LOXY. Just received the email requesting (if I want) what my number of months severance would need to be to voluntarily resign. Is this a sign of layoffs to come? If not then what are people putting / what is management expecting? If I fill it out I don't want to ask for too much and not get it or ask for too little and sell myself short. Also this is at my salary as of march 31st so before the reduction.
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Has anyone here, or know of anyone that put in an offer? Is so, how many months and what was the outcome?
Really proud of Oxy for soliciting severance offers rather than going with the Covid staff reduction method. They could have just mandated everyone back to the office and let the virus k–l all of the old timers thereby reducing operating costs without having to pay anyone a severance. Really took the highroad on this one.
Just kidding that plan is being announced on the 18th.
If you're deciding against getting unemployment dollars or taking a payout of severance–some questions to ask yourself. How long can you claim unemployment? What is your current salary now?
If unemployment is guaranteed for, say 26 weeks, but you only maybe get 3 months of severance payout, you can compare those two numbers. The added benefit of going on unemployment is that you are looking for a job(you are required to be), and so you can dig yourself out of this faster. If you take the severance, will you be motivated to find another job asap? The faster you start looking, the faster you will be able to move beyond this. Also, you can stay to be possibly be laid off, but ALSO looking for a job in the meantime. There are a lot of decisions for a lot of people to make right now. I'm just thankful not to be working in the restaurant industry and having to depend on tips. Soo there are a lot of people hurting. It doesn't make our hurt less but we aren't alone.
@1zlg - I agree with your shares vote, except S. Chazen. I believe that he needs to remain, might keep this disaster from becoming worse than it already has been.
All of this is happening before the board meeting, and I have not given up totally on Oxy yet, but I will if VH and other top players are not gone after the meeting, I work for Oxy and I voted against everyone from Oxy and the old Board up for re-election. If they stick with the current bunch the company is doomed, and honestly they don't deserve a chance to dig out of this hole. It is not about Covid, but about bad management decisions. Also, you will find out soon if you are one of the lucky ones to be the first back into the office. With this virus you might live longer by taking the money and staying away from people especially if you are older and have an underlying condition. They are laying out a few dates to maybe make your decision easier.
Comments on LinkedIn
“ O&G employees treated like cattle. No empathy, no leadership.”
“ This is an absolute disgrace and an embarrassment for our entire industry.”
Make the decision harder on the exec side. The higher the better. Don't sell yourself short. They brewed up the perfect toxic recipe.... Degregation, self worth, 'hopefully for the best', happy with 'x'... I've seen so many divorces settled this way. Your ex partner has no love for you, sorry. Better that you go down fighting.
Is there any minimum age requirement on the voluntary severance?
Dang, this is tough y’all. This goes for L-OXY, Anadarko you’re on a different boat all together. I don’t qualify so here’s my two cents...if I was in a position to “bid” I would go in at 10 months. Odds are OXY will still be here in ten months. It’s a number that is not too high that they won’t accept and not exactly pocket change either. If you don’t bid, you run the risk of them doing layoffs in a few weeks and you are let go with only 2-3 months severance. L-APC, if you’re eligible, I would take my CoC and cut it in half (the severance, of course). That way the company gets rid of half your liability, and you walk away with some dignity and closure. I feel this was geared towards L-OXY so please see the iceberg up ahead and grab a life vest before you go down like Jack in the Titanic. Don’t be a Jack, be a Rose. Signed, L-APC’er.
Take 6 months before they declare BR and Icahn gives you ZERO.
@1svc+14V5F6WH Bingo. Mini kingdoms of failure get to remain.
IT is one of the most useless group of people I have ever had to work with anywhere. Want support out in Midland beyond laptop type stuff? good luck.
Please help. What do you think is best? Stay with Oxy and get laid off to qualify for Unemployment or risk getting a package that you can lose due to a bankruptcy later?
