Thread regarding Occidental Petroleum Corp. layoffs

@1xfi+15uDpR8S Did you hear this from your Costco gas station attendant? It must be true then.

@1dis+15uDpR8S Sure. The bar is really low. Just don't destroy 50 billion in shareholder value.

To cite Geico, "so easy, a caveman could do it"

@1xf Was the friend named VH? Haha

I heard from a friend that oil will be near $100 by the end of the summer. That will be good for oxy right?

@1qkm+15uDpR8S hey, at least many of us thought buying APC was a r—ded decision. That alone puts us above the Oscar Browns and Cedric Burgers of the world.

The genius below advocating buying Oxy stock is probably buying Hertz too. Wonder if Oscar Brown is back trying to continue his legacy of spreading sh–ty decisions.

Wow! So many genius CFAs on this site, and I thought it was just a forum for griping and complaining. Now I know where to go for future investment advice.

Only bk in the horizon is burger king

I would agree oxy is in line for bk. I would say any thoughts in 2020 is silly, but 2021/22 is very realistic. Getting bought out is also unrealistic with current debt level + oil industry decline, so therefore bk is also necessary. Of course, all this goes away if oil goes to $50. Idk how I feel about staying at oxy. But the writing is on the wall.

@uce+15uDpR8S and CHK went to 77 while headed to certain death.

Shorted the heck out of it and made bank.

So feel free to keep buying Oxy. Can't wait

@uce - stock price does not reflect a company’s abilities to succeed but rather underscores the speculation around the stock price alone. Hertz, Chesapeake, Whiting, Pier 1...etc. Each of these companies experienced several pops in their stock price leading into and while in bankruptcy.

The stock price coming well of its lows of $9 indicates the market has other ideas. It isn’t treating Oxy like a company on the edge of bankruptcy, despite all of the rumors. This is all “textbook” to Mr. Canary though.

You all remember when they said oil wasn’t going to hit $40 until Q1 2021? I remember. I bought at $9 while everyone was losing their minds about some sort of super scary chest cold and I’m not selling. Some of you need to get out of the house more and stop dreaming up elaborate bankruptcy scenarios. “They gave us our salary back, and here’s why that’s a BAD thing!” Good lord.

Ok, so your glass is less than half full. Pour your drink into a smaller glass buddy.

Lets look at everything else to what you said:

1. Roughly $1B in debt coming due in Oct and a lot more due in 2021
2. Warren's regular quarterly payments (likely to remain paying out in shares). Soon causing him to be labeled as an owner for IRS purposes
3. Oil prices still not near profitable levels
4. Hired Moelis to review finance and restructuring options (usually a precursor to a BK filing)

4b. Weird press releases specifically detailing how this isnt for BK option talks.... when clearly they (Moelis) are known for it.

5. Alergia and Ghana sales cancelled (hurting this Q's books for all of the quarters they were not on there) and loss of expected funds from sales that now need to be found elsewhere.
6. Covid and wfh challenges
7. Vendors and partners claiming debts
8. Poison pill
9. Exec comp / parachutes and new loxy coc
10. Ichan proxy battle.

Yeah OXY is fine, they dont need to give back a salary cut to retain workers. /sarcasm

Reality check folks, Oxy is giving the 30% back because it will look better to shareholders when they furlough or cut XXX amount of workers worth $200Million annually vs $140M. That will be the story,"Look we saved $200M this Q".
You are still likely doing more for less when more cuts are made. So they are still getting a bargain. This is so textbook it isnt even hard to point out. Get ready for cuts and firesales if oxy doesnt declare BK before next earnings call.