Anybody else wish Oxy would hold off on offering a VSP to APC folks, until after job positions in the new organization are known ? Seems like it would be hard to make a financial decision of this magnitude without knowing what the income alternatives are. Wouldn't it make sense to just decline the VSP, and wait for either a job or a much bigger payout CoC ?
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CoC - Change of Control Severance Plan, think VSP stands for voluntary separation.
I'm new here, sorry for the ignorance, but what do VSP and CoC stand for?
This is not an auction for anyone to wait for the highest bid. Assume inverse relationship and move on.
The VSP and COC are the same amount of money
Will OxyChem get any chance of VSP
correction: up to 30 months salary
Oxy VSP has been pretty generous. Offering up to 24 months salary with bridged medical and prorated bonus......from looking at the APC CoC it's pretty much the same thing.
Everyone's situation is unique. If you need to continue to work and you do not like what's offered with the VSP, then don't take it. Roll the dice. You will either end up with a good paying job or the CoC. If you were going to retire in the next couple years, then you might take the money and run.
A few people had turned in their retirement notice when the sale was announced. I'm sure they are not going to turn down the VSP - they don't want a job. We all need to remember, the CoC is not guaranteed.
Interesting comments. Good discussion. And LOL on the post that said there was a lot of speculation here. News Flash - that's what this site is for. Speculation, rumors, inside news tidbits, discussions etc.
I too have had this same discussion with several people at APC. What I think the poster meant in the original post was - that any VSP offered to APC folks would obviously be LESS payout than the existing CoC. Otherwise, what would be the point of offering a 'new' severance package at all ?
So, assuming the VSP offer ends up being something less value-wise, then how could anyone be able to make a decision on taking it - if they didn't at least have some clue as to what to compare it to job-wise ? I.E. What position ? What Dept ? What location ? What salary ? What bonus and LTI targets ? It's the TIMING of the VSP that seems awkward.
If it ends up being "Hey, here's a VSP. You've got 3 weeks to make a decision (without all the info you need to properly evaluate the consequences). It seems like the answer back from the large majority would be "No thanks. I'll take my chances with either a job (which would be more valuable), or get terminated under the CoC (which would be more valuable)."
APC May be over staffed in Houston... it is not in Denver.
"You do realize APC is grossly over staffed and Chevron would likely make more significant cuts than Oxy will, right?"
You do realize that there are many of us that are totally fine with that and would love to be cut, now. Give me my COC. Peace out.
We will know in a couple weeks. Some think that it will be better than CoC and some think it will not. People who know are not going to tell us until it's time.
I assume a VSP is an early retirement severance package. What do you think the package offer will be?
It’s hilarious to see people claiming they wish Chevron would have won out. You do realize APC is grossly over staffed and Chevron would likely make more significant cuts than Oxy will, right? Not to mention you would not know more now about your job before closing with Chevron. Perception and reality with Chevron are very different. This comes from someone who survived layoffs at Chevron. They are mind-numbingly inefficient and it is not a desirable place to spend your career.
A lot of speculation going on here. We do not know what the APC VSP will look like yet. No one has said that it will be the same as what the Oxy 55+ were given. They know that most at APC will not take less than what the CoC states unless they provide something of value - like retiree insurance at the lowest rate like Oxy retiree were given. Just wait until you see the package before making judgments that it is far less than the Coc. We'll know in a couple weeks.
"I think APC folks now had wished Chevron won out."
I don't recall anyone being very excited when Oxy won out and definitely no one excited about it now - except the greedy AF EC members.
I think APC folks now had wished Chevron won out. Don’t think they would have tried to play games with CoC and you’ve would’ve known job status much quicker than Oxy will probably let you know... just speculating!
Maybe Oxy actually wants the good people from Anadarko and then in the end have a stronger company to move forward. Anadarko has always been good about hiring good people, so they are just trying to keep them if possible. One does not have to take the VSP if they don’t want it, and can keep working for a year at least. I think once they work charts are filled out there will be a lot of people on both sides that are let go. At least Anadarko employees have something to count on that is pretty good. I bet the Oxy employees don’t have such a lucrative exit package for those that don’t qualify for he VSP. It will be much cheaper to layoff an Oxy employee than a Anadarko one. In that case the Oxy employee is getting the short end of the stick. I don’t think anyone is out to screw over anyone. It just makes good business sense to keep the best. A good job long-term is better than a windfall short-term. At least the 55 and over will get a chance to leave early and they deserve it. Many of those guys help make Anadarko what it is. The only sorry thing is that the top six cash out and leave the rest behind. What a bunch of sorry losers that ran the company in he ground. This was a great company once.
Oxy is playing it this way on purpose. Do you want the VSP in hand, or what behind Door #2?
Trying to scare people into gambling and taking a much lesser package. Pretty unethical, but I get it. They need to save every penny they can. Can’t help but think that CoC would have been much more of a reality with Chevron.
I predict VSP, then a wave of job offers. We’ll probably be able to count the number of people getting CoC one two hands.
Time value of money. Wish all a smooth path over the next few months.
As others have commented, I think if you try waiting on the CoC, you’re not likely to get it. I’m sure Oxy will try very hard to avoid paying out that much money. Good luck!