This is how VH shows how she is willing to “protect our employees”. This is how Oxy shows “our people are our most important asset”. Cut the little guy always. Leave plenty of middle managers, directors and VPs. A bloated IT and Finance groups. This is place is sinking like the Titanic
So you could take a severance deal... OXY could still go bankrupt and because it’s not laid as a lump sum you still may get nothing.
Listen folks think about this, it’s a last ditch effort before they furlough. No lay-off no COC they will figure out away to layer a furlough without it being a good reason. If you want to get something from this mess I would not go above 7 mths. We are not owed anything, if you are eligible and you want to get something ahead of us that cannot get off this terrible carnival ride jump on it. Who is kidding who VSP is not guaranteed in bankruptcy, severance the same thing. Truthfully this is a strange approach but it makes VH feel like her and her cronies have given you a choice, you had a chance to get off the slide dive so you deserve a big fat nothing. Don’t be crazy asking for 24 mths you will get nothing and there is no negotiation they are not coming back to you to say “pick another suitcase friend” Save yourself this is it, read the writing on the wall peeps get the heck out of Oxy.
Hawaiian Shirt Clown Show has a really good point. I went down with the Enron bankruptcy and we got nada severance. Just dribbles and drabs of $123 here, $75 there, over the next 5 years from random class action lawsuits. You need to weigh your risk tolerance of Oxy going bankrupt in a horrible job market and your getting nothing against maybe walking away with 6-12 months of something now (or however long they can pay out before they go bankrupt). Really tough choice.
L-APC are bananas to take this unless they have another job lined up and ready to go. If they do have something set up they should take 6-12 months severance from this clown show and leave happily.
Some big problems with this... Even if L-APC were to get 24 months under this program they'd still give up a good portion of unvested stock, plus they wouldn't get the pro-rated bonus under CoC.
But biggest issue of all I hope everyone takes into account is that Oxy will pay this severance out in monthly payments while CoC is a lump sum. If you agree to a 12 month severance and start taking monthly payments in June, you need to consider and get legal advice as to what happens if there is a bankruptcy while you're still getting monthly installments.
I don't know it for sure so do your own work, but I think you'd have to get in line with every other creditor in that circumstance.
It looks like 90% of the company is excluded from submitting a voluntary resignation offer based on job groups. Right? What exactly are they trying to accomplish? Whose idea was this? Are they using a Magic 8 Ball to make personnel decisions? (Better than asking trickyvicky tho).
I'm still stuck here. I think that we should submit an offer even if it says our group is excluded, and ask for no less than 24 months. Just to make a statement.
Correct me if I am wrong here, the goal is reduce G&A. Why would Oxy be willing to pay your monthly severance for 3/6/12/18/24/36 months? Or why dont they just offer LOXY folks lesser serverance packages? They are so desperate. Dont bank on getting money after 3 months.
LAPC, your months of severance should be the same as COC. Why would you take less? The majority of the LAPC folks are in GOM, so this really doesn't make any sense. Oxy mgmt just firing from hip, per usual.
@eqq+14V5F6WH:
"Would anyone actually put in for less than 10 months? ..especially with the current job market condition.."
No way... 24 months, with immediate vesting of LTI, or maybe at minimum 18 months. The prior voluntary packages were 24 months, so they can match that or forget the 'voluntary' cr@p. Cretins.
Would anyone actually put in for less than 10 months? ..especially with the current job market condition..
Is it likely that they’ll only be willing to accept severance offers that are less generous than the ones they gave during layoffs in January? I would imagine if everyone aims kind of high (12-36 months) Oxy will just throw the whole thing away and do involuntary layoffs with minimal severance. At least for LOXY folks.
