This is a real question. Besides the ELT and the Leadership Forum, do any employees have real confidence in our leadership? If so, why? Are we going to be around for a while, and deliver the results we promise annually?
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Beg to differ @9ueb. Still operating non-profitable fields in Wyoming and Alberta. Held on to Nio way too long. Sold low cost positive earning properties early on to pay the dividend. Doubled down on unconventional oil leaving little potential for a diverse portfolio and the advantages that may bring (think higher gas prices as the unconventionals are shut-in with impacts on associated gas). Even before this downturn we had embarrassingly low returns on investment over the past 15 years.
Get rid of two of the aircraft, increase the dividend to stockholders, make them fly commercial through the travel dept. These changes will ensure that COP keeps its SPIRT VALUES by example. The I stands for Integrity with stakeholders. This would be a good start and set an example to the employees that we are valued and the the leadership is feeling the pain during these times. Action speak louder than words.
Looking at what has happened they prepared for it about as good as they could short of some massive layoffs that have been needed for some time. ELT reduced corporate debt, ELT sold marginal profit margin fields while prices were still up, ELT bought back shares rather than liabilities. The ELT has done just about all the things a oil company should do before a price bust or recession.
There are reasons Bartlesville is in operation. And it has little to do with Buisness. You have to understand there are forces behind the scenes. The federal and state systems are a hidden contributor to strange behavior of businesses. A Senator here or there decides I need "pork" in my district and money flows.... it has to be hidden, you can't pop a bag of gold under the table anymore. It is much more subtle, with tax incentives and rebates. There are several tiers of infrastructure supported by this...not just service stuff like resturants
ARCO. Once a great company with many great employees. Ruined by a few. Mismanaged and sold out to a foreign company. The remaining in AK managed to decimate two more great companies. Phillips and then ConocoPhillips. Bitter , incompetent, conniving and unethical. They measure their worth by the number of steps into their private jets. Count the ARCO castaways above you and contemplate their impact on your careers.
I have confidence that the Leadership of the company will continue to behave as they have since the split. And where has that gotten us? It’s a sad state that we are in. But the LF and ELT don’t really care about the company other than what it provides them. No long term strategy, no sense of family, no culture, no history, no pride. And sadly a lack of understanding of our industry.
Here’s the thing: despite a horrifically bureaucratic time-draining planning/scenario process, this still remains a “justify my budget” annual process rather than true planning and thinking. They’ve never right-sized the organization, resulting in reactive layoffs each time prices fall or we sell assets. These bureaucrats s— the life blood out of all of us.
Things won’t change until we have massive changes across-the-board at all levels of leadership, or someone acquires us, which is a strong possibility with our stock price so low.
This ELT is finally going be pushed to shut down Bartlesville and consolidate those functions to Houston.