How close are we?
26 replies (most recent on top)
Some of the contractors on the phone list may already be gone but names not yet removed. I have seen this several times in the past under different circumstances. What was interesting though in January’s lay-offs employees names disappeared almost immediately, same day!
Most Oxy employees could too. Unfortunately, there was at least one that couldn't.
@1wzb any APC employee could have told you this was bad deal, by just looking at the numbers.
Have heard that same thing. Probably some oxy employees getting paid less now to do the same job. Mismanagement... anyone surprised?
I still see contractors on the phone list, and I know there are Oxy people that can do what these people do even if it is specialized. I understand everyone needs a job and I am not against contractors because I may need to do it as well soon. But we were asked by management to cut back on contractors, and I just have not seen it reflected in some groups. I know firsthand there are Oxy employees that can do the work. Does anyone else see this?
@1icg+14eXbkua Generally, I agree. However this management is so clueless, I wouldn't attribute credit to them.
Most likely, they don't know how bad it is and are just flailing in response.
It’s always worse than what management communicates. It’s literally their job to downplay a situation to keep people calm. Take it to the bank, it’s at least twice as worse than what they tell us.
Is it worse than what management has communicated? Is it that dire right now?
@iwzb: I’m so sorry to hear your story. I’m in a similar boat. With our stocks being worthless, I’m just devastated financially.
I wish she had of been more transparent in the beginning. If I had of known we could not withstand a downturn for more than a couple of months I would have never bought into her story, and then I would have never picked up Oxy stock on it's way down. Transparency would have been telling us we were on the cliff's edge if prices ever get to this point. It is the executives job to see into the crystal ball. I gambled on the stock after all her talks about this being the greatest thing to ever happen to Oxy and it looks like I have lost. It just makes me think she had no clue of the financial destress the acquisition could do to Oxy. I will continue to do my job because I don't want to let down my co-workers or manager who has been really good to me. But we need another leader to guide us through this downturn, so please BOD find us a leader we can trust and follow.
In her office? That doesn’t sound like social distancing to me.
@1tpy+14eXbkua For someone who's pocketed millions over the years, this might be the highlight of her career in terms of job performance.
It’s really going to happen. All these good people and their life savings just gone! Just like that. Just get it over with already. I’m tired of stressing over it.
Rumor is Marcia Bakkus had external bankruptcy firm in her office today. Oxy won't see 101 years.
OXY is strapped for cash....someone told me they could not make a payment of ~$250M due a bank tomorrow. Good luck y’all! So glad I made it out when I did!
Guys!!!! Don’t worry; the bankruptcy courts are closed for social distancing!!!
It would make no sense for anyone to acquire Oxy. For one, nobody will be looking at acquisitions until the independents are decimated and there is hope that prices are stabilizing. There is no reason for the majors to rush into anything. They are in capital preservation mode too.
Also, nobody wants our $40+ billion debt. They can sit back and wait for Oxy to go into Chapter 11. Oxy will make deals to restructure its debt, most likely by issuing ownership stake to the creditors. They will cancel out the existing common stock, then the new owners will appoint new management. At that point, they could sell the new company with a clean balance sheet or chop it up and sell the assets.
WE. ARE. TOAST. Omg people. We have 3-6 months! Move on.
At these prices, no other company would even sniff oxy. It’s either Buffett or the other B word probably.
Oil is below $20. We mathematically cannot last until Christmas, guys. I know it’s been asked before, but is there even the slightest chance that someone will buy us and give us a fighting chance to survive?
Icahn essentially on the board, Buffett with $10 billion in equity, and the company quickly approaching the edge of the cliff. This should be quite entertaining to see how it plays out.
time for Ms. Vicki Hollub to fly the jet back to Omaha ..for bailout this time
+/- 16 months at $25 oil
+/- 10 months at $20 oil
+/- 6 months at $15 oil
Still could cut rest of dividend ($400 million per year) and still haven’t tapped the revolving credit that I know of, so we have $5 billion available if they need it.
Oxy's not doing great, but they still may have some strings to pull. This article lays things out a little more clearly...
https://www.barrons.com/articles/warren-buffetts-bet-on-occidental-petroleum-is-looking-more-dicey-51585593299
Not if, but when.
More closer than yesterday