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September 19, 2019, 08:36:24 am
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Author Topic: SemGroup Aquired By Energy Transfer  (Read 174 times)
shavethewhales
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« on: September 16, 2019, 09:34:46 am »

Another blow to Tulsa's status as an energy company hub. Semgroup, one of the larger diversified midstream companies in the US, is being acquired by a Dallas company. Like all such acquisitions, they'll keep a Tulsa office, but will slowly bleed jobs southward starting from the top.

Once again Tulsa feels locked in a cycle of one step forward, one or two steps back. There have been some good news on the jobs front lately, but the loss of these corporate jobs is another big blow. Dallas/Houston is just continuing to suck everything energy related into it's vortex.
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Conan71
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« Reply #1 on: September 16, 2019, 09:41:25 am »

At this point it's speculation that SEM will bleed off jobs to Dallas, this seems to benefit SEM more on their remote terminal operations on the Gulf Coast and northern part of the U.S. 
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"It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first” -Ronald Reagan
SXSW
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« Reply #2 on: September 16, 2019, 10:18:41 am »

What's the current size of the Tulsa office?  I know it was pretty large at one point then reduced significantly after the bankruptcy/Tom Kivisto scandal.  Tulsa is still a midstream hub so I imagine they will maintain a presence.  Better SemGroup than Williams. 
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Oil Capital
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« Reply #3 on: September 16, 2019, 10:43:33 am »

At this point it's speculation that SEM will bleed off jobs to Dallas, this seems to benefit SEM more on their remote terminal operations on the Gulf Coast and northern part of the U.S.  

It might be speculation, but it's well-informed speculation. It would be shocking if this did not result in a bleed-off of jobs to Dallas, and I would additionally "speculate" that the bleed-off will happen pretty quickly and be substantial, relative to the current size of the Tulsa office. Note the language used when discussing the Tulsa office - they only agreed to maintain "an office" in Tulsa for two years after the deal closes. They apparently didn't even bother to dress it up with ambiguous language like "significant presence." Anybody working in the SemGroup offices would be well-advised to get their resume updated, TODAY.
« Last Edit: September 16, 2019, 10:50:17 am by Oil Capital » Logged

 
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