With the low oil price environment which doesn’t seems like it will improve soon, any news on the street if there will not be layoffs in Oxy? Any thoughts if the OxyChem sales will lead to headcount reductions in the upstream side of the business?
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“Word on the street is employees will yeet, some out the door and some to an OCC seat.”
Others may be meet an inevitable defeat, as their jobs are eliminated, their desks quiet and neat.
So I’m sorry to say, but I must now repeat, keep your resume handy, and don’t hit delete.
Here's what you really meant to say:
"Word on the street is Oxy is a well-run company because they don’t have massive layoffs. Having massive layoffs has always been a sign of a poorly run company; said no one, ever."
Word on the street is Oxy is a well run company because they don’t have massive layoffs. Having massive layoffs has always been a sign of a poorly run company.
VSP would be real sweet. I am sure the 55 and over crowd with 10 years would think hard about it. But 55 is young these days in my mind and have a lot to offer still. With AI so close on the horizon working past 55 in the future might be hard to do. Jobs are tight so having a job for a few more years might be better than a VSP.
Word on the street is VSP is sweet.
Word on the street is employees will yeet, some out the door and some to an OCC seat.
Both bathrooms, sometimes in the same day
In which bathroom?
Word on the street is that Jimmy beats his meat on 4th floor
@e2 OK, the next time we’re having a reasoned, civil discussion about actual layoffs, you’re not invited to participate. Please go somewhere else with your constant insults. Better yet, just grow up.
@ds Why wouldn't they? Because Oxy is the bottom of the barrel, the most under educated and low performing people in Oil and Gas who couldn't make it at any other company on any level. Two FEs alone came from Chevron West Texas and are totally incapable of comprehending basic upstream principles. Why would BH go to the worst source for employees when they have their pick based on reputation, performance and career opportunity. Where do you get this idea that Oxy has any credibility in terms of performance or ability?
@dc Let’s take these one at a time.
“employees that support OxyChem could be going over to BH. It would probably be up to the leaders to make the decision to let them go to OxyChem or not, but they also might not have a choice.” BH is a large corporation that is already staffed up with support staff. They already have the necessary support staff for Tax, Treasury, IT, etc. OxyChem is simply moving from one parent corporation to another. Also, as another poster has pointed out, why would OPC give up its best employees to BH? They won’t. They will reassign them to other jobs and get rid of the low performers. Why would BH want them?
“There will also be the possibility for OOG employees to post for BH jobs if they want and have the skills needed.” My only comment here is why wouldn’t they?
Oil in 58 range and stock in 42 range as of now. Remember the name your price exercise we went through in 2020. That was the first time I had ever seen that in this industry, and I did not see many take it. Maybe another one of those would get some people out.
@d8 Please see slide 27 in the last quarterly presentation posted on the investor section of the Oxy website: https://www.oxy.com/siteassets/documents/investors/quarterly-earnings/oxy2q25conferencecallslides.pdf
Deep inventory of high quality, low-breakeven development locations, with ~13 years of <$60 development at current pace.
There will probably be a net reduction in headcount at OPC and a net increase at BH. However, it’s unrealistic to think that the same employees who are let go at OPC will be hired by BH. It just never works that way.
I heard that employees that support OxyChem could be going over to BH. It would probably be up to the leaders to make the decision to let them go to OxyChem or not, but they also might not have a choice. There will also be the possibility fir OOG employees to post for BH jobs if they want and have the skills needed. The new OxyChem will be staffed to hit the ground running.
@an so let’s take a small OPC department of say 5 employees that has one that spends 50% of their time on chemicals for example. Which is more likely?
1) OPC will maintain the same headcount in a department that now has 10% less work. OR 2) OPC will layoff one employee (the lowest performer) and spread the 50% non-chem job duties to its remaking four employees.
Last, when you say that an OPC employee will “go over to BH“, I’m afraid you don’t understand the nature of this deal. The acquisition is OxyChem, not OxyChem and select OPC support staff.
What is Oxy’s breakeven price for wti
crude? It seems that most of the majors breakeven prices are over 60 dollars a barrel.
Board of Directors need to be fired for the cr-ppy deal hurting shareholders. I don’t see any upside in owning Oxy stock at this point.
Maybe management will take this opportunity to clean house. 20 percent layoffs. Ruthless.
I would imagine that any employee that spends a majority of their time supporting chemicals will go over to BH. The percentage of the time those employees were spending supporting O&G will have to be made up somewhere. I think the net effect will be neutral.
There are several groups within OPC that do and have historically done work for the corporation entire, including all business units. To the extent that the percentage of time spent on the chemical division can be determined, senior management will most definitely want to reduce staff by that amount in those groups, unless a good reason can be made not to. We are not talking about a lot of employees, but some number will definitely be riffed.
The likelihood there will be layoffs at the current or even slightly lower prices is very low. Employee expenses in the oil industry are just not that leveraging. But if they want to simplify the organization for efficiency reasons then there could be layoffs. You don’t need an excessive number of people mucking up the system. Especially those with skills that don’t fit in with the future. A CEO who wants to avoid layoffs simply does not reorganize. They keep doing the same things and driving profits and stock price lower and lower while taking a huge salary. Maybe they might take on more debt just for kicks to see how their favorite mentor reacts. They could even spin off a profitable part of the business to see how investors react.