Looks like Lance is trying to outdo Mulva as the worst company executive ever.
14 replies (most recent on top)
Lance is trying one last pony trick before he is bounced out. It is time to get a new, non-COP CEO to remake COP.
I'll bet they are regretting this Phillips/COP split right about now.
Let's not beat around the bush - the stock buyback is so that the executives can line their pockets with their incentive compensation.
We paid $350 million to get out of a deep water drill ship lease so spending $150 - $200 million to close Bartlesville is not a big deal. When we take into consideration that it cost us that much or more per year to keep Bartlesville open and that a lot of that is duplicate spending that would not be necessary if those tasks were done at corporate headquarters in Houston.
I'm sure they have considered shutting down Bville. My guess is that the total cost associated with shutting it down is greater than the savings. The consolidation from Ponca City to Bville cost an obscene amount (I think it was about $150 million). My guess is that to shut down Bville and to consolidate everything to Houston would cost a lot more. Hence, I think that Bville is protected for some time.
You are right! In this situation and environment it does not appear to justify keeping a isolated office such as Bartlesville. All other independents have pulled back and reduced personnel to bare essential.
We need to get rid of Bartlesville and centralize to Houston!
Conenron is selling assets. Hope/pray that you are one of the assets. Hopefully the next companies CEO can stop dropping billions of dollars per quarter.
This does not show confidence in the company. I don't get this at all. They cut the dividend, lay off a lot of employees, sell assets, and then buy back stock. I'm not an executive, but this sounds insane. COP is a sinking ship. The management did a bad job during the boom, and I really do not think they are suited to manage right now. More mistakes will be made. In the end, investors and employees will suffer.
I agree with 1sem the last poster. We need to be an independent minded company but none of the ELT seems to know exactly what that looks like. I wonder how long this will have to go on before the major shareholders pick it up too?
Guess another 5000 to 6000 employees need to shoved out the door to help make up some of the billion dollar shortfall per quarter. That would put the employee count inline with Oxy, a real independent!
Note, not one of the current ELT knows how to operate like a real independent and that is the main problem!
Damn, I-phone and big fingers- corrected spelling!
Lance is sticking up his hand saying, "buy us, buy us! Please buy us! Pretty Please buy us, so I can get a big buy out package!"
Lance and ELT needs to be escorted out and kicked to the curb without a severance package for cause!
Lance is sticking up hos hand saying, "buy us, buy us! Please buy us! Pretty Pleade buy us, so I can get a big buy out package!"
Lance and ELT needs to be escorted out and kicked to the curb without a severance package for cause!
What the heck?! So they lose money and then say over and over how we are suddenly Differential? The Transformational we need is a new CEO and new ELT. The Acceleration is for this change to happen this quarter. Also, who replaced Don Walette with a paper cutout of him? He seemed like he was on robot mode the whole time.
Right
He has to be somebody's kid. No CEO should still have a job after losing as much as he does!