andyg16]

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My company has implemented a permanent hybrid schedule. Monday tuesday thursday in office and wednesday friday optional to WFH. Its actually been really nice

Our company is the same, I'm guessing you're in the midstream world? I find they all decided to work this same schedule haha.