Pros
Great if you can break through the political network. Good perks (at least when business was good), yet wasteful. When times are good, expect lavish parties and excuses to have fun during work.
Cons
Terrible communication between operating areas, no collaboration, no true strategy from top down, innovation is neither rewarded nor encouraged, nepotism runs amok in all areas - those in power with relatives approve each others salary and promotions and keep useless family members around rather than promote more productive employees. Extremely political with prior-Exterran employees and clique. Poor leadership, supervision and management. Poor decision making at all levels - too "short-sighted." Worst professionalism I've seen in any organization.