Remember those super-nice emails that accounting/finance folks got last week from CC and RP thanking all those hard working OXY employees for their sacrifice over the last several weeks? This is how much OXY wants to thank you - oh - didn't we tell you - you're not leaving - so just GTF back to work. You're stuck here BWAHAHAHAH
We need a whistleblower...HR...Legal...bring it to the surface
This is the dumbest most bizarre email I think I have received in my 35 year career in this industry. The ONLY reason they are doing this is the APC COC. Otherwise they would simply go and whack a bunch of people and be done with this. But it’s too expensive to lay-off legacy APC... and inherently unfair to lay-off only legacy OXY employees. So come on down and Let’s Make a Deal! What is your bid to leave this company?!
GOM, Africa support, field employees, accounting, tax, and treasury are not eligible. Which means that most of the remaining LAPC staff is still not eligible. This bites.
APC folks got somewhere around 24 months, if I heard correctly. So 30% of 24 is ~7, so the realized time is actually 31 months. Plus all the other perks they got... I'll be sending in my offer for 31 months. Hopefully they let me off of this sinking ship. I hate VH so much. She's such a spineless coward, acting like her recklessness had nothing to do with the dire state that our company is in.
Show some solidarity!
Everyone who volunteers should ask for minimum of 24 months + medical coverage for same time. Don’t sell yourself short!
I heard OXY never did Layoffs.There is still chance.Fly Jet to Omaha..you did it to bypass all ShareHolders and you loyal employees.Fly back again and save your loyal employees...Let me guess VH won't do it for her employees
I deserve a COC. I worked hard for that COC
@ @low+14V5F6WH – not sure that you or I "deserve" anything over and above what we individually agreed to with OXY when we took the job. I know what I "want" but it is not something I "deserve." I got that in my last paycheck.
If you ask for 12 m and they give you 6 m, can you opt out? Or are you waiving your rights once in the process?
Did everyone catch the fact that the email says "Maintain capital activity at current significantly reduced (or lower) levels through the remainder of this year and likely into the first quarter of 2021"... all that means for us L-APC folks is we're going to take another 25% pay cut (at least) when August rolls around... oh my motivation has never been higher! If you qualify, do yourself a favor, ask for 12-18 months, and roll out! I only wish they would make GOM eligible, but they know if they did it would be a mass exodus
Anybody knows if this is based on pre-cut salary? I cannot find it in the document. Please tell me the page.
This is just a cruel joke on those keeping this company afloat. What is the minimum you’re willing to take to get out of this dumpster fire? Not what you deserve, not what is comparable but the absolute minimum you would take. If it works, we’ll kick you out, if not, you get to stay with more work and less pay.
Lower months will get a preference..
I would agree OXY does not have our best interests at heart with this offer. It is also clear they do not want to payout anymore VSP’s for legacy APC... to costly. And they will do whatever is necessary to subvert and undermine their obligations under the COC. I’m sure they are cooking up some schemes right now.
Under the normal plan 9 years gets you six months. Now if you are under the Enhanced Severance that gets you ten months. You can put down whatever you want, but I bet they come back with the six months or between six and ten months. Lose your insurance in two months before Cobra and it is it worth it? On the other hand many people have complained on this site, so now is your time to leave and get something. For all those waiting on the Anadarko COC maybe this gets you out the door because you are so unhappy. Time to put up or shut up. At least LOXY gets it all based on their salary before the cut. Going to be some tough decisions coming up.
I DID say I was dumb. But fine I'll adjust my offer up a few months and then just dip into savings after that runs out. Still better than sitting dead in the water at this miserable place making zero progress in my career. Or missing out on good time to devote to getting out of this industry altogether.
There is a lot to unpack here..... and I am neither a lawyer nor someone who believes Oxy has our best interest in mind.
- It says this is considered voluntary, aka we would not qualify for unemployment benefits.
- There is a giant clause about waiving rights away.
- Its not a lump sum, so you are at the mercy of that payment coming each month....Does bankruptcy clear them of the obligation to pay?
This document does not appear to have been legally created in any way to actually secure your “payment”, but it sure as hell looks like a way to get Oxy out of their real and true legal requirements to you elsewhere!