If Oxy would just get rid of the low performers that would be a step in the right direction. They just let them hang on for some reason and it brings the whole company down. I know people they do the bare minimum and do that not well, but they get a check and benefit just like the people who actually work. It happens in all age groups across the board, and they need to cut them and replace them with good workers.
@iixh+1vmZXTKm said it well.
Dead weight, I.E low performers, has been around for years. I've Ben retired 5 plus years and it sounds like it will never change.
I guess Oxy is good with their positions. Tried to fire sale Algeria to Total and failed. Bet they are glad that deal didn't happen.
Is anything in MENA up for sale?
There is no internal push to flatten the org charts and cut out the fat. Oxy is too busy selling assets to worry about head count. Layoffs do not hit the bottom line as effectively as asset sales.
But why should people continue to be paid high salaries in redundant positions or useless positions. Even if they are adding value they could buy those services for a lot less money. The exception is keeping people who know how Oxy works.
They (like most companies) promote people so fast that there is a glut at the top. Need to make new positions for these people...training, recruiting, quality control, exploration advisors...Mergers do not help. When APC bought KMG, most of their senior professionals were pay grades above their equivalent APC employees. Having to rebalance staff is problematic. Culling of the staff and management is done thru attrition over the next couple of years. What I've seen at Oxy are staff happy with holding on till the next big round of layoffs. Company is bloated and inefficient with the last two acquisitions and the resulting high debt.
It is so hard to believe Oxy still have so many useless high level positions. What ever happened to lean and mean. It really is time for a restructuring. Should we call in RA and BI again to shake thing up a bit.
Compensation group needs to be revamped. Same employees and no fresh ideas for years. The two highest (DM and JT) need to be gone! JT does nothing and gets away with it because of the "good ole boys club". Need someone to come in and shake things up a bit.
Wow....Congratulations for finally telling the truth. Thank you!
The entire operations group in the Permian is a disaster. The corner offices in Midland and Houston have pushed horrible operating practices that have driven down value for years.
OXY was built by taking on the cast offs and dregs from other oil companies. This applies to both people and oil fields.
Please number the Oxy discoveries or significant production increases over the last few years. Then compared that to XOM. Exploration is dead here.
Oxy bought offshore but doesn't know how to develop it because has a risk adverse mentality. Permian is declining.
Really? Oxy stock traded at the end of 2016 for 75 dollars per share, oil price was $54 per barrel. Oxy trading today in the $40's and oil price is $70. Do not see your correlation. Poor management, poor execution. Google search is a powerful tool...
The stock performance is correlated to oil price. If you can tell us how to get oil price up the problem is solved in debt, earnings, and stock price. We can start by getting rid of that drill baby drill approach that is being promoted by that stupid mo--n that all you id--ts voted for.
Fighting off any suitor with high debt is the name of the game, right? I guess a some point the debt wil not even be a factor if Oxy gets down in the 30's.
December 2016, the stock price was $75.00. $47.35 this morning. Guess that's what you get after spending $50 Billion dollars and not knowing what to do with the toys you just bought. You are more like APC than you care to think. You will be gone soon enough....
In December 2016 when Vicki took over as CEO Oxy’s stock price was around $50. After 8 years of hard work by employees to find and produce oil and gas, manufacture chemicals, and spending billions of dollars in acquisitions resulting in billions in debit, we are still around $50.
Money saved in layoffs isn't going to move the stock price. Passionate/competent people finding and producing the grease might... If you are actually a carbon capture and chemicals company then sell off the e&P side and consolidate. Oxy doesn't really know what it wants to be when it grows up. PS...the shareholders know that too. Stock heading to $45.00.
Isn't Vicki the real "low performer". Maybe its time for a change. Nice lady. Company hasn't moved in a positive way since she has been in charge. That makes more sense than laying off X% that might save money but won't fix any real problems. Need to think bigger.
Oxy stock is down 27% since April. Some low performers should be held accountable. Capital gains tax is not a problem when you hold this t&^d.... Can't wait for my dividend.
The low performers are in the C suite but the board will never fire the one at the top and the one at the top will never fire her cronies. It’s a racket.
One shouldn’t own much of this stock. It is just a stock to play with every now and then but not for the long run. They really sc--wed the stockholders. This stock used to be a Wall Street darling with growth potential in both price and dividend.
Such numpties on this site. I'd laugh but I own too much of this stock. I'm sure the inmates can run the asylum, don't you?
Who'd be left?
Just do what Exxon does every year. Evaluate the staff continuously and drop the bottom 10% of the performers every year. No need for layoffs. Keep the ones finding and producing the grease.
No. They need to cut low performers and not replace them. That is how you create a leaner organization without adding excessive baggage.
Also, they need to reorganize and get rid of management that is not necessary.
I am certain this is not Oxy's problem. Enjoy your Thanksgiving leftovers.
Get a life dude. The debt is the problem and low oil prices your wife must hate you.