Calm before the storm?
16 replies (most recent on top)
Hear that? Storm is here.
There was a much larger exaggeration of future projections after Chazen (and Stavros) left. Not saying they didn’t do it also, but always in a measured approach that was credible to the street.
The ‘used car’ puffery simply became excessive, And then more so with APC included.
@1lfs+147ZjPzw, we will look for your IP address.
Those blaming the Apache folks for Oxy's downfall really have their head up their a** . I worked with the Apache folks during my time at Oxy and they weren't as bad maybe some were bullheaded. I put all the blame on middle management. These managers painted a rosy picture when there wasn't one even at $55/bbl. F*** you all in middle management. This will be a great case study on how middle management can paint the house red and sell it as a new house. Permian Resources is just a money-burning machine. I've seen how managers pump up type curves, inventories, cost reductions when there was none. Thank God I'm out of this mess but feel sorry for my former colleagues.
Do you really expect transparency from leadership who brags on the dividend one week and then cuts it the next?
Option a: you have made millions in your 4 years as ceo and you can take the money you have made and look out for the best of the company and its employees (except all your buddies you have brought along with you to upper management who have also made millions in your time) and let someone buy oxy
Option b: you can keep making your millions a year run the company into the ground and sc**w all the individual contributors that have been loyal and hardworking and everything that oxy once stood for will be a joke. Cut individual contributors pay by +20% while theirs remains untouched and still get stupid bonus.
Upper management should have to be paying the company to work at oxy with the decisions that have been made and the position they have put the company in.
Who was the genius that convinced vh this is a good deal? They should go into sales not management!!!
@ibdi
Agree with you 100%
VH’s downfall started when she imported the Apache Mafia (actually rejects from Apache) and then did everything they wanted. Moreover, the Apache Mafiosi had no respect for VH, they thought she was their puppet.
Now Vicki has k–led Oxy and the collateral damage is that Apache Mafia was offed too.
I dealt with several of the AM at Oxy; all loudmouth charlatans.
Honestly, who would want to be stuck at Oxy? Having to deal with such an inept EC and having to kiss countless a$$ to keep your job? I’d rather be a bagger at H-E-B. When VH started bringing in Apache, that’s when Oxy received the kiss of death.
All the people that promotions, can get the pay cuts!
How rich of Oxy to now consider pay cuts over lay offs. Those that got cut back in January didn't have that luxury, and now get to attempt to find a job during what will likely be the worse economy in over a century. Waiting tables isn't even an option anymore. Maybe the banks will pull the revolver, wouldn't that be poetic justice.
@tax: I for one do want Change of Control over a job at Oxy. I have wanted that since August. I understand if my Oxy coworkers don't want to hear it, but luckily I have very few Oxy coworkers, and it's not like I'm the one who wanted to be purchased. I'm just stuck in a business unit that hasn't yet offered the COC/VSP. Regarding health insurance, I'd happily take my 6 months of health insurance, followed by paying for COBRA for 18 months, along with my 2 year severance. My dependents and I will be just fine. That doesn't bother me at all. I just want out of this awful company. It has been an absolute cluster f*&k since August. I'm not saying APC management was the best, but Oxy management sure takes the cake for ineptitude, arrogance, and short-sightedness.
I have to say, L-APC got the better end of the deal. I feel bad for L-OXY. If you are L-APC then you are very blessed to have the protection you do. Can't say the same for L-OXY.
It sort of reminds me of a wife who worked hard to build up her house and family and then to lose it all to someone else (side gal) that comes in to take what she worked hard for away from her. That's how I feel this will end up.
The new gal gets the best part of the deal without having to do really anything, except ... well ... you know.
Do you really want a COC over a job now. If you don't qualify for retirement insurance you lose your insurance and go on Cobra in six months. In the environment we are in the health insurance is higher than priority than a lot of other things, and especially if you have dependents on your insurance. The 1918 virus lasted from spring to spring. If people really want to leave now under COC please put in for it. I think to keep throwing out COC is getting old, and the rest of your Oxy co-workers that don't have that protection might not like hearing it all the time.
We'll see if they cut base pay which would allow for L-APC to change of control. Maybe that is a way to hopefully get L-APC to apply for it and they don't have to count it as layoffs?
Great. It’s not right to dump people out when there is a big p–p in the oil price.
I’m not sure they can afford to do this, at least not without a federal bail out or stimulus package targeting employees, which I think they are currently trying to pass in the senate and house. Just a waiting game now.
I don't think there is going to be a storm. I'm hearing rumors of trying to get through this with no layoffs. Cut everyone's pay to save the deadwood.