Once again a nonsensical non- decision making town hall. The fact that the holidays are coming and there is no information regarding office closures or even retirement packages shows who the top management cares about, and it's not the employees!!!! To those that built this company on their backs thru the nineties to current deserve better from the CEO who in the last 5 years has destroyed their 401K's.
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I left Apache Midland voluntarily two years when it was clear to me that the Alpine High was a bust. Cashed in all my c-appy stock before it took a complete dump to the price it is now. John Christman - not impressed..
Everybody laughed at me when I quit, but I’d rather leave on my terms than wait for the impending layoff from a poorly ran E&P...
The $150 million that the CEO wants to save could easily be had simply by cutting the dividend in half. He even admitted as much during the town hall, saying that the dividend is $330 million or so a year.
So he could cut the dividend and keep everyone’s jobs (including those in San Antonio), but we all know why he won’t do that.
No, he’d rather keep enriching himself and his buddies through dividend payouts—instead of through actual stock price gains like a capable CEO would do—and reduce the workforce and ultimately bankrupt the company’s future as the good people bolt for other options and the production amounts decline.
Nope, he’s going to throw one more Hail Mary pass and see if this one will save his hide. Too bad the board won’t sack him before he can get the throw off.
The CEO destroyed the value of the company as a whole. This has cost loyal employees money, not just in 401K savings but in equity. A big piece of employee compensation is in long term compensation. Stock options are worthless and have been for years. TSR's are worthless because Apache performs at the bottom of their peer groups in total shareholder value. He has failed in every aspect of his job from selling off cash flow generating assets to pay off the maturing debt to going all-in on a gas play. He is simply trying to save his own skin with his latest attempt at a re-org. He and the board need to pack their stuff and sell to a company that knows what it takes to run a premier oil and gas business.
Agreed anonymous. Not to mention, Apache took steps to force employees to diversify by no longer allowing them to buy APA stock in their 401(k). Unlike other oil and gas companies that default 401(k) matches to company stock.
How has the CEO destroyed 401(k)'s exactly? I'm sorry, but if anyone had a sizable portion of their 401(k) in a single oil and gas stock, they are the ones to blame for their own losses.