Tulsa Economy

[Hoss]

I really hate bumping a topic this old but this has relevance.

https://www.endeavorbusinessmedia.com/news/endeavor-business-media-acquires-multiple-pennwell-operating-units-from-clarion

For the last several months the mothership (Clarion Events) has been hinting that they wanted to offload some properties that didn't align with their long-term vision.  After some time (we were told mid-January that a buyer was in place and the legal stuff needed to be done) we finally got a company wide video announcement that a relatively new B2B company would acquire those properties and in kind would acquire about 140 former Pennwell employees in the process.  I was not one of them.  That doesn't mean I was laid off.  I know of no one who was in this transaction (at this time).  It really no longer matters to me anyway; tendered my notice of resignation last Friday and my final day with Pennwell will be March 1.  I will take a week off then start new employment March 11 at Bluefin Payment Systems (they're located in Corporate Woods across the street from QT HQ on 129th East Ave, but I'll have the option of working remote as many do these days).

It will be an interesting setup for a while.  The building at 15th and Sheridan is for sale and rumored to be close to closing on that sale.  Clarion is looking for a building to relocate to, but for the time being, two companies will occupy this single building.  When Clarion and/or Endeavor find places of their own, the building is rumored to have been bought by a local charter school who wishes to relocate.  I have my suspicions as to which school that is.

I enjoyed my time at Pennwell but the fluidity in ownership is such that I felt a move was necessary (I also got a pretty nice pay bump out of the deal).  Hard to believe in my lifetime of employment I've spent the last 25 years at just three employers.  As a further note, the office since the layoffs resemble the atmosphere at Promenade Mall now.  Like a funeral.  I spent most of my time working remote since then because I hated the atmosphere.

I'll answer any questions I can.

[dbacksfan 2.0]

So, is the press room still there or has that been moved? I can remember doing cabling work in the area underneath the press floor and the sound drove me nuts.

Sad to hear this, wish you the best in your future work.

[heironymouspasparagus]

I really hate bumping a topic this old but this has relevance.


I enjoyed my time at Pennwell but the fluidity in ownership is such that I felt a move was necessary (I also got a pretty nice pay bump out of the deal).  Hard to believe in my lifetime of employment I've spent the last 25 years at just three employers. 

You got me to thinking about jobs and tenure, so did some calcs of my own.  Last 53 years have had 8 employers.  At least 2 due to getting 'put out the door' similar to what you experienced - company bought and new environment not viable.  And two regular RIF's.   Never fun, either way.

Never can tell, this may be a great thing!   Or it could be just a plain ole' turd sandwich...  Time will tell!   Good luck!!!

[swake]

I really hate bumping a topic this old but this has relevance.

https://www.endeavorbusinessmedia.com/news/endeavor-business-media-acquires-multiple-pennwell-operating-units-from-clarion

For the last several months the mothership (Clarion Events) has been hinting that they wanted to offload some properties that didn't align with their long-term vision.  After some time (we were told mid-January that a buyer was in place and the legal stuff needed to be done) we finally got a company wide video announcement that a relatively new B2B company would acquire those properties and in kind would acquire about 140 former Pennwell employees in the process.  I was not one of them.  That doesn't mean I was laid off.  I know of no one who was in this transaction (at this time).  It really no longer matters to me anyway; tendered my notice of resignation last Friday and my final day with Pennwell will be March 1.  I will take a week off then start new employment March 11 at Bluefin Payment Systems (they're located in Corporate Woods across the street from QT HQ on 129th East Ave, but I'll have the option of working remote as many do these days).

It will be an interesting setup for a while.  The building at 15th and Sheridan is for sale and rumored to be close to closing on that sale.  Clarion is looking for a building to relocate to, but for the time being, two companies will occupy this single building.  When Clarion and/or Endeavor find places of their own, the building is rumored to have been bought by a local charter school who wishes to relocate.  I have my suspicions as to which school that is.

I enjoyed my time at Pennwell but the fluidity in ownership is such that I felt a move was necessary (I also got a pretty nice pay bump out of the deal).  Hard to believe in my lifetime of employment I've spent the last 25 years at just three employers.  As a further note, the office since the layoffs resemble the atmosphere at Promenade Mall now.  Like a funeral.  I spent most of my time working remote since then because I hated the atmosphere.

I'll answer any questions I can.

Good luck, glad you found a landing spot

[Hoss]

So, is the press room still there or has that been moved? I can remember doing cabling work in the area underneath the press floor and the sound drove me nuts.

Sad to hear this, wish you the best in your future work.

