OXY at $10.10 / share a short while ago.
MCAP = $9.3 Billion
Warren Buffett’s preferred shares (not taxes levied?) worth $10 Billion (with guaranteed $800 million per year dividend).
Dangerous territory for OXY in its 100th year of existence!
31 replies (most recent on top)
Dude, 2 years?? Who got a 2 year vacation out of their CoC/VSP??? I only got a freakin year!
Truth be told, I took the VSP and thought I’d take a year off then get back to work. I’m still in shock at the recent turn of events. I’m a 50 year old experienced guy and I really thought it’d be no problem getting my next job. Now it looks like no foreseeable jobs in the future and I’ll be competing with younger, hungrier guys yo boot. Doesn’t look good for me.
@1imo...wow, everything you just wrote is TRUTH!!! Every single person on these boards should read your post and heed your advice.
I'm Legacy APC. True, Vick paid off my mortgage (not an overpriced luxury house, but definitely a comfortable set up). I feel horrible. I feel so bad for the Oxy employees who have found themselves in an Enron-like situation where the company convinces or forces the employees to invest their retirement in the company stock; I imagine a high percentage of Legacy Oxy employees didn't move their weekly retirement contributions from Oxy stock elsewhere. I bought in to OXY after the acquisition; I wanted to have some exposure to my new company. I know I'm still much better off than most Legacy Oxy people though. What we got from Oxy almost feels like dirty money.
Legacy APC, in general at least, isn't laughing. I had to release several third-party hands already in the past week and it's been tough. These are friends that I've worked with and now I have to explain why they are the low hanging fruit on day 1 essentially.
Regarding my former colleagues that took the VSP or COC... I can't believe why any of them would take considerable time off and not immediately look for a new job. I couldn't predict the two black swan events that have unfolded, but the writing was on the wall for the industry in general with investors switching to ESG investing and not being impressed by simply managing strong free cash flow; eventually they were going to want actual ROE. VSP/COC should not have been seen as a 2-year vacation in this industry unless you could live beyond that without being employed.
word of advice:
DO NOT SELL ANYTHING!
Think about it, if you sell now, who is buying? No one!!!! The panic is global, and if anyone is buying they have got to be loaded and they have all the leverage to pay pennies on the dollar. Then if you sell you will have to rent, so you are still paying someone else's mortgage. I know the fear of losing money on the house is scary but you know what, you will not be the only one, so hang tight and don't panic. It is this panic selling that the rich f–gots are looking for, so they can get your hard earned dollars for pennies.
Hold still, do not sell you house, do not sell your stocks, and stand your ground! Think about it, what is the most important thing right now? your and your family's health and well being. The essentials at this moment are food, water, medicine, and shelter. If you can't afford to make payments on the house/car/credit cards, call the bank and let them know what you can afford to pay for now, they cant evict all of us, as long as we stand together and united! In fact, the government just put a freeze on evictions and such, they know if they gonna take away everything from the people, including their houses, there will be riots on the streets by day break! They know when to hit the brakes.
Take it easy and remember few things:
1 - You are not alone in this
2 - Things will get better no matter how long it takes
3 - Everything is replaceable except life
4 - Don't panic!!!
There is no way to break even because you have never bought or sold this low. I would hold because you are not getting anything for your shares, Oxy may go to 1.00, but so is everyone else. Unless the oil business comes to and end there is no reason to sell at 9.00.
Ok this is the kind of panic and crazy talk we’ve all been warned about. Stay calm and be logical. Saying that, here’s what makes sense to me:
- Oxy prob will not survive. Our stocks are gone.
- APC legacy who got severance and OXY people who did not will both have financial problems.
- Sell your home unless you owe less than $150,000 on it. If it’s a big home that you dont really need and will eat you alive in maintenance, then sell. Rent something that will be easy to maintain.
- Oil and gas jobs are gone. And what’s left will be red meat esp after Halliburton’s latest layoffs. Everyone will be fighting for sc-aps. Get out.
- Pray and be grateful for what you have.
Bhn is trolling.
