The dividend cut and Capex reduction is good news because Oxy can now pay its debt. There is $13 billion in 4.4% bonds which mature in 2049. Bonds traded as low as 63 cents on the dollar due to payment uncertainty. This will do nothing to prevent large layoffs. Sorry.
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OXY down 5.0% after hours.
Callin' me a troll? I'm no troll. I've given myself to this company for quite a few years, and I'm ticked off. I feel lied to, and cheated. VH said that we needed to bypass the shareholder vote to close the Anadarko deal for our shareholders. Wrong. She said Oxy doesn't do layoffs. Wrong. She said our dividend was top priority. Wrong. And now my stock options and retirement have taken a hit that will take years to recover. All in the span of a year. If it was just because of the coronavirus and Saudi Arabia and Russia, I'd giver her the benefit of the doubt. But this was due to horrible management decisions on her part. And you call me a troll? Go back to 31 and drink the kool-aid, and leave the rest of us alone. Don't post another stupid video. Don't give me baseball tickets. Do your friggin jobs!
Who said it was Karma Troll?
@nyh: doesn't sound like Karma Troll to me. Frankly, they're saying what some of us are thinking. I may not be quite as doom and gloom, but I'm sure not happy about the direction over the last year, or the current state of my retirement account and stock options. If you are, then good for you, but you may be one of the few.
Troll Alert! @nri
Those who are laid off with a decent severance package are the lucky ones. We are the laughing stock of the industry right now. I think it's time we start wearing paper bags covering our faces when we're in public. Maybe the coronavirus and company travel restrictions will save us from public ridicule and humiliation. Our management is absolutely worthless, but they're laughing all the way to the bank on the backs of our depleted savings and retirement. Worse yet, is that we are all guilty by association, and can't hope to find a good job with the Oxy name on our resume. I have absolutely no faith that VH, our board, and our EC can ever turn this ship around. Pathetic. Why did I ever join Oxy? Worst decision of my life.