Last week a group of LAPC with approved VSP exit dates of Aug had their VSP revoked. Honoring an agreement means nothing to Oxy and the upper management. They were forced to sign a new employment agreement for most with an exit of end of 2021 or 2022. Oxy will most likely be bankrupt before then which puts their severance and pension at risk. They could have honored the agreement and just brought them back contract but they enjoy hurting people. This is an incredibly toxic Corp culture that preys on people. Think about it, VH went around the stockholders backs to acquire APC which she couldn’t afford to buy, the stockholders she’s supposed to ultimately work for. The unethical behavior & culture starts at the top.
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Moodys changed it to junk in March. Who said it was updated since then?
Source for the updated debt rating? Moody’s has it as junk
For all the vsp's sake, I hope Oxy doesn't declare bankruptcy.
Relax, take a deep breath. No one is saying oxy is not struggling. The point is oxy is not on the road to BK. The credit rating was changed back in March. Since then the stock has doubled in price and oil is pushing thru $40. Could oxy still declare BK? Sure, but the probability based on where we are now is LOW.
Now who’s a liar?
S&P Global › latest-news-headlines
Moody's rating downgrade brings Occidental Petroleum to junk status | S&P ...
But you are making that s—t up, and thus a liar. Plus you apparently can’t operate a computer and failed 4th grade spelling to boot!
Their credit rating is junk status & not paying their bills. Do you need more?
Their credit rating is junk status and their not paying their bills. I’m not making this sh– up.
Contrary to the opinion below, more analysts are now saying Oxy will likely recover later in 2020 and into 2021, and some are changing their recommendation from hold to buy. Of course they could all be wrong, but there is nothing now that supports the statement that there is a HIGH probability of bankruptcy.
The point missed here is that there is a HIGH likelihood Oxy will go bankrupt and severance and pensions will not be paid. If the company was healthy it wouldn’t be a big deal. Do you realize they bought something they can’t afford? There are already legal proceedings started from vendors not getting paid. Hell they can’t even pay the rent to Hughes. Their plan to sell assets is dead. Options are running out.
So it was not revoked it was extended out to 2021 and 2022. Like the post said below seems like a pretty good deal to work for one to two years and then get a payout. The only companies that might not have financial issues are the majors and Conoco maybe. Chevron seems to be cutting deep as well, and some smaller companies are barley hanging on. I bet when times are good they will offer you the ability to leave early. You must be needed to do a certain job, so that is that much more security. Maybe work a deal to WFH more, and maybe that makes it a little easier on you. I know some Anadarko people just retired and walked away from any potential payout. They were ready to retire and retired. Life is too short to wait around on something that may not come, and everything they are doing is legal. A few months back they let a lot of the VSP people at Anadarko leave early, and some were wanting to stay through the end of the year, so it really works both ways.
Oxy has never thrived. They’ve been a cesspool for years.
@joz+15yjmgLK please. The Kool aid crowd are free to stay. No one is making them leave. Oxy offered VSP and some accepted, the least they can do is honor what they offered.
But, this is a morally bankrupt company. So, not surprised.
Embarrassing to tell people you work at Oxy. Its akin to being Harvey Weinstein's attorney.
Come back to us at the end of 2021 and 2022 when Oxy is thriving and tell us how badly these folks were harmed to stay employed in this terrible market AND get an employment agreement.