The Concho purchase is financed partially with money stolen from employees. If times were truly so bad that 401-K deposit commitments can't be met, pay raises stolen back after being given, and VCIP is up in the air, and yet we can buy companies.
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Since when have 401-K commitments not been met???
401-K deposit commitments can't be met?
The cold truth is our industry is going through a long-overdue recalibration in response to drastically lower oil prices. The companies that figure out how to make money at $45 oil will survive. Those that don't will be consumed by the winners.
Unfortunately, this recalibration will also affect employee compensation going forward. Folks, it's not 2013 any more!
Taking back pay raises is just a pretty way to say salary reduction (that happened to be in the exact same amount as raises given.). So tired of them trying to sugar coat everything.
concho is a zero cash transaction
SPIRIT values.