Karma! All you APC peeps who bought huge homes with your severance that you didn’t need in the first place deserve to be in this position. So dumb. You should know this industry cycles.
@mae is absolutely correct!! These levels will go even lower. And I’m an APC legacy who got two years severance but MY HOME IS NOT PAID Off no matter what you Oxy people think. I’ve gotta last two years and then get back to work. And I don’t see that happening anytime soon. Trust me, I’m grateful to be one of those who got a severance but that doesn’t mean all my financial obligations are covered. I’m tired of Oxy folks thinking we made out like kings.
To go, I was around in the 1986 oil crash and this is rapidly approaching the same level of industry destruction and layoffs. I can tell you that there could easily be a huge increase in homes for sale. If you own a home and are laid off, then don't spend all of your savings to keep it. If you can't sell it, then walk away. Better to have money in the bank. Your credit will take a hit, but will be okay in 3-4 years and wiped clean after 7. Don't rent your home if you are moving to a rental. Make your car payments and pay off all credit cards. Put them away in a box, but do not cancel them. Network like crazy and that includes networking at Church. Hope you don't have children, but if you do, they are priority 1. Hope this helps a little. There will literally be tens of thousands of people losing their jobs in the next 1-3 months if this oil situation does not rapidly turn around. As for me, I lost my house, wife divorced me and basically lost everything else except my sanity and health.
Is it me or does having a market cap less than Buffet’s interest in the company a bad thing?
Started to say, how on earth is this bad for anadarko legacy?? They homes paid off already lol.
Oil is at 1999 levels....will go down to 1986 levels...last time Houston housing market went to sh–, foreclosures everywhere....commercial properties, even apartments. The advise to sell now and rent is smart, but few are in a position to do that. This s—s. I level Oil Buisness back in 88. but got s—ed back in in 92, and indirectly again now.... :( This too shall pass. Those with savings, significant others that can bear the load will come out ahead but it will take a few years not weeks.
I mean legacy Anadarko who are still working at Oxy either permanently, or waiting for their severance date.
A4nr, hang in there, call the EAP, 1-888-238-6232 to speak with a counselor 24/7. Please use it if you feel you need it. Take care, we are all in this together.
WTI 22.44
Agreed, panic mode with lots of time to think about it while working from home. This is bad for Oxy and legacy Anadarko but we’re all in this together if that is any consolation
To answer the question about what to do...honestly, I would sell. Don’t even try to make money off the sell, just break even. Everyone else will be putting their house on the market soon and you will not want to compete with the flood of homes going to market. Sell quietly. Then lay low and rent. There will not be jobs in oil for the next few years, so try to transition to healthcare or IT if you can. Best of luck, my friend.
Im holding. Obviously, most people are selling, thus the dropping price. Im going to ride this sinking ship to the bottom.
Its just money, folks.
I agree with the guy saying everyone is joking! I’m starting to panic too. Wife is in tears. I need someone to offer some serious guidance. Do I sell? Sit tight?? I’m really concerned and don’t know what to do first,
Loving it. I cant believe how much karma is rolling out the payback. Persecute people through bigoted bullying and work place harassment, BAM! - right back at you! End of.
Seems like everyone’s got jokes but I’m really starting to panic. And I don’t usually panic about anything!
I know that no one could have predicted this shtt storm but jeez Louise this is unreal.
Wow! Oxy now at 9.65/share. We've finally done it. Single digits, baby! Can you dig it?
Those lucky APC folks are laughing all the way to the bank. I bet they paid off their houses already while Oxy Folks are looking to sell. The world s—s right now.
Your house? Psshhh. I’m selling my truck AND my house. I’m never working in O&g again. I’m tired of this bi polar c-ap
It was fun while it lasted. Turn the lights out when you leave, would ya? Thanks.
Agreed. The outlook is just too bleak. I wish I would have rented. Hopefully I can sell and at least come out even.
I’m going to have to sell my home, guys. I can’t survive this.
To be a fly on the wall in the Executive Committee's war room right now..... Vicki, you hanging in there?