Things have been going downhill for a while now and the latest few developments are proof that Oxy's future is anything but bright. And considering that most companies in our industry are going through something similar, there is no better time than now to start looking for a new job.
In a few months, the job market will be flooded with people with the same experience and knowledge and very few jobs available. If you don't start now and get stuck in something like that, you'll have only yourself to blame.