Its all but gone
Its my fault
I should never have believed that stupid woman
I am LOXY and im am f—ed
WFH? Stick it in your ass
16 replies (most recent on top)
@1pkg+178uYR9W Kind of. When Oxy came out and said no layoffs in 2015, that was the moment I started liquidating stock. No CEO who's got a brain comes out and says that. Result: Oxy carried heaps of deadwood through the last price crash setting themselves up poorly for future drops.
Also, the geopolitical situation was never going to be stable in the future. MbS is a spoiled little child, who can do whatever he wants because no one tells him no (some of the ECs offspring come to mind?). His 2015 price was was a disaster, but someone who thinks his d–k is bigger than everyone else's needs to keep swinging it around. Result - failure #2.
Oxy is basically the Pakistan of Oil companies. Corrupt, badly run and Saudi Arabia's b–ch.
Let’s be kind to ourselves because the stock wasn’t a bad place to keep money as long as it was not decreasing and the dividend was good. Who knew the stock would swirl down the toilet and the dividend would disappear. We were told the dividend was a priority. I assumed asset sales would be done before the dividend was diminished down to a penny. Better times ahead for all of us.
Sell your oxy stock I have a feeling it’s going to zero.
I agree. Some companies like Chevron and BHP no longer do the 401K match in the form of company stock. It’s all cash now with brokerage options to invest outside the company 401K offerings.
VH has destroyed shareholder value and many of the older generation of staff have seen their retirement pots wiped out
Dont make the mistake of doubling down
Take whatever value you can from this pig and take your money elsewhere
Oxy stock will take years to recover even if it ever can and its dead money
Good point on putting the match into company stock. Wish a lawsuit could be made but it is really the employees fault. Be fortunate that there was a limit on the % in stock to grab your attention to move some out periodically. Still it should have been put into a money market fund by the company instead of the stock. You are right it was an irresponsible policy.
@1vvf+178uYR9W
Don’t tell that to the management because they are the ones staying with this broken ship. Once things get better, you will see good folks leave. Who can forget the lesson learned from this company? I need to recover my loss here from somewhere else.
#NeverForget
Remember Enron?
Those Enron employees who put their hard earned 401K into Enron stocks (some had rolled-over previous employers 401K into Enron's 401K and into Enron stocks) lost all their retirement money as well as lost their job when it bankrupted. Never put all (or majority of) your money into one basket.
It was very bad policy for Oxy to match 401K and having only one option to invest in Oxy stock. (I understand that you can initiate transaction 26 times a year to move from Oxy stock to something else but you have to remember to do that.) VERY BAD COMPANY PRACTICE AND POLICY THAT CAUSED MANY EMPLOYEES RUIN THEIR RETIREMENT.
I forecast Your kids and grandkids will be out of college before Oxy returns to a decent level. Sad but likely
@exy+178uYR9W I'd still recommend some form of protection. Long term puts for a hedge or shorting WTI futures.
@auc+178uYR9W hard to say "be patient and trust" when Oxy drove the stock into the ground.
This was not an externally caused event entirely. Poor decision making and an EC that apparently doesn't understand math were more culpable than anyone.
Not a bad idea if you think it will not go down. The penny dividend is still better than money markets.
I am a former OXY employee that took the severance. I am down but continue to buy it up. I own 14k shares even. I believe in this company and know they have institutions, CI and WB that want the company to turn around and are working hard toward this goal. Be patient. It will get better.
I lost a lot in various places where I own the stock. It was always low risk when coming down a bit because you could always count on the dividend. Now it is a double whammy with low stock price and a penny dividend. I just got over being mad at myself but I am still angry at the company for screwing all of us stockholders. Even without COVID and without the Saudi price manipulation experiment the stock still would not have shot up From last years value because of all the debt. So we never would have made a bunch more but at least it would be more than now.
Same boat. I wish I had of seen the warning signs better. If it helps I just bought more at 10.00 to get my average cost per share down to the twenties from around 37. Up till now I think I am the stupid one for ever investing in the stock. My thinking is now if we don’t get back to the twenties I just move it over to the mutual funds. One big fear is that someone buts Oxy and do a stock swap. We would probably only get a fraction of a share for an Oxy share, but if it is an Exxon or Chevron I would much rather take my chances with their stock. Don’t be too hard on yourself because many of us are in the same boat. I just hope time is in my side to get it back in the twenties.
I also lost a bunch of my savings that I really did need to get by