Unless they are granting you all 60% of your base pay in restricted stock on a 12 dollar per share basis, you should walk out and let the company collapse.
30% of your pay doesn't need to go to Warren and Carl for their awful investments.
Let Oxy collapse. With Oxy out of the way, you will be picked up by other operators at some point.
Teach Carl a lesson.
I knew we were in bad shape, but I never would of thought we were in this bad of shape. I agree that cash is so tight that they had to reduce our salaries and minimize severance. If you get laid off now it would probably be a max of two months severance to be in compliance with the Warn Act. You would probably also have your vacation paid out. I think we are better off than those at home that are still owed VSP and Layoff money. We have been people being paid that are still on the payroll. Oxy gets zero work out of those people. it will get better, but for now we just need to get rid of this virus.
Why would anyone want the company to fail? Think of all the people that came before us who made the company great. There life savings and medical benefits are important to them, and to you as well someday. Unfortunately the Buffet deal makes it difficult for anyone to ever want to purchase the company. Please change the leadership so the street can regain confidence in the company. Until the 4 key players who drove the APC acquisition leave the street will have no confidence in the company,
One thing to consider. As mentioned Oxy does not have the cash to pay severance. So they reduced comp. The other alternative would have been to lay-off legacy Oxy personnel with no severance. I think they are choosing the path that is the lesser of two unfortunate options.
Oxy is truly the laughing stock in this town. What an absolute joke. Up there with the SWNtards and Apache Alpine High. The perfect trifecta.
Oxy knows you got nowhere to go. Who do you think is hiring a petroleum engineer at the moment? Odds are when they say they will "reevaluate" in August. What they really mean is when they find out facilities engineers have options or techs, they will raise those employees salaries back up to stop them from leaving. But other groups who are still trapped, probably just going to have to wait until $100 oil comes back around in another generation.
LOL. The company won't collapse without you. Or me. We are shutting down almost all activity and we have way too many people. The only reason we aren't getting laid off is because they can't afford to pay our severance. They want you to leave. This is intended to cause attrition without the cost of severance packages.
I wouldn't blame anyone who leaves. I might even leave myself. But don't pretend that you are somehow sticking it to Oxy by removing yourself from the payroll without a severance package. Just do what's best for you and your family.
@OP+14a4iSWB Market isn't great now, but as soon as it recovers, most talent will bolt. This will leave behind those that should have been laid off years ago who slowly claw their way into management.
Rinse. Repeat.