Thread regarding Occidental Petroleum Corp. layoffs

The iceberg was hit last August

Just an FYI, I consulted with an employment attorney. If you take this package (and Oxy accepts) and the company files for chapter 11, the company's legal financial obligation to pay the remainder of your VSP is prioritized at the second to last tier, just before share holders. Laid off employees get paid first. In all probability, you'll see pennies on the dollar if anything at all. You'll get paid your salary each month in full right up until the bankruptcy is filed. Then, good luck. All of that would be moot if they paid a lump sum. But they were clear that a lump sum payment is off the table. Interesting, huh? My attorney has more than 35 years of experience in his area and had never see a company take this approach. Furthermore, Oxy senior management just extended the deadline, so that means they didn't get enough low-ball offers to achieve their financial objective. That could mean the basement goes up a little, but again, assess the risk as to whether you will actually collect the full amount promised. If already have another job lined up, then you have nothing to lose. Do your research and make an informed decision. In my opinion, we are on the Titanic, and we just hit the iceberg.

Of course it’s a fake VSP.

To VH and her band of incompetent sycophants, the voluntary resignation offer is their way of weeding out all malcontents / non-true believers / those not properly committed to their vision for Oxy. Of course their vision for Oxy is a chimera.

Seems like Oxy under VH is more of a religion than a corporation. Only true believers required.

This place is a circus. the Rockies received 4 contradictory emails regarding who was eligible v ineligible. We know what the document states. But with each subsequent question, we received a response in direct opposition to the preceding answer. Absolutely pathetic

I love all the entitlement everyone has, both at LOXY an LAPC. Cracks me up to see them float for so long & it will be even better to see them sink!

It is a fake VSP. Half the company is not even eligible. I hope VH gets the boot at the end of the month and Ichan sells us off. OXY is an embarrassment to our industry. Like a race horse with a broken leg, lets just get it over with and be done.

Also, Oxy changed the severance policy so it may behoove some LOXY to take 8 months as opposed to possibly getting half that if laid off.

I don’t see this as a “fake vsp” as you call it. I think there is zero chance EC will give LAPC a chance to file for COC. LAPC will have their salaries cut 30% like everyone else in August. They are banking on LAPC taking 8 months at full pay and being happy rather than hold on to a pipe dream of COC while making 70% of their salary for who knows how long.

Take the partial golden ticket if you want out so bad. It is right there for the taking. Please don't stay and just complain for the next two plus years. It s—s, but it s—s for us all, and LOXY the most with the large pay cuts. I would be very happy if I only got a 4.9% pay cut, and still had a job in these times. I never want to wish bad on anyone, but if you are so unhappy leave, but if you are here after the one year anniversary please volunteer to give 25.1% of your salary back to the company, so the ones paying the price now can get some back.

@1zsn handful of claps for you. I love your comment, & everyone needs to shut the hell up.

You want to complain, but want a package? If it is so bad, just quit. They will take your resignation. Sick of reading about you guys complaining while getting your pay check every week. Shut the hell up, it s—s right now for everyone in the industry. Frack companies have completely shut down regional hubs and everyone is gone. You are at home "working" on your PC. Get over yourself.