Credible source has said GOM will do the following: not pay bonus, Contractors fired, merit increases gone, drilling gone, and minimum ops will commence April 1st. In September they will offer small VSP to GoM employees but only to 10%. The remaining folks will be asked to reduce their pay 20%
11 replies (most recent on top)
It’s my understanding that when laid off you are supposed to get your severance within 48 hours. So for legacy APC OXY would have to find a lot of money according to the terms of. COC to get rid of APC people. My hand is up!
I think the word “small” in that previous post was referring to a “small “ number of people. Not necessarily a small amount of money.
@3zsx I would hold out for COC, if you can stand it at this company. Chances of layoff or pay cut are now better than ever and you have another 2-1/2 years on the layoff trigger. Admittedly, its a poker game. Too bad they have created such animosity with their employees.
Help me understand the thought process behind a small VSP offered to some GOM. Why would they take it when they can wait to get laid off and get CoC?
Why would contractors get fired? The last lay off was Oxy employees and no contractors. It’s cheaper to keep a contract employee than an Oxy employee. A contractor is just an expense like a frac tank whereas an employee has a much higher overhead. If the massive lay offs are true all Oxy employees better be looking. It’s a sad reality that at this time contractors are safer than company employees.
Pink Petroleum Corp, eating bonbons - funny stuff!!!
There is an enormous amount of FAT at Greenway. Directors who have no direct reports. Politically connected hangers-on.
VH has built a "woke" organization. Oxy s/b renamed "Pink Petroleum Corp". She has added enormous staff overhead to put a "pretty pink face" on Oxy. They are sitting on their bon-bon fed b()ts in Greenway, while the roughnecks are out in west Texas producing.
And all those carbon redux activities. How VERY politically correct.
This is Vicki's OXY.. transformed into "Woke-n-Broke Petroleum"
While it's true that general guidance was that salaries were frozen, there were indications that there could be minor merit increases for select employees. The indication now is that it is off the table, however small.
Sort of agree with poster below. This "Exec Team" should be working on ways to dial back G&A, just should be in the form of STAFF reductions, instead of SALARY reductions. Less employees is better than more - think total benefits costs.
Ok, I'll play.....
Bonus: is safe as per previous post.
Contractors fired: I'll give you that one. Could happen.
Merit: Already been told salaries frozen
Drilling: Not sure. We have a rig under contract. Could cut back some.
Minimum Opns: Abso-freakin-lutely
Sh**y Treatment After Aug 9th: Entirely possible.
However, I would expect the Exec team to be too busy right now, to spend much time on elaborate schemes to reduce employee compensation. Any future VSP d@mn sure better be no less than last summer's Oxy VSP terms. True story.
not pay bonus triggers COC for 2020. Don't have to pay them in 2021