I think that last email destroyed any last glimmer of morale that we all had. What a miserable time. Best of luck to everyone.
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What about WES?
VH couldn’t even bother to deliver the bad news to us herself....too busy saving her own job!
- 9 < 5.0
To those apc complainers who whine about having a guaranteed job through this awful downturn: are you kidding me?
To the rest if LAPC who effectively embedded into our teams and bring value each day, we want you here and look forward to continuing to work with you.
Legacy APC here (that left with VSP last year)...I just heard about the letter, and came on here to say that I'm really really sorry. I'm sorry for legacy APC folks, as I know many of you, and wish you all the best. I'm sorry for the good legacy Oxy folks, as I know there are many of you there. I dealt with some really bad Oxy folks prior to leaving, but I also met and dealt with some good ones. I wish you all the best in this trying time. For those who may be on the way out, do know that there are great things in store for you. I actually ended up in a better situation, and am very thankful for how it worked out. Many others did as well. The timing will be difficult for some of you given where things are, but I'm confident everyone will get through it. Help each other out, and I wish you all the best!
Those complaining abt taking salary reduction, fine why don’t you guys go find another job somewhere else right now that pays even half as decently as your 70% cut salary? Sorry, but you’re not exactly doing surgery and saving lives. A lot of industries and companies will fail by the end of this year so shut the f— up and be grateful you still have money coming in. If you can’t live with taking a 30% cut to your $100+ grand, then you are living way beyond your means. Downsize your Beemers and your 8000 sqft house and then we’ll talk. Quit the f—ing whining, good lord acting like a bunch of entitled immature kids. F—ing grow up.
5% is considered a material reduction. Such bs
So what I’m reading is that I now have the COC card to pull anytime a I want over the next 90 days and it only cost me ~4.9%.
Oxy is the biggest POS and morally bankrupt company I've ever had the misfortune of working for.
Do you think they are going to follow through on the API payments to be paid the end of this month?
I think serious CoC cases could be made between the salary reduction and the previous reduction in PTO resulting in less compensation per hour worked. They would have a hard time defending those together.
Once OXY goes bankrupt the COC might as well be used in your birdcage. It will be worthless. We will all be laid off with six weeks pay.
5% cut to LAPC base pay. Up to 30% at LOXY, depending on how much you make. Reassess in August at the earliest, and no guarantees that it's reversed then.
They excluded that info about LAPC in the email to LOXY. Wonder why?
E-mail said they would do a thorough review of the situation and salary cuts in August.
Good Reason - The occurrence of one or more of the following:
- A material reduction in your Base Salary as compared to your Base Salary immediately
prior to the Change of Control
- A material reduction in the aggregate value of your Base Salary plus Total Target Incentive
Compensation compared to such value immediately prior to the Change of Control
Given how few years we've averaged 4.9% pay increases, it is not possible to seriously claim that it isn't a material reduction in pay. They must be gambling that their bluff and the difficulty in finding lawyers during the lock down will keep people from filing for 90 days. And once August rolls around, there is no floor for how low they'll cut pay.
What would be very helpful to all of us is for a time frame of the salary reductions? Ie reduced salary for six months? Then reassess situation? OXY mgmt should communicate this to us the amount of time they expect to pay us reduced salaries.
Yup that is the same email (minus the Dipstick) I got. I am legacy APC. Can someone post the legacy Oxy email? I am assuming it is different as the distribution for my email was specifically stated for legacy APC.
As Dipstick mentioned in her March 17 email, we must take aggressive steps to preserve the health of our company and ensure we can balance our cash flows for an extended period. The coronavirus pandemic has led to an unprecedented decline in demand for oil on a global basis. On top of that, the price war between Saudi Arabia and Russia has further exacerbated the situation. Excess oil supply and decreasing demand are a significant threat to prices and will be until the coronavirus pandemic and the price war are over.
Therefore, we must take immediate and unprecedented actions for our company and select alternatives that offer lesser impact to our employees during the economic hardship that may exist in the US for an extended period. We need to face this together and stand in support of each member of the Oxy family.
We understand that these changes may cause concern and will have a negative impact on employees’ compensation. We hope this situation is temporary and that we can eventually recover base pay levels and restore programs as appropriate. We will continually monitor the situation and conduct a thorough review in August to see if modifications to the actions below are warranted. However, we can’t make promises on timing of any relief because we can’t forecast how soon the global economy that drives demand for our product will recover. Thus, we must implement the following actions on the effective dates shown:
Salary Reductions: Effective April 1, 2020, salaries for US Dollar Legacy APC employees will generally be reduced by ~4.9%. Salaries for Legacy OPC/OOG employees will be reduced by up to 30%. Salaries for Vicki Hollub and other Named Executive Officers will be reduced at higher levels (81% reduction for Vicki; average 68% reduction for the NEO group). Similarly, salary reduction percentages will be implemented for all other Section 16 officers and OOG/OPC direct reports to Vicki Hollub (average 52% reduction). (Note that initiatives for OxyChem and non-US locations will be managed and communicated within those organizations).
