Thread regarding Occidental Petroleum Corp. layoffs

@vyx+14wIcEWp
Engineer PE and APC with VSP. It is rough out there but no reason to lose confidence for better days ahead. While I had the luxury of extended financial security due to severance, it was a cluster with oil crashing and virus outbreak exploding at same time.

I had multiple jobs (operating companies) disappear (hiring freeze after the bloody Sunday that oil crashed) and leads with consulting/service companies dead-ended soon after. I switched from operating companies to service when the first path didn't work but at that point it was too late to get any job, even at service company.

Interesting enough, "the darkest time of the night is just before dawn". When I said, "f..k it, focus on living thru this and job will come later" it just happened and I am now employed and actually great opportunity.

I am aware of number of us ex-APC (don't see why will not be the case for our Oxy legacy friends) that have found their place in market place.

By the way, I had less than a handful interviews, not sure if the total applications exceeded 100 or so. All interviews were for positions that I knew someone in the organization and resume was placed directly in front of hiring manager. After that I was successful in all interviews, but at the time it seemed bad luck waiting for outcomes the immediate period after oil crashed. Interesting enough that was actually to my benefit since the position that I finally accepted became available out of nowhere and after hiring freeze in place for the previous three jobs. So losing any of these three jobs was the best thing in my job search.

Stay healthy and be ready for the dawn to seize the opportunity.

My plan of action.
1 - Go kayak.

The end.

No reason to keep vested LTIs, Oxy 401k match in Oxy stock if you also have unvested LTI. Too much stock in one company is never a good idea. I made a huge mistake on this.

What I am doing:
1) Sell your vested lti and reinvest in Mutual fund soon while the overall market is still down.
2) Stop additional mortgage principal payments.
3) Revisit monthly subscription payments/bills and cancel the useless ones. I cancelled cable, Apple music.
4) Learn to cook, seriously save money compared to eating out.
5) Buy store brands of all products, shop at low cost grocery stores.

I’m a geologist. I know my days are numbered and my future is bleak. Who’s going hire a 55 year old geologist in the next few years? No one. It’s time I come up with a plan but maybe go in a slightly different direction. My house is paid off, so I’m good there. I’m seriously thinking of going into teaching because it’s a steady government paycheck with insurance. The pay is c-ap but I need stability right now.

I can not sleep either and stress eating the last can of old fish

Is anyone in this thread an Engineer with a PE. Just want to know how much I should freak out you guys are scaring me tbh! I cant eat or sleep!!

For all of you. I was put out of this business in 2016. It may seem like the sky is falling to you all, especially since you were protected during the last downturn in 2015/2016 and OXY didn't lay anyone off (or very few). But rest assured. The sky isn't falling, and things will get better. I don't work in oil and gas anymore, but have my own businesses. And right now instead of looking at the gloom and doom, I'm looking for the opportunities. They will be out there. Best of luck to everyone.

I’ve got three kids in private school. Hello public education!!! Ugh.

That’s a great start @sqf! It looks like you will be able to absorb that 30% cut in a smart way. Hopefully, your actions will get you and your family through tough times without much more inconvenience.

1. I’m trading my car in for something more practical. I was stupid and recently bought a luxury car that I didnt need.
2. I’m refinancing my home so my payments are lower.
3. I’m advertising for a border. I have an extra room above my garage I can rent out.
4. I have already eliminated lawn care services, pool service, and canceled the exterior paint job I had scheduled.
5. I reduced our grocery budget by 25%.
6. My mil is now watching kids full time and not charging us.

That’s my start. Basically, I’ve reduced our monthly expenditures by $2,500 and a border will add $400 to my budget.

"COC is not a debt so would not be impacted by debt restructuring in Chapter 11."

Correct but if they don't have the cash to pay it in the first place you're SOL...

APC employees should budget as if they have already lost the 30%. Take the extra money that you're getting now to eliminate outstanding debt or put it in account and forecast it out to when your income is decreased. Analyze ever item on your budget and reduce or eliminate it. I'm not 100% sure but COC would likely still be there after Chapter 11. Since the company would continue to live on after Chapter 11, any employee still in place would be eligible for COC. COC is not a debt so would not be impacted by debt restructuring in Chapter 11.

I’m in tears honestly. I don’t have a clue which way to go first. My stomach aches at the thought of going into interview after interview just to not get hired for another job. Hell, I get physically sick at the thought of filling out hundreds of applications and to not even get an interview. I really thought I’d be Heading into my golden years and be spared of this.

All that stuff helps get you through tough times, and I just live that way anyway. I never had kids in private schools, but I am sure cutting that cost will help. Our biggest cost across the board is health care, and maybe out of this virus tragedy something will help us get more reasonable priced health insurance. For the family of three below with an infant not so good heath care can run over a thousand a month, and if COBRA more like 1,500.00 a month. With kids you have to have it, or you could be broke with one accident or life threatening event.

1-sell my wife’s Beamer
2-wife and I both work on getting PMP certifications and get out of oil. She’s in the industry too.
3-sell our house and move into apartment. We have two teenagers so that’ll s— but they are going to college soon. Gotta make hard decisions now.
4-get a job at Lowe’s to help until jobs in our field open up

My survival steps:

1. Divide savings by 12 and decrease monthly spending to fit that budget. I think I’ll be out of a job for at least a year.
2. Sell house. Move in with parents. They have a big house and it’s just me, my wife, and and infant. They would love to have us, so it’s a win win.
3. Get new certs in IT field to add to my resume. Maybe finish my degree.
4. Get myself into the best shape possible. I need to look good for future interviews ( I’m kinda fat so). Looks matter in a competitive market.

Ive been thinking about this too. My steps:

1. Sell off shares
2. Reduce personal expenditures
3. Refinance house
4. Eliminate private tuition my my two kids ( this one is k–ling me)
5. Wife gets back into public school teaching after staying at home. Will give us income and insurance