I got a nice package last year, so I’m not at all complaining. BUT...I only have a year left of payments and job prospects look bleak given the economy and my age. Anyone experiencing this too? This first year went by so fast. I’m just getting a little nervous, truth be told.
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@3edy+18wY3Eqp the next post has some good details.
It's not that Oxy needs flashy IT. The basics don't work properly. Why on earth does Oxy have servers? The whole world is in the cloud, but Oxy is still f—ing around like it's 1990.
They also have no corporate governance and no strategy. Every group uses whatever tool they feel like; Oxy uses more applications than Exxon.
It examples are as follows:
Enterprise systems for accounting and financial data that are so outdated that its not currently supported by the provider because they are running on older customized (read crummy) versions.
HR systems that can't even keep an accurate headcount of the organization let alone more complicated data for HR such as training and evaluation history.
Big data analytics for geo work is nearly non-existent.
Security and telephone systems not integrated and the older legacy Oxy system will replace the newer more flexible LAPC versions.
Most LAPC still don't have access to Oxynet because of a failed integration.
I could go on... but those are just a few of It systems and technologies that are obsolete at Oxy.
Again, what is it about IT that is low quality? Is it hardware , software, network, technical , problem solving, people skills, or something else. If you want razzle-dazzle glittery software designed to impress this isn’t the right industry for that. If you want mobile technology it is not the industry for this either. IT needs are really quite basic.
The only people who think Oxy IT isn't a joke are the managers who work there.
If you hired real quality people in that department, headcount could shrink by 70%
You talk of the low technology but do not cite any examples. Your message is not credible.as is. Please provide some examples of low tech.
My advise to LAPC IT professionals currently working at OXY:
You do not want to be stuck in yesteryear technology that most of current Oxy uses. When the economy brightens up and you will be looking for jobs in different industry or other oil and gas, you will find that you are no longer marketable. No one uses that technology! Keep up with current technology trend and spend time in training while working or take some training courses outside of work with your own money. Never become a dinosaur.
Same goes to LOXY IT folks.
I’m an OXY VSPer who left end-September 2019 after 12 years (38 years overall in upstream O&G)
Was going to retire in March 2020 anyway, so VSP was a no-brainer for me: a giant gift from VH to me. Got paid until end-September 2020 for doing nothing for a year!
Lived prudently, house paid off years ago, last son graduated from university and no longer on payroll. Bought a mountain vacation home in NC for cash. No car payments left, no debt at all. Used cash to buy stocks on the lows.
I still think that VH (and OXY EC) did a giant screwup with the Anadarko deal; even without COVID-19, it was doomed to be a failure.
I lucked out due to VH stupidity and no skill on my part.
IMO, much of the shale oil industry — particularly in the Permian— is a Ponzi Scheme, esp. since ~2015. Is
My advice to younger O&G professionals is: stay active, keep your skills up (even if you pay for it yourself), keep debt low, be ready for new jobs , ... There are still going to be opportunities in O&G in the near future.
I agree on the science side and you might be able to use your skills to get into some type IT Geosience data management jobs. A lot of the IT folks are IT background and the industry can always use some knowledge base folks in IT.
Happy for all VSP people, but some of us were not as fortunate and were laid off in January. I have applied at numerous places but have not had a single interview for Geoscience. The computer kicks out your application based on the your college start date if you are older than they are searching for. It used to be older folks took contract jobs but they are non-existent right now in the oil and gas business. Engineering is different and one should see opportunities. Geologists do not fit the future green jobs.
I semi retired and do contract work at the moment. Financially, I’m pretty even With if I had stayed but I did get at least a full year to relax. Do there’s that.
LAPC and took VSP and permanently retired - much younger than most.
LAPC took VSP at age 56 scary as hell but felt like an outsider from day 1 of the buyout. Couldn’t of live with myself asking what if and not swinging for the fence. Picked up anew job in four months making new friends solving new problems. Took full control rolling 401k over and lump sum pension picking investments I want. Different but good.
I didn’t retire and am still looking for work. I’m just 51 so I need to work a little bit more.
I know of two I talk to all the time that are retired. One near 55 and one near 60.
LAPC—I retired permanently.
I took the VSP. I retired after 30 plus years in accounting. Life is good.
