Thread regarding Occidental Petroleum Corp. layoffs

Chevron isn't buying any CO2 assets

I heard they are selling all CO2 assets to Chevron

Change of Control

Excuse my ignorance, what is CoC?

82% down and no chance in hell to sale Algeria. She needs to gtfo now

From the below article:

While a takeover would put Hollub out of her misery and away from all the headlines that have turned from sensationally sweet to tragically sour, Occidental shareholders are also unlikely to vote for a sale at a low valuation that is unlikely to get better anytime soon. Voting to show the door to the corporate bigwig who got them there might be an entirely different matter.

https://www.forbes.com/sites/gauravsharma/2020/03/16/be-it-via-shareholders-revolt-or-a-chevron-2-for-1-bid-vicki-hollubs-occidental-tenure-is-nearing-its-end/amp/

To the last Poster. Any merger involved risk. At the time oil prices were higher.

The Black Swan has hit hard. Cv plus Oil shock.

If Oil prices here higher and no CV, everyone would be cheering on Vickie and the Board.

If a company puts itself up for sale in a whole piece the buyer has no choice but to purchase the whole company then sell off the asset areas not wanted. Some companies who sold themselves in pieces did not fare well.

Put it into perspective. I’ve seen companies do a whole lot worse to themselves under better conditions due to very greedy and bad management.

To the last poster reb, you mean like when Oxy came in and got into an ill advised bidding war for Apc, and even before the ink was dry started selling off the parts of the company all for one damn play in west Texas? Oxy deserves everything coming its way, it’s all fun and games till someone gets poked in the eye.

To the last OP- OXY’s poison Pill was a smart business decision but it could be made better as one of the posters suggested. It is not a selfish foolhardy act. Poison Pills are a common measure utilized when attacked by corporate raiders like Icahn and Ackman, The SEC should enact laws to keep these two from raiding corporations and trying to dictate how they should do business. Icahn always wants a company to sell itself and assets. Ridiculous and should be outlawed. Let OXY sell its assets themselves, but the right ones, keep Permian, etc,

What a Horrible idea. The poison pill was a selfish, foolhardy act based on pride and a refusal to acknowledge the absolute dire situation the company is in.

Oxy's only chance for survival now is to sell off assets. Any bank that provides funds to Oxy is this market is literally throwing money away.

Leave as soon as you can. The ship is sinking and the lifeboats are few indeed.

Hahaha, boards don't answer to employees. They answer the the stockholders. The board is meant to oversee the executives at the behalf of the shareholders, or the owners. And lets be honest, in this market, Oxy could can a huge chunk of the employees and replace them tomorrow with cheaper engineers due to the current market dynamics.

Now that doesn't mean board doesn't necessarily care about employees, but they care from an owners prospective. Owners would care about hiring the best people for the least amount of cost, and obviously don't want to institute policies that would cause major negative publicity to impact the value of the company. The other thing is, if the board passed something that completely went against the interest of the owners, they can just be voted out and the new board will reverse the policy.

Never happen... sorry

Great idea. Oxy has real good assets and important NOT to let these get into the hands of Carl Icahn. Pray hard.

Things are looking pretty bleak for the whole industry. I am not so sure any of us are going to come out of this with good severance plans. If Icahn gets us we will all leave holding a pink slip in our hands. The way it is you don't want to sale reserves at these prices, so just hope we use our free cash to stay afloat during these trying times. I agree with someone that had posted about letting them go under the VSP they signed before. With the people still here on VSP if not critical and they want to leave let them. I am sure those guys are really stressed right now. I know I am.

That's a pretty big assumption that our execs and board actually care about us. Yeah, it would be awesome to have and I hope I'm wrong, but they haven't shown us anything in the past few years that indicates they care about most of us. I hope they step up and take care of us.