More retirements
More quitting
Goodbye LOXY you are left holding the sh– stick
41 replies (most recent on top)
We dont have to wait too much longer before the next vesting's spit out a ton of cash to all the LAPC staff who put up with the sh– LOXY HR staff
Um, LAPC comp had nothing to do with APC getting bought. Happy, competent, enabled, long term employees contributed to the high value placed on the company.
I have a feeling the LAPC folks are gonna have a come to Jesus moment on their LTIs going forward. The glory days are over and that’s a big reason APC was in the S—t to begin with and got bought out.
Anyone with a BAR rating that is lower than their rating based on technical skills alone ( not soft skills ) should have enough self-respect to tell them to go to hell and then quit after the bonus and next LTI payment. Of course they should have another job lined up before they quit.
Like someone said before from a LOXY standpoint getting a bonus would be a good for management to pay us back for the 30% lose we had earlier this year. But if you count in the large bonuses in 2020 that helped make it through the 30% cut. Either way management probably looks at it as we should all be grateful for a job. For now I think management has the upper hand, and we all are lucky to have a job. Even after Covid the oil business will never be the same as it was pre-Covid as there were many buyouts, mergers, vsp, retirements, and layoffs. So many people are out of work and available that Oxy could have their pick of candidates. Actually, it might be a good time for Oxy to upgrade their staff by cutting the bottom percent, and replacing them with good workers. People will be surprised at where the fit within the BAR system. By the way my old employer was using the BAR system back in 2012, so it is not anything new.
I’m not expecting a bonus, but if we get on and if it comes close to the 7.5% of salary I’ll be happy.
Actually, 3 months of 30% is 7.5% of annual.
They didn’t lose 30%. It was only for about 4 months so it was more like 10%.
It’s laughable to hear people talk about getting a ‘bonus’. For LOXY, it wouldn’t even be a bonus; it would be giving back the 30% salary that they lost. And chances are, it won’t even equal what was lost. LAPC and OCC would be getting bonuses, considering they only lost 5% and 7% of pay.
What did they do last year? They gave big bonuses, didn’t they.
@bgsl... that makes no sense. Why would Oxy give us big bonuses when they are trying to cut costs? What do you think the BAR is for? It’s to justify smaller bonuses.
Now watch what happens. Oxy gives out a big bonus this year again to current Oxy employees to further rub the Oxy Vspers noses in the pile of doggie dirt. Why did Oxy treat the VSP like a lay-off?
@blex.. Do you have to retire /resign to get it or is it yours to cash out?
In the area of finance/risk she is astoundingly stupid for someone in her position.
Thus the APC acquisition!
Since Anadarko stock is not around anymore was it converted to Oxy, and if so why sale at the low price? Are you willing to walk away from the 2021 salary you will actually get? Who knows maybe now is the time to do it since the tax rates will be changing soon.
LAPC here - My vesting's are the equivalent of my base salary so 2021 will be a monster year for my family
Thank you stupid VH and your exceptionally stupid BoD and EC
Cant believe they have done nothing to stop us getting the huge chunk of change
Merry February vesting to all APC and AAC staff - Thank you stupid VH for allowing us to take all the cream and leave the sludge for Oxy staff
You really are a stupid woman
But OXy VSPers had the privilege of working for a really great company! That and a dollar might buy you a kids cheeseburger at a fast food place.
Any APC'ers that left under COC or VSP received full 100% vesting of all LTI. It was a great day. Thanks VH!
LAPC VSP was like winning the lottery - cant spend all the cash but i wont be buying Oxy stock with it - might buy some CVX
They were talking about Full vesting of all LTI when taking the VSP . Apparently LAPC received full vesting and LOXY only received a prorated vesting. Essentially unequal treatment.
I am LOXY and my LTI vest every Feb as well, but at 1/3 a year. Usually not enough money to retire or quit. Does LAPC get more vested? Plus, Feb has been any bonus time, but this year I am not holding out any hope for that.
The CoC was/is a contractual protection for APC employees that existed prior to the buyout so Oxy is obligated to honor the obligations. Take it up with your leadership team for not extending same terms to LOXY VSPs if it bothers you.
The people in the company purchasing the other company should not come out worse. This deal never should have gone down this way.
Merry vesting's all LAPC personnel - Lets reap more from Hollubs foolishness
LAPC - I got all my LTI cash and shares with my VSP as well as a huge chunks of cash - It felt like a state lottery win
@4vkj - you don’t understand the difference between a Change of Control package and a severance package. If you took VSP from Oxy then you got exactly what you signed up for. You didn’t get screwed. If you got COC then you got the protection for a lost job or significant job change that was part of the COC plan. Stop trying to play the victim and own your choice. Now, if you were one of the few who actually got laid off from Oxy, well, there was probably a reason for that and you should take a long, deep internal look at yourself.
There will always be at least two years of LTI left on the table no matter if you quit or retire. Even under VSP they do not give you LTI. And if they paid out all unvested LTI for LAPC then LOXY VSPers got double royally screwed.
LAPC will still be giving up a lot of unvested LTI if they leave in March. About 1/3 of my account will vest in March.
Has Oxy has a problem this year with performance of LAPC employees relative to LOXY employees? 2019 was a partial year so poor performance of LAPC employees may not have been apparent last year.
You dont have to wait till your cash vests - As long as you are still employed when the vest pays out you will receive the cash
Depending on length of service you can give notice in January and still get your hands on the cash - Lots of LAPC just waiting to pull the trigger and take the cash and run
So who cares if they put us on PIP's - We all have the last laugh
If all goes well, I’ll give notice the day after my restricted cash vests. Inshallah
In the word(s) of William Wallace: Freedom!!!
That is whole idea of raising the bar to make more people fall below the cutoff. Actually most would agree that in the past there were too few in that lower than average category. The company should never be afraid of driving away people who get lower than average ratings year after year. Most of these people might not get high bonuses or LTI but they are generally getting paid a ton of money relative to their performance.
Actually I think many will be surprised at the new rating system, and don’t be too surprised when you see your ranking lower than before. All of these rankings are going on now and should be closed out by year end. I just hope Oxy does not pull and Exxon with people who were good getting lower ranking an put on a PIP. What they did to their employees was classless.
The BAR is just another way to tell us what useless LAPC employees we are and that we are in need of improvement that only LOXY can provide - God bless them Tiny Tim
Here’s my BAR system. 3 double shot single malt scotches followed by a double shot blended and then topped off with a few beers.
Cheers!
Post ID: @1spt+18sfNbXi
Please share more details. Heard a few were gone without any explanation. Curious if it is about the BAR system.
I am LAPC and as soon as my cash vests in March that's me quitting this godawful company
Was hoping for a CoC but Oxy were never going to fall for that one
No VSPs as its reduction by attrition now - Get out now and lock into your benefits before they cut them again
Oxy are forcing LAPC people out of the door and into early retirement
Awful company with no money to pay staff once they have paid Buffet
Dont hold your breath waiting on the next VSP
Oxy has figured out how to get rid of staff without having to pay them to leave