Thoughts?
28 replies (most recent on top)
Unfortunately incompetence is not against the law. Like you said, it should be; but it isn't.
CFO was directly asked for specifics as to how OXY will handle the near-term debt maturities. He offered all kinds of different options, but refused to commit to any. He rejected (twice) the possibility of a secondary (and massively dilutive) equity offering.
Here is the deal: The REALLY bad news will not by announced until AFTER the shareholder meeting in late May. VH & her EC could not manage themselves out of a box of Kleenex, but they are firm believers in manipulating people (including employees and shareholders). Two ways VH does this is to delay making tough choices and postpone bad news. She does this because she is emotionally needy and wants to feel "loved" for as long as possible. These are the marks of a toxic failure of a manager.
Expect (more) bad news in June. I've no idea what it will be, but the OXY EC knows. They just won't tell you YET. Any asset sales will be for pennies on the dollar. Any debt refis/exchanges will be done on terms horrible for OXY. More wage/benefit cuts? - Likely.
I suspect the s/holder vote will dump VH (possibly others too) from the BOD. VH may be retained in some type of advisory capacity (or not). Maybe she will wind up as President of that stupid, gynocracy PinkPetro.
Its really too bad in this country that we don't have a law against gross mismanagement. We should have some type of "felonious management" criminal charge available. VH should not just be unemployed and unemployable, but in the Hoosegow. Oscar Brown too. Most of her BOD too. Think about it: If you steal a pen from the office, you can be arrested. But DESTROY a company, and its "no harm, no foul", criminally speaking. Shameful.
VH is trying to perpetuate a confidence game and is failing miserably - it’s too late but that’s the only “strategy” she can come up with. Hope, hope and more hope! Laughable the football game mentality!
Fall on your sword and resign - let someone with credibility (and a brain) takeover leadership!!!
She just needs to go. By her staying I think everyone on the BOD are just useless.
VH has ruined any legacy she had. That’s for sure. Can’t wait to leave this mess.
The "passionate" statement is an insult to employees as well as anyone who was listening to the call. The speaker lost all credibility after that IMO. Does wall street buy that cr@p?? It suggests that employees are either overjoyed about not being able to pay their mortgage, or they have been drinking some kind of company-provided koolaid. Yeah just gotta love doing 3x the work for 30% less pay. What world are VH and her EC living in??? This is just more proof they are extremely out-of-touch and deluded. I'm embarrassed to put Oxy on my resume.
It's just a job. Get on with your lives.
“Employees are motivated passionate and excited about cost reduction” Yeah, pure corporate speak. I wonder if he stole it from a Dilbert strip. Did you notice the analyst, generally useless on earnings call, scoffed when he heard this?
VH and POTUS live in a fantasy world. Comparison. There is no accountability here. Nothing ever happens to them legally and they do whatever they want. Break a company, get a pass. People die, get a pass. Lost Billions, get a pass. Tell lies at conference calls, get a pass. Ignore scientific advice (certainly not the one from the Apache Mafia) and get a pass. Outrageous lack of accountability. Keep postponing the date things will get better and paint a bright future. Plan on hope and best wishes. House of cards will fail.
Must have been worse than analysts expected.
Stock went down.
The woman who sold the world...
BAAARF
Not one of these bozos ever googled Algeria before selling to Total? How is this possible? No way Algeria was ever going to allow a sale to France.
Total embarassment. They probably did the same level of diligence before buying APC.
@rqf. Humpty Dumpty is broken so badly beyond any reasonable means. There is no cure other than let it go. We are on last penny ventilator.
Get to work A–holes we need to make good numbers for next quarter!
Ground control to major Tom, your circuit's dead, there's something wrong. Can you hear me major Tom?
VH and EC (her minions ) are guilty of:
Lack of due diligence,
Gross incompetence,
and worst of all
Magical thinking
How are they still in charge?
VH and POTUS live in a fantasy world. So many similarities. Both have personalities that leads them to avoid rational advice and deaf ears to criticism. Both lack of a serious plan but have high hopes things will turn around somehow... well, sometimes things doesn’t! This mess we are in wont be gone by April! Both are missing key skills for the job. We won’t “prevail like we always do”. Oxy worked for years to straighten a balance sheet VH messed up in one. I guess we are going to have to ask RIO “What’s Next”. Listen to MC saying: BR
Total HJ waste of time
We have some work to do.
I agree with the comment below. Morale is the lowest I have ever seen it at my 9 years at OXY.
lmao a bunch of smoke and mirrors designed to bamboozle Wall Street and investors...absolutely ZERO reality
VPIR sounded like he was about to J he was so excited when he was talking about SGA being reduced to 2018 levels pre APC. Hey AH! That reduction is wholly made up of our salary reductions! glad you’re enjoying the bragging rights to that nugget.
The narrative was that OXY was on the defensive side. The thing I didn’t like was that they kept making decisions, or so it seemed, on assumptions and not reality. This is what I think got us in trouble previously. Sort of living in this fantasy world.
“Employees are motivated passionate and excited about cost reduction” !?!? Unbelievable crock of S. Pay their salaries then maybe they’ll be a little more loyal or motivated. Hey Wall Street. That was BS. Employees are disheartened, beaten down, mistrustful.
Not good is my thoughts.
yes, get that resume ready!
Find another job as soon as possible