Thread regarding ConocoPhillips layoffs

EOG is growing at CAGR of 10-20%

@6mna

In same article , Number one in terms of market capitalization in America but has the lowest rate of return among the top ten. Does not seem to add up. Check your dictionary, LARGE does not have the same definition as profitable or efficient management

Conoco just named "LARGEST" pure oil company in U.S. by Fortune on August 9, 2016.

Like I said, disgruntled losers talking trash!

@4avk. "Steal the best from our true E & P peers".

With the instability (constant layoffs) and favouritism at COP, the best Technical Specialist of other E&P might have their fingers burnt by coming to COP. Thier career span at COP may be short or frustrating if they crossover. Stability is much more important than the seemingly high salary that is thrown at you. COP scores low on stability.

At COP, you have to choose between two options as a Geoscientist.

a) Do I want to be a Martyr by fixing the system and doing things right?

b) Do I want to flow with the current and have a good fulfilling career?

You may decide to fix the system and be a saviour and martyr but I would go with option 'B' because I still have a young family that depends on my income.

It's the culture at ConocoPhillips which is the problem, assets and balance sheets can be fixed but people and how they work together to create value is much harder to fix. To give the ELT some credit they did try and fix it with their initiatives on collaboration and the playbook. However, when the rubber hit the road the organisation including the ELT reverted back to the worst of ConocoPhillips taking a fatal step backwards. This will one day be a very interesting business school case.

@4skk I so much agree with you. COP culture could be stifling to technical professionals especially when you are in a business unit where previous work has been done on assets and the reserves or forecast has been overestimated. Going through the process of reducing reserves through sound technical work could cost your job if your supervisors are not in support. You sometimes have to go through stiff resistance to do the sound technical job that you were hired to do. The business model where promotions and terminations depends so much on the business unit ( Managers and VP) makes it difficult for technical specialists to do the job without politicking and lowering standards. It would have been different if all professionals like Reservoir Engineers, Geologists reported to the Managers on dotted lines but the local Chief RE or local Chief Geologists would be responsible for assignments, promotions and terminations of RE's and Geologists (with say 40 - 50% input from the business unit (Managers and VP)). You really need to be aligned to a clique to progress and be reasonably safe. For me, it is about aligning with my Manager and maintaining a good relationship so that I can be spared in the upcoming layoff. I spend 70 % of my time on ensuring that my manager is extremely happy. I have little drive on doing the best technical work or working too hard because this gives you little advantage.

@4avk: I wouldn't go that far, just the management. I spent 2 years at COP and left on my own. I had worked at 3 other independant companies in my career (All American) and never saw such a stifling atmosphere. I don't beleive that my fellow Engineers/PetroTech staff were poor performers, rather they were in an environment where thinking was strictly forbidden, which is exactly why I left.

I beleive it was Steve Jobs who said something along the lines of 'we hire smart people so they can tell us what to do'. COP does the exact opposite of. Those in that environment for more than 10 years are beyond repair. Others, there for less time, are fix-able. I partly agree with your assertion, but beleive it to be too dramatic. There are good people at COP, in all functions. All they need are the training wheels taken off

Performance is a direct reflection of the workforce. The fact that individual assets are loosing money or spending more than they make is the problem. The ongoing social welfare program for the underperforming petrotechnical class is what is driving our company into the dirt. As a company we gold plate every project and spend extraordinarily amount of time in meeting telling our selve how great we are. Yet all of our competitors in surrounding assts are blowing our doors off. I am all for the nuclear options, fire all our engineers and steal the best from our true E&P peers who know how to produce.

COP used to be one of the Best among its peers , but now one of the worst... Poorly managed by a bunch of c**k s---ers , a-- kissers and Idiots that are milking what is left of it.

Total BS by a disgruntled ?

Conoco is the largest independent in the world based on reserves and production. Read the title! Conoco can produce it's way through this bust where as many others do not have that luxury!

Okay, for folks that like to pick stocks - my prediction for the largest indeoendents by the end of the year:

1 EOG

2 Occidental

3 ConocoPhillips

4 Pioneer

... yesterdays yahoo finance market cap dude

Hum general links and the one that works leads to 2015 data and your numbers don't match. Troll some other site.

... a list of the (core) shale have and have nots.