We are on this web site because we need more information! Whst we hear at work is like listening to Ken Lay at Enron! We are supposed to appreciate that we have jobs and everything will be alright! Analyst reports paint a different picture. Credit rating is downgraded, losses are climbing, stock price has plunged, asset sales are not happening, large outflow of money from APC stock. We are worried about our jobs and how long they will last and lost funds we have in APC stock! We would be luck if Exxon picked us up!
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We were told no layoffs before the first layoff.
3 more layoffs?....BS is what I say. Town Hall meeting after the "Event" said "No More Layoffs". Could be true or could be a Line....but we have to stay positive and move forward. It hasn't been fun for the folks who are left.
What was the final Layoff #? We've heard so many different figures - 17%, 20%, 50% What's the "real" #?
No degrees included in the package. Read the following from another post:
"so anadarko is refinancing $3.75b in old debt with 3b in new debt. that means it will have to pony up for the extra $750m in 2017. $1.75b will be paid out by 9/16 to refinance the s-t debt. anadarko can hang onto and play with the other $1.25b until the 2017 debt comes due. there will also be $3b in asset sales for the year with more than half still pending, lets assume they actually close.
so anadarko will have about $939 bank cash and $1.25b and $3b, about $5.15 in all, to cover cash needs for 1.5 years of financing, investing, and operating losses thru 9/2017, when $2b of debt comes due.
so as of 9/2017 $2b is gone. that leaves about $3.15b.
interest on the debt was supposed to be $932m in 2016, probably a little lower with the refinancing and the interest rate swaps. probably another $932m in 2017. that’s about $2b gone by the end of 2017.
the layoffs costs are 260m in cash in 2016, 380m total. but this is just the cost for round 1 of the layoffs.
capex for 2016 is $2.6-2.8b even after the 50% cut. by this point theyv e chewed through all the cash and an extra $1.5b. where is the capex cash for 2017 going to come from?
all this bleeding is before we even get to negative cash flow from operating losses, this was $1.8b last year. not sure what they will be this year but it will be a net loss unless the market rebounds. how will anadarko pay for this, how will it pay for it next year? more assets sales at firesale prices? once prices recover how will it fund the massive capex it needs to return to profitability?"
Does part of the package apc gave out include a degree in economics, accounting, statistics, and business, and a handbook to become an instant analyst? There is a lot of confidence in the predictions of APCs demise. To make these predictions as APC stock goes up daily. You guys take the cake... insider info??? Do share......
People still working should be worried. OIl has been dropping and there will be a major downturn this summer. Predictions have it going down to sub $20's. At those prices I don't see how Anadarko can survive without filing for bankruptcy. More "haircuts" on the way for the rest of the year.
That is the type of talk that gets people worried. There are only a few people at the top that would know that, and none of them would come on this site and say it. It could happen, but I doubt they have committed to 3 more layoffs, and for sure none as large as the last one. If prices pick up the jobs will be safe, if they keep going down the cash flow will dictate more adjustments.
There will be 3 more waves of layoffs for the rest of the year - one per quarter. It will happen on the 3rd month of each quarter. So I "feel" for the people that are left working with more work and less people to do it. And the layoff severances may not be as generous due to cash constraints.
I hear you on the stock, and there for a while we were climbing back up. I think it is fair to worry, but now is the time to get your house in order for the downturn. We avoided it as long as possible, but it is here now for a while. There are only a few jobs out there for E&P technical folks, so having a job is one step ahead of everyone who does not. If APC cuts again I would think everyone would get the same package. Depending on how long you have been at APC the package could be nice. For now if you have a job that is even better. Good luck!!
Well said Ken Lay!
Many of you will be cut loose, nature of the industry right now. Save money, cut all "want" expenses, only sustain "need" expenses. If you can't stand the cycles in O&G, time to change career. Good luck!