It looks like Oxy is suddenly getting rid of all L-APC that chose VSP and are still there, even those that they chose to extend separation dates on. What’s going on?
18 replies (most recent on top)
Raise your hand if today was your day to leave. Feel free to include your length of service, department and/or location. Congrats on escaping the sinking ship!
I know plenty of LAPC VSP’ers that are stuck until Jan 2021. They would love to leave now, but continue to be held back.
Yes sell GOM
PLEASE
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Its the start of the next phase for Icahn and his newly appointed board members. To commence polishing the t–d! Get these folks off the books ASAP. Once commodities bounce to $35; start asset sales, including the coveted GoM. Lower operating costs, open the valves and open the books for divestments.
FCF in the GoM means nothing with debt payments of $6B due in 2020. LAPC here hoping Icahn sells GoM to Shell for $6B and VH gets whacked.
Accelerating the VSP comes down to one thing. If for some reason Uncle Trump does decide to give Accidental a federal ballot, Hawaiian shirt dude doesn’t want to come across like he used the fed money to pay severance and letting people go. The whole idea of the bailout isn’t to save Accidental as a company, but to save the employees.
Glad you guys are getting the VSP. You were asked to step up and take it and you did, so in my book you guys saved jobs for others and deserve every cent you get. For those that actually retire I wish you all the best, and have a great retirement. For those to continue working good luck on your new endeavors. Times will get better and it will all work out.
At the risk of being naive, VH may be expecting to be removed and this was an effort to keep her word by forcing the dates while she still has control.
Must've been a recommendation from the McKinsey consultants.
If this is true hopefully Oxy will have the cash to make all the payments in the coming months and these folks aren't stuck waiting...
I have no issue with L-APC getting their VSP now, it’s the L-OXY folks who have to pickup all the pieces that I’m worried about. If L-APC was still around now, there was a reason for it. Everyone knew they were leaving but they were also working on a transition at an already expedited schedule. To remove them all at once with little notice is going to leave a lot of holes. Again, it’s the L-OXY folks left that I’m worried about.
Not everyone with a VSP date had it expedited to next week.
They aren’t going to keep people who have already chosen To voluntarily separate while they involuntarily lay off people who haven’t. Think, people.
Oxy is flat broke. No cash on hand.
Par for the course, Oxy decisions make no sense, counter intuitive. My dog could make better decisions. I have yet to see anything about this company that impresses me. But in this case, YAY for LAPC that finally get to jump ship.
Extended Oxy VSP also suddenly given May 7 exit date.
All L-APC VSPers I talked to got their date moved to Thursday so their last effective day is Wednesday. I don’t know the reasoning but it seems pretty consistent across departments.
it could be because of the annual meeting. possibly VH is out so they want to implement some of changes before the new CEO comes on board.
What do you mean next week? You mean starting Monday? I wonder how many are still here.