They're cutting salaries - no negotiation, no offers - they're just going to cut salaries to 2019 levels, 2020 raises, which have been in paychecks for 6 weeks now, being rolled back.
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Oxy’s 30% cut bring them in line with our mid-points. We’ve always paid below market during the good times.
Oxy cut 30%
All management should do the right thing donate their salaries for the rest of the year to the food bank or another organization to help the people in Houston and forgo any bonuses in 2021.
DO THE RIGHT THING!
What company cut pay by 30%???
50% compensation cuts for management and execs. Why? Because.
"Consider yourself lucky" ,,,,,,"be happy".... if you utter those words you have been brainwashed the conoco way. Ohh and that id–t that said other companies cutting -30% salary.. plot twist, it was only one because of the id–titic deal they made.
Listen up. If you are butthurt you lost your salary adjustment you should be. Yes the market is cyclical and unforgiving. But that's why the CEO and ELT get paid millions to do their job and positing the company for success and peril. Well. We are in peril and there goes our management doing conoco 2016 101 all over again. So no. We are not fortunate we are unfortunate to pay id–ts millions and plan nothing. For those telling other to feel fortunate go donate your salary to those that hav no jobs or education like you. Or better yet go open up a church and preach hope. This is a business and not charity you either win or lose.
: @pph+14viaxLr
You’re spot on.
We should all be in this together and the ELT missed an opportunity to make that clear by stating how much they cut and cutting more than us peons.
After many many rounds of layoffs over the years, COP is still bloated at the management levels. Several layers of management can be let go without any negative impact upon productivity. What COP really needs to do is to trim these layers out of the system for good. While I am happy to give up a couple percent of my pay, I know in the long run that tough decisions need to be made. If the extra management layers go, COP will be a stronger company. A small pay cut across the board wont get it done. And to be honest, I feel like I am subsidizing my boss as I am not sure what he does.
COP never cuts the right people, always keeps s— a$$ buddies and people that have been COP so long they can’t make it in the real world. Get ready it’s happening again, all of you that are great workers will be cut, COP cool aid consumers safe as long as they stay silent about how incompetent their managers are.
Even if there are modest salary reductions....if WTI falls below $10 and stays for some time it won't matter...there will be layoffs. It will be much worse than the 1980's......total carnage and PE departments enrollments will dwindle down for years. Total destruction everywhere in the industry for many many years.
I'd agree with the poster about the stock buy backs...been nice to have that money now. Will be some really nice assets for sale soon.
Seriously, oil field economics are in the toilet, oil companies are bleeding money, and you are complaining, or making an issue out of a modest salary cut. You have a job, steady paycheck, you have great benefits, great 401k program, VCIP. Please realize how fortunate you are and stop being an ungrateful t–d.
The salaries of the exec team never really change anyway. Ryan Lance has been on $1.7 million for years (not even adjusted for inflation) - you can see this in the proxy statement for 2020. This doesn't really impact them.
The big question is what happens to share compensation for the ELT this year. The have incinerated an enormous amount of cash by pouring billions of dollars into buybacks over the past couple of years, which now looks like gross negligence. A better use of money would be to have a bonfire of $100 bills as at least it would keep you warm for an hour.
All those buybacks have served a purpose. Ryan Lances total compensation jumped up 33% last year from $20 million to $30 million. The strategy of the ELT appears to be to liquidate the company to their benefit from sales transactions and artificially inflating the share price.
COP is in a better position than many companies because of the cash flow from the international business units and Alaska. Unfortunately the Lower 48 isnt doing great - better than competitors but our breakeven is ~$55 WTI. THe stuff in the presentations about $30 breakeven is BS.
From the capital destruction that Don Wallette and Ryan Lance have performed over the past couple of years, they should get a massive drop in compensation. A sacking isn't right - they will get an enormous golden parachute.
I think a drop to $160,000 (the median employee wage for each member of the ELT and a 75% reduction in compensation to the board members sounds like a good start.
What a real leader would have done: rather than a confusing insulting one-line take-back at the end of the email that no one understands, he would have fleshed this out with further explanation and specificity, then added “we know this is a sacrifice, so we’ve also reduced the salaries of the LF by 30% and the ELT by 40% so we all share in this sacrifice...”
All the ELT ever does is ask for more more more details but when they write us like this they insult us with vagueness.
Billions and Billions for stock buybacks. Wasted.
It’s what we do: penny and nickel employees while the leaders eat cake. Catered for free, have you been to their offices at noon or seen the jet force?
If this is not obvious, let me bring clarity: you reduce salaries so when the inevitable layoffs occur later this year the cost of the layoff will be less—which means more for the executives.
You lived on it 6 weeks ago, I’ll bet you can again...............
The original poster is just giving information. Why are you making assumptions that aren’t there
I’m sure you can still survive with a 3% reduction to your pay. Consider yourself lucky, No layoffs are being announced so you still have a job and the company is not cutting salaries by 30% like some other companies are doing.
I’m sure you can still survive with a 3% reduction to your pay. Consider yourself lucky, No layoffs are being announced so you still have a job and the company is not cutting salaries by 30% like some other companies are doing.