Thread regarding Apache Corp. layoffs

What were the raises for those who just got promoted last month/ this month?

I can’t wait to see what the industry really thinks of Apa. Laughable at best I’m sure. JC MM are POS. I had a higher opinion of SR but lately. Complicit in company destruction. It’s been downhill since selling Gom Shelf (then getting stuck with P&A. Id--ts)

3 star review = 2% raise. Higher up told it was originally 4% for 3 rating 6% for 4 rating but they cut everything in half for M2 and below & M3 and above got 0%.

Less than 2% increase

It’s not JC that needs the jet - it’s MM and AJ.

3% raise > being laid off. Just sayin.

Four star review -> less than 3% increase.

Think about thus. "$800MM of FCF, of which $500MM is gas trading. How bad are the assets if you generate $300MM core earnings…..at $70 oil!"

And the midstream and marketing group is now managed by the EHS VP with how much gas trading experience? CFO must believe this deal can run itself or at least not be decimated by mismanagement.

Most of apa is paid more than industry. Be lucky or grateful. I know I was

Not true. Sr managers got raises

The remaining sr managers are likely overpaid anyways. Everything below that deserves the expected merit raise. Anything less is a slap in the face to those who are still with the company, helping it drag along.

If I heard it right they think the $350MM savings will result in the stock going up. So In The next couple years the average buyback price would be in the mid 30s. So their ‘plan’ must predict the price will be in the 40s at some point. Sure I believe it!

Managers were okay. Sr. Mgr and up got zero percent merit across the board.

Buying back shares at $33…

Not true. I’m a manager

Raises cut by 50% means if you were in line to get a 4% raise, you’re only getting 2%. Managers and above got nothing. Wait until next week when they come out. Lots of people going to be disappointed.

Doug L from Wolfe has always been a sycophant analyst throwing praise on SR, JC, even SF. When you lost Doug, you are in a bad place. But what a way to start the Q&A.

Think about this….$800MM of FCF, of which $500MM is gas trading. How bad are the assets if you generate $300MM core earnings…..at $70 oil!

The share buybacks have been a colossal waste of money.

The buybacks have been going on for, what, 8+ years now?

I’m too lazy to look through all the SEC reports, but they repeatedly reported buybacks at an average quarterly price that was higher than current share price.

And now look at the stock price. It has basically been in constant decline—sure, there was once a bit of a rise in 2022–but the trend is clear.

So all that money spent on buybacks has just evaporated, doing basically nothing but reduce overall share count which, in turn, helped the execs with their metrics and resulting bonuses.

What a complete disaster the reign of JC has been to the company, to its employees (current and former), to its assets which have been squandered away, and to its investors who have continually been lied to and misled.

Too little, too late. No credibility and finally called out. Do they really believe any of their decisions will result in the stock price increasing? Buybacks averaging in the mid 30s when it barely above 20. Nice planning.

Queue up queue up! Apache Limbo - how low can we go?! Treatment of employees, share price, morale…….

Remember the bullsh-t chart he showed which had an increase in stock price with cost reduction? hahaha. Market gives a sh-t about his $350MM cost reduction nonsense.

450 people laid off for nothing.

Imagine laying off hundreds of people but keeping your TWO company jets and hangar. Where does JC need to go so urgently? Who wants to meet with him?

What do you mean by “cut by 50%”?

Raises are cut by 50%. You think the ELT took a 50% cut on theirs? Where the heck is the BOD? How in Gods name is this performance acceptable? Everyone except those responsible are “held accountable” aka punished.

Round 2 coming

SR & JC laying off people, did nothing, absolutely nothing, to the stock price…