Any truth to this?
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They can remove 25% of management. The cost reduction will be achieved.
Perhaps some are not following the rules or laws.
You hardly ever see oil companies on this list. I think the rules let them get by with not putting their layoffs in if it is less than 10%, or if they pay their employees the sixty day notice. The oil industry was hit hard and it does not show the true stats..
You can search for the site for Texas WARN that lists all of the layoffs for 2020. It really highlights the extent of the unemployment problem we have. It also says how lucky the oil majors have been to date with few layoffs( at least so far).
The Worker Adjustment and Retraining Notification (WARN) Act
What is WARN?
I would like to keep working, but I am not sure that is going to work out. It just seems like for every good we end up with a bad. The last thing I am going to do is wish bad things on Oxy because all of us that work there have a vested interest. Whether it be the paycheck, insurance, LTI, stock in the 401k and Retirement, we are all in the same boat. I am trying to stay positive, but it is very hard not to see the writing on the wall.
LOxy will be the target, since its cheaper for Oxy.
Aug layoffs, Dec layoffs. It's going to happen.
I think they will submit WARN in July and wait for 60 days . So August or September layoff could happen. Pretty sad if this is true.
25% ouch!!! I remember back in 2009 we had a 20% staff m—acre. So this isnt unbelievable. 2020 is more financially severe and the state of company currently is critical. I guess 1/4 is going to be out of a job soon.
Fake news!
They should start with legacy APC. I’ll take my two years pay and skip deliriously out the door! 😊