Ok. So the entire energy market picks up but still Oxy is down a much larger amount than any of its peers and the majors. The debt is still unbelievably high and we still owe uncle Warren his pound of flesh before we even pay down that debt. Vh has not navigated this.. instead she has just barely kept the lights on until we have floated closer to the shore. We have yet to be rescued. Even with a higher price per barrel I fear that the inept leadership will find a way to increase costs and spend the profit to fund some expat director promotion into a role not fitting his experience.
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They are a lousy independent as well, based on the Anadarko acquisition alone.
Yes. It is noticeable who our peers are. They are small independents. If Oxy wanted to play with the big guys they needed more upstream/ downstream integration and also a research lab. Labs are fairly small these days but they do generate proprietary technology which has significant value. Oxy would have never been a major oil company. But we certainly like to hire from the majors rather
than from service companies or small independents. Most of these folks are not big picture oriented.
It’s interesting to note that Oxy doesn’t even make the top 25 E&P companies based on market cap. It’s EOG, Pioneer and even Marathon who are on the list. That’s how sh– the decisions have been.
Its ok because the people at the top are milking the cow dry and the majority of the people below are ok with it.
This isn't a new issue. Oxy has had c-ap management for a long time which has led to the majority of talent leaving. Many of those left either explicitly or tacitly approve or accept the management; there's no other reason anyone would still be there.
Not sure we want people to treat the company’s money like their own.....a lot of people s— with money!
That waste could be going back to the stockholders or to paying down the debt. Every person should be treating the company money like it was their own. Sometimes difficult decisions must be made.
Assuming OP meant inpat, yes that’s a problem with Oxy. They have major dead weight, duplication and just plain unnecessary people in the director and VP levels they aren’t willing to get rid of. Someone should take stats on the numbers in each level (staff, advisor, manager, director, VP) they have today versus a year ago. And how many VP’s with no direct reports.
That is because when prices were at the bottom, actions were taken that cost relatively more. If you have to pay Buffet’s interest payment in common stock vs cash, that dilution continues to cost stockholders long into the future. If you are forced to roll debt at significantly higher interest rates, the higher interest cost will impact Oxy’s bottom line until the debt matures. And if you sell assets at the bottom, you got a smaller chunk of cash at the time and lost out on expanding cashflow when prices rebound. Putting yourself in a position of having to act at inconvenient times has significant long term consequences that can’t be undone by returning to a normal environment.
When it comes to scale (and number of layoffs/dollars) - Exxon got OCC beat.
down 50% for Jan 1 - and barely budging for 6 months.
and that wasn't COVID, but Russia/Saudi gazizzling.
Why should we be happy that the stock moved up a bit?
Yeah buddy... it moved so I am only -57% for the year vs -78%. The small covid dip is all that recovered recently. We were still in a S load of trouble before covid. The price war for oil screwed us first and then the pandemic made it worse but we still lost 40% of our value before that because of our debt load and our loan payme to to Warren and the battle for control by Ichan. The market barely reached to our warrants and they really hated our treatment of debt maturity until recently. So this increase has little to do with VH and crew and more with the fact that we will finally have a president that isn't a buffoon.
It's all a matter of perspective on what you call them. A foreigner working in another country is typically on an expat assignment. Therefore they call themselves an expat and are classified as such in company records. If you happen to be a national resident working for the company, you could call those people inpats ( I guess ) but really you are in the minority as most would just call them an expat if they are foreign to the country they are working in.
Be grateful that the stock moved up in the last few days
What is an expat director promotion? If they are from another country working in the US they are inpats. If they are from the US they would be expats in another country. If they are former expats moved back to the US then they would not be expats. Very confusing.