I’m guessing no one was preparing for $20 oil. Now what will happen? Good luck!
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@5fjw+13Tcrrai I think you make a very valid point. Oil workers are very proud and it is hard to let it go for some reason. Maybe because it isn't an industry that is liked for all of the good it provides because people feel helpless about what the main product costs (gas) that they have to have.
Shut down Bartlesville and consolidate to Houston.
Maybe another COST team will be put together and take a year to make recommendations. Another wasted effort but hey it's a new year and a new team!
No one saw this coming.. COVID 19, The Saudis & Russia Squeeze play at the same time.The ultimate Tri-Factor. The Alaska Business Units are going to feel this.Can imagine what the ELT are thinking.
I bet the ELT are scratching their heads and wished they moved forward with ROLA 5 years ago!
Any way you look at.. Its not pretty... this is going to define COP going forward. Can Ryan Lance make the hard decisions and the right ones to ultimately save COP. Stay Tuned?
Don't mean to intrude, but I'm a recently retired ex-petroleum geologist who lost his job in the severe crash of 1986 almost exactly 34 years ago. There were no oil jobs anywhere in west Texas back then, not even entry-level ones. This crash looks like it may be even worse and remember the 1986 downturn lasted for years.
I left Texas at age 30, reinvented myself as a groundwater hydrologist, and was employed comfortably for 34 years until my recent retirement. Hunting for jobs in Texas or Oklahoma is bound to be hopeless, because there won't be any. It's time to move on, and quit listening to people who keep telling you that you'll "land on your feet". You have to make your own good luck.
Time to shut down Houston and consolidate to Bartlesville. Move critical personnel and let the rest go. We can cover functions here easily. The cost of living and short drive will benefit us all.
Uncle Ryan and the rest of the Trough Grazing Gang are looking at new jets. REFS is looking for more office space. The non-finance CFO just bought a new mansion. Pretty much a replay of what was going on when the last crash hit. What could go wrong?
Time to shut down Bartlesville and consolidate to Houston. Move critical personnel and let the rest go. We can cover functions here easily.
What’s needed to be done has been obvious since the summer 2014 price fall. But we have leadership who believes they are perfect and don’t listen to wiser employees. We all know how this will end: someone acquires us and cuts costs that should have been cut in 2014.
At these prices all unconventional development should stop now. If we are financially able, we should curtail production to limit depletion at sub economic market conditions. Consider a round of voluntary EOI layoffs followed by involuntary layoffs of less essential and surplus employees. Cut back on contingent workforce. By definition we are in a trough. Cut the dividend now. Look for sensible bolt on acquisitions. Tighten our belts and emerge leaner, stronger and with a better asset base.
Don't waste your time on resumes. No jobs. Time to re-evaluate your career path.
Layoffs coming. Soon. Get those resumes ready.
ConocoPhillips wasn't prepared for $40 oil last time the price of oil collapsed. The end result was a loss of $1.5 billion per month and the asset sales and the layoffs. No clue how the company will survive on $30 oil or $20 oil. The Houston vs. Bartlesville issue may be resolved once and for all...
And good luck to you too, Mr. President.