I've heard coworkers say that VH couldn't have predicted the current environment and situation, but quite frankly that's making excuses for someone who didn't do her job. Her job is to lead our company regardless of the environment, and she has failed miserably. The APC acquisition was the anchor that she took on that will take us all down. We could have purchased other companies which were more right-sized for our company, while letting Chevron purchase APC, and we wouldn't be in the desperate situation we are today. Beholden to Buffet, 2021 debt obligations looking scary, extremely negative cash flows, and a lame duck leadership driving this train-wreck. I'm sorry to vent, but I'm ticked off that our CEO put her greed before all of us. I hope we can survive this, but it feels like the sky is falling right now.
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Yeah, Apache is a horribly run company to this day. They are about as low as you can go in the industry. And for some strange reason, Oxy management thought that we would be better off filling key positions with Apache goons. Big surprise we're now in the hole we're in.
Unfortunately OXY did not have inside information on what a terribly run company Apache is. Long history of s-xual harassment, watching p–nography on the job, never really found their own oil and gas fields, just got it by buying from other companies, ran off the best engineers because of their nationality, etc. No originality.
Seriously @4wzq? Are you also that incompetent? You may say that VH cares, but actions speak much louder than words.
- She didn't show through her actions that she cared about anyone but herself, in failing to follow any semblance of proper risk management in a very volatile industry.
- She didn't show through her actions that she cared about the shareholders when she made the acquisition, completely bypassing their interests and vote.
- She didn't show through her actions that she cared about APC employees when she acquired and integrated the 2 companies (horribly).
- She didn't show through her actions that she cared about Oxy employees when she quickly cut the dividend after empty promises that it was secure, and then proceeding with a 30% pay cut.
- She's never shown through her actions that she cares by admitting her mistakes, saying she's sorry, and trying to get us all back on board.
Talk is cheap. Your actions are what defines you and shows how you really feel. And her actions over the past year-plus have not demonstrated an ounce of caring for anyone but herself and her inner circle. Face it, she either is not caring at all, or she is just that incompetent and incapable of performing her job. Either way, she should not be leading this company.
Lots of anger and frustration on here. Understandable. But not helpful. But then it is a place to vent, right? But it is only allowed from the negative side. Positive posts are trashed and hated.
As the CEO, VH holds the responsibility, that is true. But she also feels the responsibility. She has never been cold or callus. She is down to earth. You would know that if you ever spent any time with her. She treats everyone with kindness. I pray for her, and you, and Oxy every day.
VH has done a wonderful job. She got Anadarko executives 100’s of millions in golden handshakes. Paid Chevron $1 billion and saved Chevron stock from ruin. Worst CEO of all time? Depends on which side of the fence you sit.....
Well, look at Glassdoor. 70% of Oxy employees approve of VH. That's part of our problem. Most of our employees are yes-men (and yes-women) who go along with what upper management tells us, and then we think they're doing a terrific job. How does a CEO who has brought financial ruin to a once great company and most likely many of us still have such a high approval rating? It's either incompetence across the ranks, or people are too scared to step out of line. Unbelievable.
The Oxy boat was already sinking once they hitched their boat to the Permian UC play(s) as the future of the company.
While the boat was leaking, it was fixable by changing course from that which was set by the id–tic, loud-mouthed, ex-Apache Mafia who were brought in by VH. Not only did the Apache Mafia have VH’s full confidence, they did not respect her. They thought they were running Oxy.
The APC acquisition (all the value was in APC’s Permian acreage, day what?) a huge strategic error that was executed with mo–nic and self-defeating tactics, was the nuclear-tipped torpedo the sank Oxy.
The ex-Apache Mafia — shame on you, you know who you are — should all be ashamed. But, like all loud-mouthed, egotistical mo–ns, they have zero self-awareness and think that it’s VH who messed up their master plan.
VH’s folly was bringing in the AM and then falling completely for their line of BS. From my personal knowledge, I don’t think that Chazen would have bought the AM’s line of BS.
Oxy while Chazen was prepared to navigate any kind of environment. We were conservative and wouldn't play the shale Ponzi scheme. But there was pressure from the investors, how come everybody else is doing it, there was plenty of money to borrow... and we took the bite and went too much into that. The Oxy elders who resisted the shale knew better, and the tribal mafia of Apache came to teach us how it was done. VH listened to them and their poor advice. See the results now. Humpty dumpty is broken
You don’t need to hedge if you are a big, stable and diversified company with a rock solid balance sheet and a risk averse strategy. Like Oxy used to be. It worked fine for a long time.
Even that, she wants to force us back to greenway plaza on May 1st. She does not care about us at all.
On the bright side years from now we’ll be bound by a comradely that only comes from having been part of such a disaster.
Also you’ll never be shy a discussion topic at c—tail parties. Everyone will want to know what it was like when Oxy sank.
VH will go down in history as one of the worst CEOs of all time. Right up there with Kenneth Lay (Enron), Steve Case (AOL), John Antioco (Blockbuster), Chuck Conway (Kmart), and Bernard Ebbers (Worldcom). Her APC acquisition cemented her place on this list. Sadly, we will all be the ones who suffer the most for her ineptitude, while she walks away with millions some day (soon).
It feels like the sky is falling because, well, the sky is falling.
- surely the company was well hedged. If for no other than to protect the company's investment in the Anadarko acquistion. Oh wait, your ex CEO who is coming back as chairman or something didn't like to hedge. Time to look at the 10k and see what the company had in the book.
I agree, she took on way too much and now WE are all paying for it!
This is absolutely 100% on the CEO and her EC minions.
Not sure what half of them do anyways. Does anyone know what Sandy lowe actually does?
She never understood risk management!