I have heard multiple rumors on the cuts coming. Not just in IT, but everywhere. Capital is likely just the start. It feels like many groups have been putting off filling open roles because of it.
What is everyone's best guess? I feel like the week of July 7th, its coming. Guess its the (now annual) activity to proactively pack up the desk just in case!
7 years of service, 21 weeks of total severance.
3 weeks per year of service maxing out at 60 weeks
What has been offered in the past for layoffs?
Have you ever seen a major project that didn’t need a supplemental? Yeah, didn’t think so.
The major projects used to have very bad leaders, making decisions only to make sure the bosses happy. They don't care about long term benefits of the company. Just want to make sure they look good.
Gogo just playing that ROCE. Pumping the stock with a short term jolt so he can cash out before he’s 65 and retires. Someone else’s dumpster fire then.
Just another short term knob to manipulate the financial statements.
They cut capital projects and hence capital project people. ELT is blind taking advice from Elliot and their corporate raiders for a shot term gain. To run the refineries you have to invest in capital projects today or later. Or else P66 will end up in the news. Any ways, by that time the ELT , GOGO and anti technology refining VP will be out with their golden parachutes, Elliot a-holes will be out with their money. And a new CEO and board have to deal with the mess. In any case it is a bad proposition for the employees and long term shareholders. It may be time to cash out your stocks by the third week of July and invest in other companies.
CPChem all the company’s follow each other? When one does it they all do it.
Heard CPChem is outsourcing and offshoring all of IT.
AB GT FB CC
Can you share who the 4 ELT members are that are running the reduction in force project. It makes a difference of who gets cut based on which ELT member is on the team.
Hiring freeze and travel freeze in effect.
Consider how much could be saved simply by closing the Phillips Building in Bartlesville, which, as most people know, is only half occupied.
This company has lost its way and there is no getting back on track with this leadership.
The ELT are self promoters interested in holding onto what they have at all costs. They will fire all off to just pay themselves one extra dollar.
We are not serious about leading. When is the last time you saw a senior leader reviewing performance in your area? Asking tough questions of the team? When is the last time they actually came to your floor for a meeting? I know my ELT member only takes meetings on 14 or 15.
We will excuse our underperformance again and Elliott will be right back. Seriously doing something different and learning from the last battle? Forget about it. It is right back to the status quo.
New board members and Elliott… This is no rant. We have a deep and serious issue that can only be resolved by uprooting this leadership team.
It is fact that more cuts are coming. There is a project underway overseen by four ELT members.
Do yourself a favor and start looking. This company no longer values employees at any level. The ELT are isolated and disconnected and could not care less about you, your family, or your wellbeing.
I have been told by a senior leader in HR that all things are on the table and that HR are reviewing benefits again. Also hearing the SVP that oversees BT is suggesting across the board pay cuts and SGL demotions again. He has apparently been talking about this openly in his staff meetings again — a favorite topic. Highly motivating for his team I am sure.
It’s time everyone at P66 understood the following:
My advice:
Finally, if you are laid off, don’t take it personally, if you do you are only hurting yourself. Like a divorce, this is a business transaction, you need to adjust your mindset and focus on your future. Conserve your severance and vested RSUs, you'll owe a lot to Uncle Sam at the end of the year.
Wishing the best for everyone, however fortune favors the prepared.
Expect hiring freezes now, followed by role consolidation this summer.
June–July: Budget reviews + early voluntary exit packages (quiet phase)
August–Sept: Internal headcount caps issued, reorg maps drafted
Q4 Earnings (Jan ‘26): Formal larger layoff announcements, likely under the banner of “strategic realignment” or “focus on core business”
https://thejobchicksinsideredge.substack.com/p/phillips-66-and-activist-elliott
Let’s meet up. What location are you at? Must be LAR, you seem bitter. Lol
@cc, fight me.
I don't dread being laid off. I'd take my maxed out severance and whistle all the way out the gate.
If you're some young type A BT champion that's been with the company for four years, you don't get it. Upheaval is all you know, and being an insufferable kiss-a-s you've probably advanced through positions fast enough that you don't care about anyone that works here. But some of us old dogs remember better days and are sad they're gone. Some of us have friends who work here, and we're worried about their futures, their livelihoods and their safety. It's not just bi--hing and moaning to bi--h and moan.
Borger started laying off last week.
These threads are hilarious. You all bi--h and moan about how awful the company is but also dread about getting fired. Do us all a favor and quietly leave on your own. You won’t be missed.
Late this year is what I am hearing
Good luck and may God bless you
The first week of August, that is when they cut folks last year.