You ain't getting your 30% back a$$ki$$ers.
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Better then layoffs or being put on a PIP?
Well if the person below is right a lot of people will leave.
It will take Oxy years before the average salary is raised back up to 2019 levels. Easy to trim and never easy to get back. Stock holders will want all free cash flow to pay down debt or increase dividend. Big budget allocations for payroll changes aren't really favored by anyone on wall street. They wont care that Joe Oxy or Annie APC isnt happy about their salary. This is the new norm and you should be ready to leave if you threaten to not work at that rate as that's all they'll likely need for cause.
They don’t have to.
It is the theory of never let a good crisis go to waste. When you have everyone thinking they might die from the Covid, and shut businesses down, shut schools down, riot, loot, just crisis all over the place what is a salary cut. The economy is in ruins, etc, etc, etc. The psychological affect of that on employees opens them up to this BS being taken advantage off. They knew months ago what they were looking at in the mountain of debt, and these tough times gave them a way to save face by addressing what they would of had to address if oil is 70.00 a barrel. The sale of the Africa assets really cut into what they over promised and could not deliver. That in itself is amazing to me that so much could of been riding on the sales, and when they did not go through we were really screwed. It would not surprise me if management was not glad they had these tough times to hide the decisions they would of had to make anyways. Works out good for everyone put the worker bees.
And, they will say that the cuts were not based on oil prices, but rather reaching a SG&A cost savings target.
VH will say that current market conditions are unstable.