Thread regarding Occidental Petroleum Corp. layoffs

No @bpyw, she was a victim of her horrible decisions and incompetence. Most everyone outside of her inner circle thought that the APC deal was a horrible deal nearly a year ago. She also failed to sell several assets at decent prices because of her stubbornness. Those decisions are all costing us dearly. She is not a victim. She is the CEO of what used to be a large independent Oil & Gas company (we're closer to small cap now). But she has repeatedly shown that she is not up to the task, and has been outplayed by APC, Buffet, Icahn, and many others. She doesn't deserve to be at the helm of this company.

Vicki was victim of poor timing. I feel bad for her, she hasn't been able to buy a break.

How about this: next time VH steps up to the mic in a meeting everyone just walk out. Refuse to participate in her charade. False idols don't deserve worship. Crowds ought not gather before fools.
She can no longer lead when no one is willing to follow. A significant, consistent and defiant walk out by employees will get her a no confidence vote by the BOD. Everyone's job is already at risk, at least risk your employment for a good cause.

Remember when the Nokia CEO cried saying “we didn't do anything wrong, but somehow, we lost” Might be the same here. Call it inexperience. Call it being naive. Buffet and Icahn took advantage and Oxy lost. I am not so sure “we will prevail, like we always do”

My name is Crow.

Lady will go to her deathbed defending the deal, her career and ability as an executive. Privately she knows she is a fraud.

@upz+14gteK0a you're probably one of the HR trolls that patrols this board. You don't need to stick up for the execs or company anymore, you can think freely and see this all for what it is.

I'm just comparing Oxy to what it is trying so hard to be. Sorry, but you're not in the bush leagues with Devon or Marathon anymore, although stock price says otherwise haha ... don't worry, maybe you can find a job at a real major once Oxy is no more. May you and your family stay safe and come out on the other side.

@upz is right. Oxy never was a major, regardless of what VH and the EC tried to claim. We shouldn't be compared to XOM or CVX or BP or the other majors. We were a large independent. Of course we're now getting smaller by the day.

I'm just thankful that OKB is no longer with the company. Of course he likely walked away with a golden parachute, which is way more than he deserved. I'm sure VH is also using him as the scapegoat. He and VH absolutely ruined what was once a great company, and they have ruined the lives of so many. I just hope he never is allowed the opportunity to ruin another company and it's people again. I hope he lives in shame for the rest of his life for the horrible decisions he has made.

Is your name Crow? Everyone has their fantasies.

@uwd+14gteK0a And Oxy decided to do 3, with the unique third aspect of taking way too much debt being the deciding factor.

CVX walked away from APC. Lets not act that prudent fiscal management is not a key differentiating factor.

@uwd+14gteK0a hmm maybe your problem is that you too are comparing Oxy to the majors.

@uwd+14gteK0a Sorry to burst YOUR bubble, but among Companies of similar size nobody has resorted to as drastic of measures as Oxy because they actually are prepared for times like this. They've all pulled levers to respond, and they have more levers they can pull if and when the time comes. Oxy has nowhere near the wherewithal of a COP, CVX, XOM and so on that it is so desperately trying to be. Lots of others were ready for two punches, Oxy wasn't even ready for one.

VH, OKB, MU and the entire Oxy EC have no self-awareness at all. They still think they didn’t make any mistakes and they’ll never consider taking any responsibility for k–ling Oxy in its 100th year.

Why is this? It’s similar at most oil companies: the executives conflate their continuing and increasing power/status as the same thing as what is “best” for the company and its stockholders.

Why else would they pursue the APC acquisition by taking on a huge debt load while using Buffett’s $10B “funding” as a way to avoid a shareholder vote? Clearly they knew that shareholders would never have approved it! They knew better. No corporate governance should’ve allowed such a transaction.

BTW, Warren Buffett’s reputation has fallen quite a bit too. While Oxy owes him first choice of assets if they can’t pay him the $800MM dividend he is owed each year, he also bought a large amount of OXY on the open market when it was in the mid-$30’s.

Of course, the only people to suffer more than the stockholders are the employees.

Not to bust your bubble, but no one in the oil and gas industry is N. America is doing well. With the Covid-19 demand drop and the Saudi/Russia ongoing feud that escalating to flooding the markets before the virus reared its head, no company trying to do anything other than not drill a well and milk all production, have everyone laid off but a few field managers, and be stockpiling cash is going to fair well. And last I checked, no one that wants to keep a company going can operate like the sky is falling all the time. This is two things at once. Maybe it is possible to handle one, but two, no one is ready.

@ttq+14gteK0a Honestly don't think it is arrogance. Its stupidity.

I genuinely do not think VH or the EC think they made a mistake. They see COVID and the Saudis and think thats why their decision failed.

I wish it would happen as well, but it never well. She's way too arrogant. It will all be spin, as every email and video is these days. They speak to us as if we're toddlers, and they're all-knowing. Which of course couldn't be further from the truth.

We dare to do what others won’t.

~mic drop~