Thread regarding Occidental Petroleum Corp. layoffs

The real point is that engineers in any of these fields are going to feel pressured more and more to know how to do citizen development at a minimum to be considered a high performer. It boosts productivity and enables more breakthroughs. Many fields are undergoing digital transformation, and the "tech industry" for lack of a better term is the source of it.

@9wki+1dM3Rjk3 Calm down, please. I'm aware there are amazing advances made in other fields. Yes, that is high technology. But those advancements are enabled by the digital age. For biotechnology, do you think genomes were sequenced by hand? Using analog tools? You don't think nanoscale engineering is done using computer models? I never demeaned any other tech fields. Your attitude reflects more on you than anyone else. Take it easy.

Let’s call it what it is, “the great hesitation”. People aren’t leaving Oxy or the oil and gas industry in general.

You are misinformed and obviously do not have any knowledge of research going on in biotechnology and nanotechnology which are based on physical technology and not just writing better code for smart devices.

@7tni+1dM3Rjk3 I'm not sure what you mean by "high technology." The technologies you mentioned have been practiced for hundreds of years or longer. People call IT "tech" because the digital/information/cyberspace age is changing all of the above. The only physical limitations are compute, storage, and network. So, industry growth is explosive and your skills/practices become obsolete every 5 years so you have to keep chasing new trends to stay relevant. Changes aren't as drastic for engineers practicing physics, petroleum, or chemical engineering.

It is too bad they have attached the term “tech” to computer engineering or IT or data science. This isn’t really high technology like chemical engineering, physics, or petroleum engineering. It is because the lay person can only relate to iPads, iPhones, TVs, and similar items that people are so impressed.

To anyone will trying to deny reality, here's a great read. Companies are handing out raises to people out of cycle in order to combat the attrition in the market. It's a good time to be in tech.

https://newsletter.pragmaticengineer.com/p/more-follow-up-hiring-market

👀 wow, ya’ll a bunch of special little cake eater’s ain’t ya? If you truly have talent, capability and bandwidth, why are you on this site cupcake?

A couple years ago pre APC acquisition I saw stats that 60 percent of the employees were under age 30. Have not seen any recent numbers but I suspect it has not decreased.

Quality equities are great where they work. The key is diversification in equities. You also can not have a set it and forget it attitude as the fed is likely to mess things up for the equity markets at any time. You also need some dry powder to buy the dips. Dry powder doesn’t return anything so your overall returns are reduced. You are lucky if you can average 10% on a portfolio with reasonable risk. To maintain an Oxy type standard of living you need millions on the market and lots of liquid after tax assets. IRAs won’t cut it unless you like to pay the tax man.

On the quarterly conference call, it was stated that we would be at or below our debt target of $25B by year end.

@2pqq+1dM3Rjk3 Once you have millions invested in quality equities (both dividend-paying and growth-oriented)

I agree with the dividend, and in the old days I knew people that lived on dividends and good interest rates on cd's. I thought I was setup for around 25K a year in Oxy dividends, but we see how that went and I cashed out. Things like reducing a dividend to a penny just ki--s those retired that depend on that income. I understand why, but when you see WB get 200 million a qtr it leaves a bad taste in the little investor's mouths. I sold all my Oxy stock for a little profit, but could not get out fast enough after the dividend gut bunch. It was a lesson I learned well for the future. The key to you whole point is "quality equities".

The bonus is a function of labor market conditions and the financial health of the company. The labor market is good for the workers. The financial health is trending well but still is not good and is too highly leveraged by current oil prices. Said in another way the debt is still too high.

I just hope we get a large bonus this year, given the massive cash Oxy has been making and to make up for the small bonus last year.

@2pqq+1dM3Rjk3

Very encouraging words for all of us.

Just one comment. The key to success in retirement is in tracking and controlling the costs because you really cannot impact the income side much unless you take on significant risk.

HiRe Me GoOgLe, I kNoW sPoTfIrE

Once you have millions invested in quality equities (both dividend-paying and growth-oriented), your wealth will rise much more rapidly than the income earned working for someone else. I personally make 2.5X my Oxy salary from my investments in a typical investment year. During the pandemic, it's closer to 5x. That was a black swan event, so I don't plan on it happening again, but it was "helpful."

Side gigs during retirement are perfectly normal, but they're more about keeping mentally and physically active and less about the actual income generated. Trust me, there'll be a time when your remaining time on this planet will be worth much more than a few addition dollars working for "The Man". When you retire comfortably, you become "The Man." Or "The Woman." Either way, you get the idea.

