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They will justify it by saying that we are aiming for a $600MM cut rather than focusing on the oil price. There has been no change to the cut of $600MM that we are aiming to save, so that will be the basis for salary changes. Also, VH said that oil prices are currently artificially high and will likely return to lower levels. Given that this is their expectation, they will not be quick to restore salaries to the normal rate.
So oil was 36.35 on 3/11 and we were all making our regular salaries, and then oil took a steep turn for the worse, and then started the climb back up to 5/15 price of 29.43. The day the pay cut was announced oil was 24.00. Today the price of oil is 37.27 as of now. That is a 55% increase in price. I understand the knee jerk reaction if oil is going to stay in the low teens, but that is just what it was a market reaction to some very weird times. Personally, I think they used the virus and oil glute to seize the opportunity to cut the pay, because they know they can't pay us our salaries at 40.00 oil. Which in itself shows you the poor planning that is going on. If not, why not give us our salaries back know at at 37.27. They sure the heck did not have a problem to cut when the price went down so fast. How about giving us back our full salaries and then adjust them back down as oil goes down, but never no more than 30%. On the other side raise them up from our normal salaries when oil goes over 37. Oh, I forgot it does not work that way, just the other. How about telling us a price per barrel target to get our full salaries back. The way it stands that could be 100.00 a barrel for all we know.
This chat is all over the place. Trump, salary, future of education, value of education. While we are doing randoms, this coming flu season covid outbreak at greenway is going to be fun. I hear it's not nice for smokers, asthma, obesed, and the weak. But one step further, blood thickening that will lead to strokes. Amazing. Will be comedy. Lets get back to work at a reduced salary. Also, I wish we had a 365 review process, I would like to get my manager and vp fired. They are really terrible at their job, how they got promoted in front of me or other more qualified talent is beyond me.
The value of the University education is in developing your fundamental technical skills and learning how to approach problems that you have never seen before.
The value to the employer in hiring degreed people is to hire those who are likely to be able to operate in the professional world. It is a vetting process. That is also where the GPA comes into play.
Just like the oil & gas industry!
I am sorry. Learning and education is not exclusive to university. In America that's just an expensive piece of paper. Open source, online, and MOOCs with apprenticeships are the future. Football teams and fancy dorm rooms are history.
@1yxr+15fyUmna '...Lack formal education...' I translate this to mean they werent stupid enough to take out 10s of thousands in loans or have mommy and daddy pay for 4 years of partying and indoctrination by professors many of who haven't ever worked a real job. All just so they look down on others and start ever convo about where they went to grad school...
More salary reductions planned in August and they will be double digit so adopt the position and lube up
Have we obtained the $600MM additional cost reduction? Maybe once that happens we'll get our salaries back, but probably has little to do with the price of oil.
This has been a taste test of socialism.
@ewh+15fyUmna Your vacuous mentality is an affront. Your response doesn’t surprise me as most trump supporters lack formal education. trump has lied more than any president and that is a fact! Did you stupidly attempt to digest disinfectant as your leader requested? Dumb phuck...again continue to complain about your loss in salary. Hopefully trickle down economics work for you once VH and her cronies leave with a golden parachute.
@ewh+15fyUmna I will take the “orange id–t” every time over the senile liar. Thanks I’m out.
More work with less pay. We can not be more positive and motivated
I understand the need to cut cost, but with the salary reductions it was a knee jerk response. When we got the email on reductions oil was 24.01, and went all the way to the negative, but has crawled back up to 35.40. Would we have got such a steep cut if they had of waited a little longer? I just think whether low prices or covid they had to do something even with good prices. So they took the opportunity with the oil price drop, so what about increasing the salaries on the price moving up. The big problem is once it is taken from you they have no incentive to give it back. I hope to be around the industry a little longer, but it will be hard to get over this when times were tough they made it tougher. And on top of that all the vsp and laid off employees are paid more than us, and will probably end up making more than us this year if we get laid off we a lesser package.
3/16 WFH email price per barrel = 28.70
3/17 CEO email update = 26.95
3/24 Salary cut announcement = 24.01
4/1 Reduced Pay = 20.31
4/20 Oil price anomaly negative prices
5/1 = 19.78
5/15 = 29.43
6/1 = 35.40
CNN is next door but may be closed due to riots. Try again later
Did you vote for the orange id–t? If so, then you deserve what you’re getting. How is trickle down economics working for you id–ts now? The sad thing is you cretins will vote for the ignorant fool again. As of this message, I still haven’t received my tax refund due to mismanagement buy you’ve guessed, the orange orangutan