https://www.reuters.com/business/energy/phillips-66-plans-lay-off-1100-workers-by-end-2022-2022-11-09/
7 replies (most recent on top)
Yep, also if you watch the Q&A or read the transcript the Bank of America analyst asked why there was a $1B EBITDA discrepancy from the last investor day / 2022 target.
Also some questioning of the confidence on the rodeo renewed numbers.
Overall didn’t seem like was all rainbows and unicorns as mentioned below.
Investors basically said, we have heard all this before, we see you fed us some bs before, show us and well believe it.
I think we all knew that AE66 didn't produce much, if any, value but I don't think very many thought that it was actually negative drag on the company.
I'd heard that the investors meeting didn't go very well at all. This confirms what I heard was correct. Heh-Heh-Heh!
Analysts called BS at the recent Investor Day:
“Question
Jason Gabelman (Analysts)
Thanks, Jeff, first of all, I appreciate the format of the presentation. I thought the messages were very clear. So thanks for that. Jason Gabelman from Cowen. My first question is just on the cost-cutting program. And in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit -- on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?”
Transcript:
https://www.marketscreener.com/amp/quote/stock/PHILLIPS-66-10447684/news/Transcript-Phillips-66-Analyst-Investor-Day-42257686/
I wonder if the that includes 500 from the Alliance shutdown? That’s like saying “we cut out refining emissions by XX%” (not because we improved how we operate, but because we closed a refinery)
More smoke and mirrors presented to the shareholders
The 1100 is positions eliminated, not layoffs. Think the total layoff count was like 220... We've had a shitload of attrition the last two years and the haven't been backfilling. They just knocked 1100 positions off the org chart, many of which were empty...
they're doing it before a recession hits so when it hits they could turn around and say no we never laid anybody off