Been with this company almost 2 decades...while previous layoffs were always tied to a plunge in oil prices, we have been making money hand over fist the last few years especially with the average cost of production dipping to 30s after these acquisitions...the company has to just sit back and produce and collect the dough literally ...there really is no NEED for the company to shaft the employees this time, but...
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@12m oh but lets not talk about what Biden did. lets go back to Trumps first term and the manufactured Covid scam. get out of here with that junk.
@1g What do you mean? Who is paying the taxes?
I pay taxes and I don’t want free benefits bcz I could do better myself than gvmt wasting my money on grift
@12m, the Americans (or not) receiving the benefits aren't the ones paying taxes...
@gz revisionist history ? The debt increased by $7.8 Trillion during Trumps first term.
In response to the pandemic, the Trump administration passed the CARES Act (≈$2.2 trillion), including:
◦ Direct stimulus payments
◦ Unemployment insurance expansion
◦ Business loans and grants
While these were essential emergency measures, they significantly expanded the money supply and federal debt, contributing to post-2020 demand-side inflation, especially when followed by further stimulus under the Biden administration.
Presidents of both parties have led this country to where we are today.
Americans want benefits but don’t want to pay the taxes required to fund those benefits.
At some point, earnings will reveal whether we’re “making money “. Sure, we may be in a positive operating gain mode but are the investments actually paying out? The Burlington assets were written down in 2009 as part of a whopping $34 billion write down. Have our recent acquisitions set us up for a similar situation if prices continue to fall?
Which administration are you talking about? We've been in extreme inflation since Biden took office and it's only now that there's a chance it may stabilize.
If our executives didn't see inflation coming when the gvmt was spending excess trillions of dollars, then they aren't as sophisticated as I would hope they would be. Not to mention the economists office. . . . . money printing is the taught in inflation 101 as cost all other goods to go up. Anyone with half an eye could have seen inflation coming a mile away. We should have had a better plan to maintain our margins through this high inflation administration.
There was no need for MRO to sell either except for C-Suite payouts. Follow the money and you'll find your answer.
Does mgmt live in the regular world? Us normal peons experience inflation in our daily lives. Why should our business be any different? Inflation happens to goods and services but somehow not to the price of oil. If you look at price of a gallon of gasoline in 2000 vs now, that gas should cost $32.40, yet it is still only $2.43. The gas we are getting at the pump is much, much cheaper.
So everything used to get the oil out of the ground is getting more expensive, but we can't sell our product for any more money. Seems like a losing proposition. I guess from that perspective the only way to combat this is to get more efficient bcz our product isn't retailing for more dollars over time.
You have it wrong. Average cost of production has increased after the acquisitions. It wasn't supposed to, but somehow our costs have risen faster than our income.
That's the story behind CEP.
@OP You have to lean-up the business to sell the company. Who would buy COP?