I’d like to gather a little data, to those who are open and willing. How many VSP-LAPC retired permanently? How many took up contract work or found a new job? I’m just curious as to the affect of the whole buyout. Thank you for the indulgence.
"no, that’s not true. I have one more year of payouts."
Fake news if you were from Anadarko!
Success at finding the next opportunity depends on what discipline you are in. If you are in IT then there should be plenty of jobs. If you are in geology or petroleum engineering then I am guessing there are not many opportunities now. Maybe those out there who are looking can comment.
I wish I would have kept my job. Times are tough. My VSP was taxed hard and i will never make what I was making at Oxy.
You people have no grounds to complain about Oxy people being denigrated.
Such hypocrisy.
@1egt+18wY3Eqp noooooope. I ended up way ahead as did many others. Yes it is a tough market but adapt and there are opportunities.
The days of six figs and sitting around are over. But willing to work, there's more of a market than people want to believe
: @1cdl+18wY3Eqp
Oxy VSP was given out in one year which is effectively a lump sum payment from a tax point of view. This was really good for Oxy to do it this way but severely diminished the value of the VSP. After a little more than one year of time most people would have been better staying. Unless you were simply retiring taking the VSP was a poor decision.
Yeah but how many of us are actually getting contract work in this climate???? Not a lot
Yep, that Wonka Golden Ticket ain’t so golden after COVID changed the game up. Unless you completely retired, the VSP k–led many people’s futures.
Everyone was in such a hurry to get that COC/VSP money grab. May have worked out for some, but for many, it hasn’t turned out too well at all. Should have been flexible and open to change. A job with good pay and benefits is better than waiting for your $600 stimulus check from Uncle Sam.
Unfortunately (and stupidly) ageism is REAL. You may do better if you can be open to contract work. Legacy anadarko treats contractors same as employees (but you know that). Find a contracting company to help you out. Good luck.
@1dmw no, that’s not true. I have one more year of payouts.
LAPC VSP packages were a lump sum payment.
It is about time the review process was made more accurate to reflect what people actually did during the year. Or is it weighted toward the softer side of the job in which case it is a bunch of c-ap.
If you read many other post people would take less of a VSP to get out of Oxy. I for one can't understand that unless one is ready to retire or has another job lined up. Even a job lined up could disappear in a second in this environment. Seems like having a job in hand is worth more than any VSP. With the new review system being put in place we might see rankings got down a notch or two based on previous years. I get the feeling we are going to be held to a tighter review process after attending the training. For sure it is an employer's market.
I’m in a similar situation, my house is almost paid off. But With now having to pay insurance, I am having to adjust my life So, no more golf membership for me.
So LAPC VSP people had their payments spread out more than one year? If so OXY people got screwed because the taxes are very high when getting it all in one year. Why did they treat Oxy people like this?
@ifa yes, I was with Anadarko since the Kerr McGee days, do my package was 2 years plus.
OP
Please explain how you took the VSP last year and still have one year left. The OXY VSP only had one year of payments even if you got 21/2 years of severance. It does not make sense. Are you LAPC? Did LAPC get payments spread out over more than one year?
I work for Oxy now and have taken a VSP before from another company, and to be honest I almost took the last one offered last November at Oxy, because I was just tired of all the noise over the acquisition. Never would I have thought the job market would of turned this way based on Covid. So many companies have merged and others are out of business, but Oxy is hanging in there. It is not perfect, but we do get paid and the benefits are good. With that in mind I am so glad I did not take the VSP. I am also grateful to all that did take the VSP because I think that saved many from being laid off. I saw a lot of LOXY and LAPC take the VSP and the ones I know were all very good workers, and I hated to see them leave. I wish you all the best and hopefully this downturn and Covid will go away soon. There is no way anyone could have seen this coming and playing out like it did.
If it makes you feel any better, I got 3 months left.
You guys are so negative. OP is being honest and you guys are just hateful. And it’s Christmas! Shame on you all.
Did OP say anything about a house or vehicle?
OP I’m right there with ya. I just thought this year would be a year to relax before serious job hunting. But Covid has put me in a tailspin, job-wise. I’m in my fifties so I’m not getting a lot of call backs anyways. I just thought things would be so great with my VSP but it’s turning out different than I expected.