Of course, it you've spent most of what you've earned over a 30-year career in this highly lucrative industry, then you will be working until you die. That's not a "retirement" I'd wish on anyone, so make a financial plan and stick to it. Your future self will thank you later.

@2oik+1dM3Rjk3 I think you replied to the wrong post. It wasn't responding to your operative words. The one post below it.

Good point but If you want to die with lots of money you keep working so you don’t deplete your wealth.

If you don't have millions stashed away by age 60, a few extra years won't change the situation.

Also. please don't work so long that your co-workers find you lifeless and face down on your keyboard. Get out while you still have some healthy years left to enjoy your hard-earned wealth. Think of retirement as a continuation of your childhood, but with money.

How true. Grunts can get a job with higher pay with an oil company or with a tech company but only if they have transferable skills. Very experienced and 60 year old highly technical employees will have a tough time going elsewhere period. They are better off staying until they decide to retire.

@1dvk+1dM3Rjk3

Looks like we've got a new moderator for the board. Did not miss the point of the OP, just following the discussion. The operative words mentioned were "Depending on where you're at in the company".

@1omh+1dM3Rjk3 I'm not sure how you missed the OP's point. "Deep down they know they will not find better" is simply not true in this job market for anyone seeking tech jobs right now. You don't need several years of experience or credentials to break into any of these fields anymore. You don't need to be young or have a degree or fit any other certain profile as long as you hustle. That's the market at work...

LAPC who received the original COC package did very well and allowed them a lot of freedom to retire, change industries, or go to a better company. The second round VSP package was not a great deal, but still allowed some to make drastic changes in their careers. Depending on where you're at in the company, it's difficult to find a better job. Taking a couple steps down and changing industries could be worth it and end up paying more in the end.

Actually, not true in all cases. There exists quite a bit of “Talent” that is today irrelevant and a drag on the company. They cling onto their job today because deep down they know they will not find better. Sure, they can hoorah and talk a good talk, but, they are still here, talking, on a layoff website. Those who truly are talented, have left, have not looked back, and are most assuredly not looking at layoff websites of their former employer. Not to talk down about others, because I readily admit, I am in that boat and struggling to figure out what to do next, it’s a struggle but may as well be honest about it.

Solid and good points made by the OP.

It may be a problem for Oxy but not that big. The average age of Oxy workforce is significantly older than the tech industry. How many people are there at Oxy older than 35 having the courage to change a career? Do you really have the skillsets that can be valued by a Tech? Are you afraid of learning new skills and start with a relatively lower ranking job, though it may still pay better than what you currently have at Oxy? Compared with Tech, the oil industry is not paying very well, but it is still better than most other industries at least in Houston. Even compared with Tech, oil industry is still paying ok depending on your levels but the problem is that there is almost no raise when taking inflation into consideration. If you know someone working for the big Techs, you can ask them how much do they get for a raise every year, and how much raise when promoted. Compare those with yours, you will be highly motivated to change your career and work for those.

But again, the questions are, do you have the skills to move directly to the tech industry? Are you too old to learn new skills? Do you still like your current job other than the money factor? These are the questions both for ourselves and HR. Personally, I am tired of seeing my raise not being able to even match the inflations. My peers (friends, classmates) in the tech started several years ago with similar salaries at the time but now are making significantly more than I do.

Got a job offer two weeks ago and had to take it. Next week is my last with this company and I am out of this train wreck.

You do have skills other industries value.

Well said. I’m in land and I am looking elsewhere outside of the industry.

OP I am with you. I don't know what it is, but this pandemic has zapped me of energy. I still get my job done, but I have lost my passion. It is not the company, but a personal thing, and going into work just does not get me going like it used to. It has nothing to do with Oxy because they treat me very fairly and with great pay and benefits. If I don't get out of this haze pretty soon I will be looking to retire as well. Maybe this is just my cue to go on down the road, but it sure sucks. If the office does not get any better with interaction between employees I think everyone should just work from home. On my floor everyone comes in and shuts their doors for the day, and I have had people send me Team's messages that literally sit next door to me. People are scared of Covid and the whole Covid thing has just put everyone in a bad place it seems.

Well said!

OP. Excellent.

The best thing is when a company treats people well by paying above average levels and also has a proper career development program.