It’s wild how companies can make bad bets, overspend, or overhire and then just cut employees loose like it's no big deal. No accountability at the top, just a quick layoff to clean up the mess. Meanwhile, the people who made those decisions keep their bonuses. How's this okay?
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@r6 The ELT continues to sell pie-in-the-sky returns to the market. Why, I am not exactly sure. E&P will never compete with the likes of tech industry or mag 7. No matter how hard we try, O&G will always be bo-m and bust cycles - that is a commodity driven business.
Now we have promised this additional $1B of synergies, mostly from SG&A synergies. . . .that is a lot of salaries!
@e0 If ELTs can’t generate returns on $65/bbl in the Permian that’s a look in the mirror moment not a look for RIFs moment. That is not down when you consider the all time average is high 40’s. Running WTI up to $150 isn’t the long term answer, especially with the end of work-from-homes. Neither is over drilling and over producing. Neither are RIFs. None of those are long term fixes.
But hey have you checked out the EVPs golden parachutes?
RL doesn’t give two sheets about the employees of this company. Only how much wealth he can pass on to his pals and the shareholders and himself. Yes, it’s a business and money is the goal. But at what point is enough enough and when do your “people” as in sPirit “values” actually count for something? He couldn’t answer that simple question.
I'm hoping we outsource senior IT management. We'd save millions!
This is all because Trump wants cheap gas prices.
@g4 Good point!
@e0 but that's why it's called Competitive Edge. It's a race to operate the cheapest. Don't love it but it's reality.
Has anyone had the thought that maybe we are organized the best its going to get. If margin is getting squeezed over time as oil price slowly drips down, maybe that is because the production price of oil is truly greater than $35/BBL. If you look at the price of gas at the pump since 2000, it is only 2x on a nationwide basis. If you look at the price of eggs since 2000, it is up 5x since then.
Maybe, just maybe you will never be able to run your business and maintain the same margin in a commodity world where the presidency is fighting you to keep the price at the pump as low as possible.
Just rambling here, but if our business can't stay competitive overtime, maybe the product we sell has the problem, not the people doing the work.
This is anything but a “quick layoff”. These inept fu#ks couldn’t reorg a 6 pack of beer…..
We have leadership?! Who?!?!
It’s SPIRIT values. Or haven’t you been keeping up with things? Been this way for decades.
It's not, but nobody cares.