Thread regarding ConocoPhillips layoffs

@mr nope. COP kicked a-s and outperformed all peers 2016-2020. This underperformance has been recent, 2021-2025.

Took his eye off the ball? That’s laughable. If he’s accountable, he, and the entire board, should be fired.

It’s a job, not heaven. Stop whining. What makes this such a great, special place to work?

Stock price adjusted for inflation is in the mid seventies. In the same range as 2021 when we had the last big RIF . 4 years and no value created. Your attention to this matter is greatly appreciated.

Speaking of the Willow overrun in expenses, just watch what happens when it turns out to be not as much of a winner as everyone’s been promised.

We sold over $1 billion in assets in 2015 at rock bottom gas prices to fund the Q4 dividend only to slash it in early 2016. Hundreds of people were laid off and lives forever changed. But the delay in lowering the dividend allowed RSUs to vest and stock to be sold ahead of the dividend reduction and subsequent stock plunge.

Retired employee here: I knew RL… natural born leader, very smart, I thought he was going to take COP to the next level. I’m still not sure exactly what happened, perhaps lost too much in bureaucracy, listening too much to the wrong people, but he completely lost his way. In retrospect… even Mulva was better. Everyone suffers. Just look at his off-the-scale incompetence in promising to not cut the dividend in 2015… then cutting it in 2016. He was lost after this. He listens to the folks who pucker up to him, not the employees who are honest, competent, and care.

No offense, but do you pay attention? At the last town hall he gave a lot of examples of where we are not very efficient and can get better. NextGen is just one example of something that cost more than planned. Dont act like it is some secret being kept from you,

don’t worry about COP. we are making a transformational change where the same leaders that led us into this will lead us out of this.

Too bad ConocoPhillips is in the shape it is in now. I never thought it was in the big leagues like Exxon, Eni, or Shell. They are more like in the group with Devon and Oxy. Hey maybe you could merge with one of those smaller companies.

On top of bad programs that were a huge waste of money and hilariously flawed at launch (nxtgen), we also have a massive cost overrun for Willow from what's been going around the offices here. Supposedly $1b over budget already. I don't see how it could possibly be that over budget, but I also wouldn't be surprised since the last 3 or 4 years the answer to every issue has been just throw more bodies at it.

***Exempt employees will get the brunt of the force. That’s the only reason they’ll keep more employees than contractors despite the weight of health insurance, retirement benefits, and payroll costs. Furloughs will make employees cheaper than contractors while carrying all the weight in hours logged off the books.

slb has started furloughs AGAIN for those that will remain. I think furloughs are where this man will headed for the “fortunately” retained. Paid for 30 hours, while working 70 hours. Legal? They could not care less- the woke legal team knows the loop holes and will drill through every gap.

As long as your status is non exempt get ready to be exploited like a piece of human traff**.

Poor baby. You might actually have to work for your oil company salary and benefits.

Could the increased cost on a unit basis also be rooted in the loss of competence and talent in the 2021 layoffs and consequent hiring to fill the void? Indiscriminate hiring of less than the best to satisfy DEI targets? And then there is the underperformance vs outlook of the acquisitions. The loss of deep experience combined with WFH and a lackluster portfolio of boring resource plays have led us further down the path of mediocrity.

Change industries.