When was the last time you saw an oil and gas company do pay cuts? Like NEVER! It’s always layoffs. Apparently they are so strapped for cash they can’t even pony up enough cash for severance packages,
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"I’m so grateful I have a job still but legacy anadarko only getting 4.9% salary cuts due to terms of the acquisition is total BS. Glad Oxy was looking out for them and not us...."
Cause if it was more than 4.9 we would all file COC. They also changed the COC documents overnight as well to deter us from filing COC. Oxy leadership is desperate and shady AF
APC didn't ask for this. The will stick it to us come August 9th, dont worry
Amazing that Legacy APC are living the past few years all over again. DJ being relied on to float the rest of the company especially Permian.
Hey “Been through 80’s and 90’s layoffs” seems like you skipped 07 and 09 layoffs at Oxy. All your list of things we have been working really hard over the last years. This whole situation is F* beyond any reasonable limit. Board, VH and others broke the company so much that regular employees cant fix it. Saving pennies and cutting salaries is a drop of water in a pool. We need harder measures!
Oxy could not cut more for legacy apc at this time due to COC. It would trigger COC and you would have mass exodus. Oxy cannot afford to pay the COC and we would not be able to sustain that loss, especially in the DJ that is mostly legacy apc. Just wait, it will be evened out in August.
I’m so grateful I have a job still but legacy anadarko only getting 4.9% salary cuts due to terms of the acquisition is total BS. Glad Oxy was looking out for them and not us....
Salary cuts would tend to suggest that EC management thinks the oil price reductions may be more temporary (time frame of 6 mos to 2 yrs is debatable) due to world market factors.............and that they still need the existing staff levels to execute business plans of maintaining base production and new wells/projects.
Time to focus on ways to reduce OPEX. Reduce artificial lift failures, reduce water and CO2 handling costs, improve equipment reliability and runtimes, renegotiate various contracts (maintenance, parts, disposal fees, processing fees, sales contracts, transportation contracts, etc) trade lower margin properties, optimize chemical programs to improve effectiveness, relook at computer monitoring tools and reporting systems to improve performance of properties, drive wasteful time activities out of the day......(ask questions on the value/time of gathering data/information just to have it or doing a task the same way because that is what someone set up 5 yrs ago.....ask how can I work smarter, more effectively, and efficiently......then there is the millstone of SAP.), sell the alternate energy assets (solar), be real on CO2 capture/sequestration costs, reduce travel, corporate jet/shuttle to WT ??? Everyone should be asked to make a list and then discuss with supervisors and work through the management chain.
they want people to volunteer to leave and not have to deal with the severance package and lower pay of whoever stay. Well play !!!
Be grateful you still have a job in a $20 oil environment.
WES is a different entity, so doesn't really factor into what Oxy does.
What about L-APC / WES employees?