Not sure why you might think they’re YOUR 30%.
Don’t you realize they’re MINE.
Need to detail the Bentley, fuel my boat and Tommy Bahamas ain’t cheap either!
S—ers
22 replies (most recent on top)
OP, not in the short term is my guess. In 2021 and beyond, depending how market reacts there will be a point of supply/demand and brain drain from the under-performing companies that didn't keep up on compensation.
there is permanent damage on management-employee relationship and if the pay gap is closed along with some additional LTI incentives in advance of the eventual surge in oil prices will help.
With minimal oil investments and after the virus is in rear mirror. no matter how much oil is in storage the replenishment from natural field decay will not be there, 2 years? At that time leverage will be on employees.
How you get to that timeframe with minimal financial damage is the question.
@3isi+14jCZB1f why would you not want to book them as short-term losses? Off-sets your short-term gains/normal income which is more impactful than off-setting long-term gains. Maybe I'm mistaken...
As soon as my shares qualify as long term losses, I’m dumping them.
The BIG question we should be asking ourselves.
Quit now and short the stock with every penny we own. This co is heading for bankruptcy, you better believe it.
Ask yourself: which E&P company you know, whose stock cratered by 85% and circled the drain ever made it out alive.
Sanchez, Chesapeake, Sandridge, CRC, Exco,
@2mrh+14jCZB1f Chevron isn't buying Oxy and its debt. Unlike Hollub, Batchelder, Ure, Brown and the eternal genius Vangolen, Chevron has actual leadership with common sense and fiscal discipline.
I encourage the poster that thinks teaching is easy to quit and go teach 🤣
Best case scenario Chevron buys Oxy. But who knows. I do not think it will be restored anytime soon. Oxy is nothing but liars. They always change their minds and promise one thing but end up giving a c-ap deal instead. I wish I would have gone to Chevron instead of coming here.
YES!!! When you go to a different company that actually cares about its employees and not a dividend.
@2dde: I'm really sorry to hear that. Keep your chin up, keep learning the programming languages which are most marketable for your field, and start looking once the economy starts recovering. You deserve better than Oxy, and I'm sure you'll be able to find a company much more deserving of your skills and talents. Best of luck.
I'm a tech and the cut brings me down below 50k, granted i only got a 20% cut because I make peanuts compared to others. I'm quite upset with the company in the first place because last year I was an excellent performer getting proficient with different programming languages but yet I get passed up on a promotion with someone that I've covered their a– for many times. Once this is over I am leaving the first chance I get.
@1ocn+14jCZB1f AMD is on the cutting edge of chip design and technology, while Oxy IT cannot even spell IT. Comparing the two is comical.
Not to mention that AMD does not deal with an externally set commodity price.
NO in Icahn I do NOT Hope. OXY Ana’s great assets especially Permian. It should not be cut up and given away. Would rather see OXY rise from the ashes and emerge a much stronger and better company. Look at AMD!
I would be thrilled with a sale for $30/share and moving on with my life. This has been a disaster. In Icahn we hope.
Yes, best case scenario Carl gets this trash heap sold for $40/share, restoring most of our LTI losses. Then we can all start over and pretend the last year was a bad dream.
For legacy APC who weren't eligible for VSP, a sale or breakup of assets is our quickest path to COC.
The alternative "long" view is a paycut on Aug. 9th, then no bonus in March 2021. LTI is probably safe but the share price is so depressed and the long-term health of the enterprise in so much jeopardy that chances are decent there's a reorg before the shares fully vest.
We're all just lines on a spreadsheet at this point. Might as well treat the company the same way.
Do most employees want the company and/or assets to be sold off? From most that I’ve heard from, yes. It is extremely difficult to see a way this has a happy ending staying as is.
On Aug 9 they will bump L-Oxy back to previous levels and cut L-APC 30%. Then they'll keep L-APC there until the end of the year so they can say they cut both employee groups roughly the same.
It's disgusting that they cut base salaries before cutting the remainder of the dividend. It tells you how dire the cash flow situation is. The only reason to cut base salary is for IMMEDIATE relief. They could have cut planned bonus comp for 2020 way back but wouldn't have been able to realize the savings until 2021. This POS company is so cash poor it had to take the emergency route.
Best case scenario is Icahn is successful in breaking the company up and selling in pieces. Those of us who are not attached to legacy Oxy assets would be happy to get sold off.
I used to be ok with making sub par what other counterparts in the business made because Oxy would preach stability. Since giving up 30% of my sub par pay and the stability is gone, I expect my time as this company is limited based on market conditions. Do just enough to keep HR away is my mentality.
Anyone making under 100,000 before losing 30%, plus their 2020 bonus, is gone the second the economy returns to normal. They are now barely making more than a teacher, if at all, and much less considering teachers have a government pension, not to mention all the time off and the whole “making a difference” sentiment.
I would say yes if this virus goes away and oil goes up steadily. I hate that I had to give up 30%, but seeing what is going on in the world I will pay that price for having a job. Many companies are laying off, and Nobel just did furloughs. On a furlough you don't get paid, but you keep your health benefits. We are all way under paid now for those of us that have jobs compared to our counterparts at other companies. Once this thing starts to turn around people will be leaving Oxy left and right. Some people feel they have been betrayed and that this was a knee jerk response to a global pandemic and the oil prices going down. Oil closed up 7.00 plus yesterday to close at 28.34. One more day like that would have us back at 36.00, and it was not much worse when we took the pay cut. The fact the pay cut came so fast makes me think there are underlying things in play other than the pandemic and prices. I read a good article the other day about how employees will take flight and that this will cause a brain drain on the company, and that would put Oxy behind their competitors for years to come. Oxy has hurt their image pretty bad in the industry, so they may have really hurt themselves long-term. I am thinking when things pick up we will get our money back. I just wish the company had of brought employees on board with the cause rather than an email that came to us from a VP and not the CEO. Also, it seems many folks got a 30% cut across the board and a 30% cut to someone making 150K is different to someone making 76K or so.
No, no one will ever see that 30% again. Nor will those who think they are sitting on some nice sum for change of control, etc. going to actually realize those sums. Wake up and smell the coffee - the party is nearly over, the non-executive staff will find that there are no chairs at all to sit in when the music stops.