I believe it's still there but not sure how much it's being used.  It wasn't used for the announcement, that much I can tell you.

And don't feel sad for me; I'd been pondering a move for much longer than 2 weeks now.  This new offer started to materialize around Christmas.  I'm excited.  Can't say that much about Pennwell for the last 12 months.  However for those employees who will be following the new company I'm optimistic for.  The new CEO is young and appears driven to succeed.  My only concern is that I think he's a former CFO.  I hope he's not strictly a bean counter as CEO.

[Red Arrow]

 I will take a week off then start new employment March 11 at Bluefin Payment Systems (they're located in Corporate Woods across the street from QT HQ on 129th East Ave, but I'll have the option of working remote as many do these days).

Good Luck!

RA

[Hoss]

Good Luck!

RA

Thanks to those of you who messaged me privately concerned that I wouldn't have gainful employment but I did have a plan B so to speak.  And had been pondering this since around Christmas when the future of the company wasn't so clear (because the suits rarely keep the minions well-informed on those things of importance has been my experience in my 30 plus years of gainful employment) so this wasn't a decision I arrived at without trepidation.

[SXSW]

Heard today Midstates Petroleum is being merged with Amplify Energy and the HQ will move to Houston.  Not sure how many jobs will be lost but they have an office in the Kennedy building downtown.

[Oil Capital]

From November 2018 through November 2019, Tulsa lost 1,000 jobs. During that same period, Oklahoma City added 5,000 jobs while the Lawton metro area added 900.

https://www.tulsaworld.com/business/oklahoma-city-makes-gains-tulsa-and-rest-of-state-dips/article_124d8f0f-c101-57df-878d-2ff1c0b3b145.html

[SXSW]

Interesting article about Portland, Maine where a local benefactor is helping to create more research/tech jobs.  The city itself is doing relatively well but still struggles with population growth and a lack of good paying jobs.  Sounds a lot like Tulsa where we just happen to have a similar benefactor...

https://www-nytimes-com.cdn.ampproject.org/c/s/www.nytimes.com/2020/01/27/business/economy/portland-maine-economy.amp.html

[TheArtist]

Interesting article about Portland, Maine where a local benefactor is helping to create more research/tech jobs.  The city itself is doing relatively well but still struggles with population growth and a lack of good paying jobs.  Sounds a lot like Tulsa where we just happen to have a similar benefactor...

https://www-nytimes-com.cdn.ampproject.org/c/s/www.nytimes.com/2020/01/27/business/economy/portland-maine-economy.amp.html

This is a telling quote...


"Yet another looked at colleges established in the United States from the mid-19th to the mid-20th century. Counties where colleges arose generated 32 percent more patents than places that missed out. This effect was mainly driven by migration: College towns drew innovative people.

But research shows that the impact depends both on the quality of the school and on the attributes of the place. "In general, I think the bigger impact for a smaller city is likely to be if there is already some pre-existing activity to build on, and if there is some reason to think that the area might be attractive otherwise," Mr. Bartik said.

Consider San Diego. One of the nation's leading innovation centers, it built much of its prosperity on the University of California, San Diego. In 2011, the university produced 80 master's and Ph.D. degrees in fields related to wireless technology, up fivefold from 1991. Between 1985 and 2001, its alumni were founders of 16 telecom firms in the area, including Franklin Antonio, a co-founder of Qualcomm, the city's most valuable company and the world's leading maker of smartphone chips.


By contrast, Mr. Bartik said, "sticking a high-tech institute in the middle of rural Idaho might not have multiplier effects if there is nothing to build on."


The impact that a university like in Stillwater could have had in Tulsa would have been far greater for the state (and Tulsa) if it had been in or close to the city (The university in Norman is about the same distance to downtown OKC as Downtown Tulsa is to Downtown BA.)

[heironymouspasparagus]

Not trying to point anyone in particular out, SXSW...I am just gonna take a phrase you happened to say.


"struggles with population growth and a lack of good paying jobs"

This is a pair of ideas we hear a lot - mostly in that order.  At least that's how I and many I talk to interpret it.  It seems to be saying that if we get population growth (like getting Microsoft to set up headquarters here...), we will get good paying jobs.

I submit the idea that we eliminate population growth from the discussion, at least for a while.   And concentrate on getting better jobs with the population set we have.   If we can show that when one comes to Tulsa and Oklahoma, one will make good money, then the companies that have higher level positions may take note and choose to come, automatically causing population growth.  Which may not actually be a point of interest or concern at that time. 

And not the bottom-feeder call center type jobs... more towards decent STEM jobs.