Occidental CEO’s Tenure May Be Over. It Hasn’t Been Good for the Stock.
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AW listened to head bobbing managers and junior VP's convince him to spend BILLIONS of dollars on West Africa (like shooting fish in a barrel they said), Colombia (the next Saudi Arabia) and chase LNG in Mozambique. Permian assets were not as good as expected and Colorado had huge political problems (pipelines exploding near houses). The glory days of Algeria and Gulf of Mexico (yep, I said it) subsalt were a distant memory. Most of what happened to APC was self-inflicted. Be careful who you promote to key positions...Experience matters.
@a2 Wrong! APC had a huge layoff in 2016. Vicki is a far better person and manager than AW was and is. AW ran APC into the ground. I was at Anadarko… APC was failing.
@a2+1kmxdcsbc - APC had a few layoffs. Just go back to 2016 when they had a big one under AW.
Ha Ha Ha To all those VH boot lickers, who thought she was so great. She actually a terrible
person in real life and was worse for Oxy. By the way, APC had the no layoff policy, not VH or Oxy.
Oxy had some terrible layoffs often referred to as
massacres.
Barrons: “The Vicki Hollub era hasn’t been kind to Occidental Petroleum shareholders.”
“Occidental’s stock, however, has been one of the worst performers in the State Street Energy Select SPDR exchange-traded fund since she became CEO in April 2016. Occidental shares are down 16% since then, third worst in the 23-stock index. ”