Unbelievable that they did that. We already have a terrible COC and now and absolutely horrible severance plan. 5 years gets 2 months??? 10 years gets 4 months??? Disappointing, thought we were a “family”....
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If anyone wants to share their Oxy experience with me anonymously or on the record, contact me at mswartz@texasmonthly.com.
Those figures are not far out of line with other O&G companies. Chevron is two weeks for each year of service.
It’s possible you were looking at the “Oxy_Change_in_Control_Severance_Plan_SPD_FINAL”. That does show one month per year of service, but that has never been the normal severance policy. That only applies if Oxy is bought by another company.
I’m confused. I have 3 copies of the document called “Notice and Severance Pay Plan” in front of me this very moment. I have saved them every time they have changed. One is the most recent May 2020 version, one is the January 2020 revision and one is the previous May 2016 revision. The table “Option A: Notice and Severance Pay Schedule” is identical between all three. I’m not sure what you are looking at. The notice period of 2 months plus the severance per years of service are exactly the same. They changed other things in the document, but the months of severance has not changed.
@itf+14X4VQ2A you are wrong go look it up, unless you are above grade 26 you f—
The severance time is the same as it was. In January layoffs, they offered an “Enhanced Severance” package where they doubled the severance as a gesture to those involuntarily laid off. Not sure what was updated in May, probably the furlough language but idk.
L-Oxy is paying the severance of L-APC, this is why L-Oxy severance has been reduced.
It seems really odd that they decided to lower the severance package. Especially in light of the APC- COC. They can’t lay-off any legacy APC with this new severance package.
Everyone endorses the “greed initiative” until they become a victim of it and even then they sometimes they still can’t grasp why they’re in their position. The “greed initiative” only works when there are enough naive and or gullible people willing to believe they’re a part of something. Next time you’re in the boardroom/meeting and you can’t spot the s—er at the table, it probably because you’re the s—er.
I’m amazed!
Y’all are now dumbfounded by VH’s and Oxy EC’s behavior? WTF!
They’re being exactly consistent with their usual MO’s of: CYA, cronyism, lack of DD, incompetence, insolence, ignorance, self-promotion, protection of a**-ki$$ers, etc... that led to the current debacle for Oxy.
I’m LOXY who took VSP last September, partly because it was apparent to me that the APC acquisition and the underlying strategy doubling down on Permian UC assets was a train wreck. It would’ve been a train wreck even without COVID-19!
Funny thing with VH and her minions is that they believe that they are doing a great job and deserve huge compensation. Even as Oxy is circling the drain, they’ll try to grab more for themselves, as they continue to damage shareholders and employees.
Oxy are an unbelievably f—ing awful company run by an equally f—ing awful management team who tell lies
F— them all - I am just taking their money as long as it lasts
Let us not forget that:
5/1/20 updated employee severance plan is base pay at time of termination (read: 70%) excluding bonus ranging from 1 months @ 0-3 years of service and 10 months @ 20+ years of service. 6 months of benefits coverage.
3/29/20 executive severance plan is 3/1/20 base pay (or higher, if they boost themselves in the future) + bonus @ 18 months (24 months if CEO). 24 months of benefits coverage.
The revisions are truly disgusting. Any media outlets care about this?
@uoc+14X4VQ2A LAPC is protected by COC for 3 years from close in the event of a lay-off. This would sadly be for LOXY.
Yes, the 5/1/20 updated severance plan appears to be less than half of what it was before. I am curious to know if Management's expectation for offers that they will accept are to be in line with this.
Wish I had saved the older version but I think it's only gone down by a couple of months. Can anyone confirm the decrease amount?
It is on Oxylink. Before this it was 1 month base with 1 month per year of service.
Can anyone share what the old policy was?
Where did you find this? Is this Applicable to OXY as whole or is it just LAPC?
Where did you find this? Is this for Applicable to OXY as whole it just LAPC