Am I the only one that was impressed today by how efficient the package process was ?
Well done APC. Finally got something right in this process.
21 replies (most recent on top)
What was efficient has now turned into a S*&t Show. Some get to pick the day they leave, negotiated exits.... others have to wait around and literally sit around all day reading the news. Just cut the people and let them move on.
And with the new process, you look like you imagined all of it Not resigning just labeled as the one that does not want to be here.
CoC gone with the wind; oxidized. Oxy redefined what triggers it. You apply for it, Oxy comes back with we always had an equivalent job for you. You are left with egg whites on your face because you just terminated yourself. Sneaky Oxy says it did not have layoffs. People quit when they fall on the traps placed by Oxy.
Macando settlement was bs as it is equivalent of getting sued for your brother in law’s accident just because you threw money in to but the car.
@2mm - could point. Hard to focus on lowering debt when you had these things working against you, one after the other. All of them were hefty bills for sure. Add to that two downturns in the same period with lower than expected cashflows. I think this could be a good MBA case study.
@2apt - apc also had tronox and macondo to deal with, followed up by the firestone tragedy, which was due to wells acquired from noble. all told, that’s at least a $10b financial hit. all tragedies for sure, but when you understand the facts you see that there was little apc did wrong or could have done to prevent them. hindsight is 20/20, so there are many lessons learned, but original prevention by apc would have been very unlikely. an additional $10b+ would have been awesome to pay down some debt over the past 10 years, but it was not to be.
@10T1SzmH-2djy - FYI, APC carried $12-$13 B of debt since 2006 after the KMG & WGR acquistions, so it's not just the last 7 years. Prior to 2006 when APC made those acquisitions, APC's total debt was $3.5 B. What really got APC is that they never focused on lowering the debt throughout the 13 years after the KMG & WGR acquisitions. Almost went bankrupt in 2015-2016 because of high interest payments on debt they decided to continue carrying through the years. For those staying with Oxy, let's hope that Oxy's executives do not repeat APC's mistake in terms of debt mismanagement. Good news is that Oxy's cost of capital is low and although they now have a very high debt, their intetest payments are minimal compared to those APC was paying (2-3% for Oxy vs. 6-7% for APC). The pro-forma interest rate is now in the range of 3-4% (legacy Oxy debt + legacy APC debt + new Oxy debt to finance the deal).
Oxy is giving what they are giving because that is the “deal”. The execs had the COC documented and it had to be adopted on sale everybody knew that eyes open. Yes its great but that is the deal. The “debt” is from all the freaking infrastructure put in the ground last 7yrs. A well is just a novel idea until it connects to something.
So wait...you commend APC for handling the process so well, but then when something goes wrong, it’s all of a sudden the ‘Oxy Bozo’s” fault? Yea, sounds about right. APC employees need to quit complaining like spoiled brats and be thankful Oxy is giving them what they are. Most people get laid off and don’t receive a dime!! It was APC’s management that built up debt, ran the company into the ground, then took their money and ran, not giving a damn about their employees! At least Vicki is trying to do the right thing!
There are no questions, no FAQs needed.
Sign, scan, email, raise the glass towards southwest bubble corner and move on.
3 days later and we still don't have those promised FAQ's. Nice work to the Oxymorons in HR!
I'm Feeling Lucky!
Just read Concho’s package. It was just an escort to the front door. I hate that we got bought, but at least we have a path to whatever is next.
Concho pulled some real jelly of the month s—t on their employees.
“OXY Bozos? Who do you think prepared the packages and documents. You need to look hard at your APC management that left you to flounder and ultimately put you in the place you are in today...”
And yeah, Oxy “prepared the packets”. The packets that failed to include the promised FAQs. The packets that were only sent to approximately 2/3 of the eligible population because dem computerz iz hard.
“OXY Bozos? Who do you think prepared the packages and documents. You need to look hard at your APC management that left you to flounder and ultimately put you in the place you are in today...”
I never said that APC mgmt wasn’t responsible for initiating this cluster. But Oxy has come in and gone full-blown keystone cops on this thing.
Really amazed that they’re a publicly traded company when they seem like a mom & pop fruit stand on the side of the road. Amazing.
How are those VSP FAQs coming along?
‘Overpromise & underdeliver....We are Oxy’.
OXY Bozos? Who do you think prepared the packages and documents. You need to look hard at your APC management that left you to flounder and ultimately put you in the place you are in today...
Go read the Concho site for the recent layoffs and what employees got.
@iwv - I heard about that as well. This really bites. Again, that’s on Oxy, and not APC, as Oxy decided who would (and would not) receive the letters. APC HR is intentionally being left in the dark.
Not so quick there ... apparently a large number of people that fit squarely within the VSP requirements never got their email notice.
agreed...apc has done plenty of things right. oxy on the other hand...
anyone else notice that oxy promised an faq with our papers in last night’s email? someone on my floor said oxy once again wasn’t prepared, and would have to email them out. here’s hoping we actually receive them before the 19th. I can't wait to be rid of the oxy incompetence all around.
Agreed. This is what happens when there are zero Oxy bozos on-site and legacy APC HR staff is allowed to manage a process.