What a contrast in leadership, Wirth is CEO that has vision and conviction that is clearly articulated and clear to the investment community. The CVX dividend is higher today then before COVID-19.
Oxy has done a great deal in LCV but no one in the investment community gives credit because the Leader has zero creditability. Change the voice and the conversation about Oxy will change.
The job is to create shareholder value, not protect a failed D&I experiment.
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Agreed. The stock market is not a Certificate of Deposit or Money Market account. Anyone who feels "wronged" by the impact of the APC acquisition on Oxy's stock price and is still holding onto the stock has only themselves to blame. Diversify your portfolio!
“ Laws need to be put in place to stop Boards from allowing such behaviors that sc--w over the majority of shareholders.” Shareholders can always sue, but we don’t want government involved to “stop” public companies from making deals even if they turn sour. Putting ones capital at risk can result in great loss or great reward. If you don’t have the stomach for it, stay out of the stock market.
Well that is the beauty of the US stock market. There are significant rewards on the market but there are risks too. Even with the uncertainty and risks the stock market casino is still more favorable then Vegas, even if you are a card counter at the blackjack table.
I agree with you on knowing how close we were to bankruptcy. The 30% was just a clue. As an employee I was almost sure we were going down the toilet, but thankful things turned around on oil prices. As an investor I am still feeling it, and still can’t believe we have to pay Buffett 800 million a year on preferred stock, and then get our penny dividend. He got such a sweet deal and the rest of us hosed. Laws need to be put in place to stop Boards from allowing such behaviors that sc--w over the majority of shareholders.
Oh, we had a good idea the company was on life support when they cut legacy Oxy salaries by 30%.
We were bleeding cash and probably couldn’t sustain it much longer. But that is the past and our current situation is on the verge of moving to an upgraded credit rating. We just can’t really grow much in the next few years until the debt is reduced. We are going to face the fact that the company will no longer be the big guy on the block anymore. We could go on about the same old negative comments but that would be pointless.
Do people really know just how close OXY got to being bankrupt? Employees were not told the truth about how close we came to that.
That is good for you. Think of how much money you could have made if Oxy was close to being delisted on the NYSE. Then you could have almost owned a private plane with a great party on board.
I picked Oxy when it was below 10 last year. So far it’s gained 100% and the highest gains as compared to any other investment I had including FAANG. This boy got so crazy that I almost went to strip club.
In addition to Wirth having "vision and conviction," he also had CEO level smarts and discipline.
He wanted Anadarko, but not at any/all cost.
The post below by @4gop+1cQ1i9v is spot on.
Agreed - with VH still around how can there be credibility. It's like putting Captain Hazelwood in charge of PR after the Valdez spill.
Because the loser was actually the smarter one staying away from an overpriced deal. The competition was not looking to buy to satisfy an ego. Seasoned CEOs make decisions based on the good of the company not their own interests.
In the era of the unconventionals ponzi scheme, only the employees, and especially management, make consistently good money in the oil patch. Look at the ridiculous PR schemes being pushed by many oil companies today- CCUS, renewables, carbon neutrality by year X. These scams are designed to lure in naive investors. The E&P space is essentially uninvestable long term.
People hanging onto Oxy stock hoping the share price and/or dividend will materially increase are delusional. Sell your position and re-invest in growth-oriented industries of the future.
Why should the big people at Oxy worry about the shareholders except to boost the stock price for their own selfish gain. Even if they keep the dividend at the current level and the stock price stays the same they still get great bonuses. Let’s just hope for a great year so the profits trickle down to the employees.
I wish Chevron or someone would buy Oxy. Or at least Oxy needs to use some free cash flow to raise the dividend above penny. Buffett gets 200 million a qtr for a 10 billion investment. Either pay him off Oxy can and get away from the 8% preferred stock. The dividend Oxy paid made it worth owning the stock, and never should one CEO and a few others decide the fate of a public company. No APC and Oxy still makes it through the oil crash and pandemic in good shape.
Beaten at bidding? This is a case where winning the bid and overpaying makes you a loser. It is the winners curse. Let’s hope we can capitalize on the upside of the deal.
Dude why you following the guy who was beaten by Vickie at bidding? We real men don’t follow defeated fauns.
But Oxy is not a real oil company. That makes all the difference in the world. Real oil companies like the majors (Oxy is not a major) have true R&D and are not just piggy backing on existing technology or farming it out to other people.