I thought it was positive.
22 replies (most recent on top)
@3hxs+16I0FFI5 The same way that VH and OB failed at common sense due diligence on M&A, they likely also failed grade school history. Had they passed that class, they'd know that Algeria would rather give themselves up to Morocco and Tunisia than let the French come running around.
LAPC familiar with it have been laughing since May 2019 about the Algeria sale attempt.
Here is a link from last May: https://energy.economictimes.indiatimes.com/news/oil-and-gas/algeria-to-block-total-from-buying-anadarkos-algerian-assets-minister/69513900
In December 2019 it was againn brought up and there were huge protests against Total and new energy laws put in place to better aid the block not only against Total but other potential suitors. (Quick Google search backs this info and below as well)
Then in May 2020 is when we finally heard that Oxy told Total it couldn't sell it off. Coincidentally, that was about the time VH said they love Algeria and the value it adds to Oxys portfolio.
It has been a cluster and a shame on how they have handled it. Just like all other aspects of mismanagement that has been recorded here.
Then why did we assume that Algeria could be sold?
@Dirk,
Algeria's govt said as much that they will block most, if not all, sale attempts in order to preserve what arrangements are currently in place as they go through a transformational phase in their govt. Its a huge topic for them after the most recent leadership change resulted from corruption. Selling to a French company was the worst thing since it essentially put their oil the hands of their most recent colonizers / oppressors. Only way to get out of it earlier to avoid the block is to likely give some of it back for free/cheap to Alergia which means market value is lessened.
Who said Algeria is off the table?
Its the only profitable asset in the whole stinking pile of sh– portfolio that Oxy have
Sell it before the licences expire and it joins the rest of the worthless LOXY c-ap
What next big asset sale? Last I heard Algeria was off the table? What's there to sell?
We should wait until the next big asset sale then make some changes. It is always better to make changes on a positive note.
Yes, Vicki needs to go. She is a proven loser in the CEO role and will continue to cast a shadow over the company and its collective morale - don’t understand why Chazen can’t see that.
I agree. This company and the employees will only begin to heal and trust management again once VH is gone. Until then, there will be animosity and disfunction. BOD needs to do the right thing and fire her.
VH isn’t the best gambler. Every time I see her talk, there’s definitely a lot of regret written in those lines. If Oxy really wants to pull this out as a winner, they know what they’ve got to do. Change the leadership team. Peddling BS can only take you so far.
Hackett is so deep in his failing company it is not even funny. Jim Hackett was a great CEO that left it to a not so good CEO in Walker. Hackett now is at the helm of a failing company that went bankrupt. It is a shame he had to go down like this and hopefully they get their value back. Go look up Silver Run Acquisitions and Alta Mesa. They had to file bankruptcy a year ago, and I am afraid his days are left to trying to get this company right. They had already went down the tubes before the pandemic and price war, so that had to hurt them even more. Jim Hackett is a stand up person though and took Anadarko to the top. It just shows how a few bad decisions can ruin a company. I think he hired a few questionable people at the top.
VH and her EC blew an $80+ million company and they are all still being employed? Come on CI grow some and run them off and get a CEO like Jim Hackett
If I had 12+ moths to concoct a story about how my situation is actually better than it looks to my creditors; I would also make it seem like it was no big deal that I owe a lot of money and have hardly any revenue coming in. I mean since that time of avoiding a shareholder vote for an ill advised over priced acquisition, I have reached 1 out of my 5 goals. That's a 20% success rate! My other goals won't matter because, i will just erase them from the share holder presentation slides.
Oh and let's blame the entire loss in SHV to Covid vs poor leadership because that means we aren't good.
Totally uninspiring propaganda from stupid VH
You need to sell more assets not sell more debt
You all know its Chapter 11 next year
If Oxy saw the potential in us why haven't I heard from them in a year?
On layoffs maybe they see some potential in you and are hoping you will get onboard. I understand wanting a payday, but maybe your skill set is something they really want. I mean all we hear is how superior APC people are so why not keep them.
It did a great job of avoiding the lack of accountability at Oxy and the track record of failure, disgraceful safety issues and repugnant work place abuse of certain people that defines Oxy from top to bottom. You can polish it as much as you want, but the track record and refusal to face responsibility will not change anything. More stress, cost and job losses need to come and then, maybe, you people will start to learn that bullying and persecution is wrong. You people never like it when its you on the receiving end. More to come...
A tax increase? That is what keeps you up at night? VH is a clear and present danger. She dug a hole and threw away the shovel before tossing Oxy in face first. You act like she has moved the debt needle in a meaningful way as opposed to merely postponing our inevitable decline by selling off some land grants and junk bonds in order to push out our massive debt load a bit further out. I bet you are one of those saps who doesn’t change his 401k match and your retirement is down 70%; and as a result you drink the kool aid otherwise reality would be too much to bear. Seriously its sad a company cannot even lay off the staff it acquired. Its like going to a fancy dinner but not having enough money for anything but the cheapest item on the menu, and than stiffing the waitstaff on their tip.
Positive? You must beyond the wrong site. Get ready for all of the negative comments and insults coming your way for daring to suggest that anything is positive.
Thank you Vicki! We feel better now. I am just sad that not very many people are commenting about these positive things coming to fruition.
I wanted more information on benefits. Like what’s the plan for banking pto over the cap? What’s the new date? What does medical and dental look like next year? More about return to office plans. More about integration efforts.
I thought it helped clear up our financial situation, and that we are no where near bankruptcy like everyone on this site was stating. Now with the land grants sale, and working on pushing debt out I feel a lot better. I know it is not popular, but at this point I am okay with VH as our CEO as long as the proper checks and balances are in place. But I am only one employee and that is what I think, and I am sure there are tons of folks that think different. I was also surprised at how many people have left, and that the majority was VSP with only a few hundred caught up in the actual layoff. If we can push the debt out to 2022 I think that gives us time to get out of this virus. The virus was a total unknown, and even with the oil price drop that was a short lived event. The bigger issue we are facing as an company and industry will come in November. If we have a changed in tax codes that could hurt the current situation a little more.