The Vicki Hollub Tale: Kayaking Without a Paddle!
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She represents the end of oil and gas and the beginning of the third industrial revolution. Oxy has no place in that future.
I prefer the title for the Oxy memoir book - 'How to have a track record of work place fatalities, utter business failure and bigoted work place persecution and still think you are a good employee at a an awesome company'
With the follow up sequel - 'We don't like it coming back in our faces, from the home office desk of the unemployed'
Shey's paddling the kayak really fast... In circles.
You’re a long-winded m-f-without saying much at all. Big EC mgmt material 😇
The whole APC acquisition was wrong from the beginning. Vicki, Oscar Brown, Quintero, Bennett, etc... their only aim was preserving their own power and avoiding a buyout.
OXY was a bad match for APC. Supposedly, APC’s Permian acreage was the big plum asset in the deal, but the amount & quality of the acreage was not very good, even if oil prices stayed above $50. APC’s GOM DW was a poor match as OXY had avoided most offshore and DW assets since the Piper Alpha disaster. The Algerian assets and the Mozambique LNG were a bad match also requiring huge capital outlays. And OXY EC then faced the ignominy of having to pay a huge unexpected(how?) tax bill on LNG project sale. APC’s biggest UC production area was DJ Basin and it is anywhere from over-mature to “in harvest mode.” Not a growth opportunity. So where was the “value?”
OXY EC defined by:
Incompetence
Ignorance
Incoherence
Inanity
Insanity
Will make it into many corporate ethics powerpoints and case studies. Vicki will be right next to Ken Lay in the ethics textbooks of the future. We are living the Enron of 2020
I really don't agree with the EC team if they decide to layoff, cut pay, etc. We are not that far into this thing yet, and once we turn the corner with the virus and oil prices things could be on the rise fast. The stocks of all oil companies are down, and I think it is more to do with speculation and fear than anything else. If Oxy can't ride this out for one or two months without making life changing decisions for employees then Oxy will never make it. I think the dividend cut was something that was on the table months before and when the opportunity came they jumped on it. The issue I have is the fact our leaders had us believe the dividend was sacred. Back when Enron went under Ken Lay was touting to his employees to buy, buy, buy. They all ended up losing tons of money. If a CEO is going to preach to the public and the employees the story needs to not be able to change on a dime. Have we stopped producing and selling oil? I thought we still had cash flow and our hedges were putting us ahead of others. If we don't have cash flow then maybe we should shut the doors. If I could tell our leaders anything it would be good leaders don't have knee jerk reactions. All the times our CEO talked about no layoffs during the last oil bust would make one think she could ride this one out for a few months before making overall drastic decisions. We will get this virus under control and oil prices will go back up. We need to keep our people and be a leader in the industry and not a for the moment company. If the APC purchase changed the CEO and the culture of the company then that in itself made the APC purchase bad.