The April 2020 US Dollar Salary Increase Program: In conjunction with the salary reduction, merit/wage increases, as well as planned promotional increases, will be suspended until further notice.
Overtime Hours: All discretionary overtime hours should be avoided. Overtime hours which are part of a normal shift rotation or which are required to maintain safe operations and operational commitments are permissible. Managers must thoroughly scrutinize all plans/requests for overtime hours and assure that all usage is prudent, necessary and conservative. Prior to working any overtime, employees must have pre-authorization from the responsible GM or VP.
Hiring Freeze: Except for new employees already in the onboarding process, all external hiring activity has been stopped. Filling vacancies with internal candidates may continue to take place as business needs arise. Where safety or critical operations require an exception, approval must be obtained first from the responsible senior executive reporting to the CEO; the senior executive will then seek approval from the CEO.
Quarterly Production Bonus: The quarterly production bonus for Permian Basin employees is discontinued effective immediately – no bonus will be payable for the first quarter of 2020.
US Domestic Location Premiums/Incentives: Effective April 1, 2020, Permian Basin location premiums and incentives will cease.
The following subsidies, allowances and programs are suspended on the dates shown:
Effective Immediately: All performance Recognition Award programs, including Individual, Team and Presidents Awards; Thanx Recognition Awards; Thanks Program Awards; all Tuition Reimbursement with the exception of courses currently being taken; and the Employee Matching Gift program. Thanx and Thanks points already awarded may be redeemed. Matching gifts that have not been submitted or processed will not be paid.
Effective April 1, 2020: Exercise/gym subsidies; discounts at the Fuel Stop café and The Perk in Allison Tower; Virgin Pulse Awards and all commuter subsidies (car, vanpool, etc.) will be discontinued. Subsidies for prior months may be submitted for reimbursement.
Contingent Workers/Outside Consultants: Usage of outside contingent workers or consultants should be reviewed and reduced as much as possible, without sacrificing safety. All costs must be approved by the responsible GM or VP.
Discretionary Spending: Efforts should be made to eliminate professional fees, training, conferences, association dues, etc. All exceptions must be approved by the responsible GM or VP.
Voluntary Unpaid Leaves of Absence: Some employees have expressed an interest in taking advantage of these current and unique circumstances to return to school, spend time with children or parents or engage in other personal goals. Depending on the employee's role and related business needs, unpaid leaves of this nature may be approved, with eligibility for core benefits such as medical, dental, vision, basic life, and basic AD&D continuing during the leave. An employee on an unpaid leave will pay his or her portion of these benefits during the leave. Any employee interested in exploring this option should inform their supervisor and HR representative.
The Plan Administrator of the Anadarko Petroleum Corporation Change of Control Severance Plan has determined that none of the changes listed above, either separately or when combined, will constitute a Good Reason event under the Change of Control Severance Plan.
In addition to the above, actions are underway to substantially reduce operational and capital activity throughout the company. We are also examining other possible initiatives to conserve cash as we navigate this current market environment and prepare for the likelihood of a prolonged downturn. We will keep you informed throughout this process and as business conditions improve, these measures will be reassessed.
Thank you for your hard work, commitment and support of Oxy and of each other. With everyone’s efforts and dedication, we will make it through these challenging times and market conditions together.
Anyone know if APC people got the same percentage pay cut as OXY?
‘Tiered according to base rate of pay’
Does that mean I get a larger % cut than my counterparts that have had lower ratings and therefore a lower base rate of pay?
Can someone post a summary of the email please? Guessing it's about salary reduction?
If you can get the COC you should take it now. If you get cut 30% you will never make that back up at Oxy, so you will be leaving anyway. If you could get 2 years salary more power to you. Also, this virus is not going to last and oil prices will be back in six months.
This is your time to quit L-APC. Also, Vicki took an 81% hit so you L-APCers can keep your job!
Can anyone post the contents please?
Why didn’t Vikki have all of her salary reduced?
Wonder if a group of legacy APC could win a fight for COC in court. This is ludicrous.
And they can say the plan administrator doesn’t say it triggers CoC all they want, lawyers could persuade them otherwise.
F#%#
What is the email about?
Who is this plan administrator for the COC! I want to talk to that guy!
- F
25 years in the industry and never had my salary lowered. Less than a year with Oxy and that streak is broken.
Yep. Still digesting its impact.....