What are live reactions to the VCIP Townhall
42 replies (most recent on top)
When the CEO gets up in front of the whole company in a global town hall and states things that are quantifiably false based on data and metrics, you have a HUGE problem. You can remove Elliott, BT and all the other contributors, while valid, the source issue is the CEO.
That’s what happens when you work for a company that doesn’t report on Commercial. It’s the slush fund that no one speaks of.
How much did Commercial lose in Q4? Su-ks that Refining gets the blame for all this
The crude desk head was retiring anyway, announced last fall. I heard they took some positions that lost a bunch of $’s. I imagine he was the fall guy.
I really doubt that P66 Legal accrued for anywhere near the $604 MM judgment. Don’t forget that it was so high due to the jury awarding treble damages to punish P66 who surely weren’t expecting that. As for Commercial, allegedly the Crude Desk Head was let go recently.
Can someone share more about what happened in Commercial? That is the first that I have read that there was a problem. I thought Commercial was being run by the “golden boy”.
Propel was accrued for, that was a foregone conclusion. Commercial got their A$$ handed to them. That’s what changed.
The VCIP payout backs up Elliot’s and not our deluded CEO’s view of how P66 is performing.
In 2022 when refining margins were at record highs and MPC and VLO earnings smashed P66 out the park the excuse was “ah yes but we’re not a pureplay refiner we’re integrated with midstream/chemicals. Fast forward to 2024 and refining margins collapse and they still beat us on earnings.
When asked what’s changed since Novembers town hall for a drop in VCIP payouts it isn’t refinery margins at all. They would have been known about. Without doubt the Propel fuels fine has had an impact despite GOGO saying it wouldn’t
Watching Chuck Moran interview GoGo is like George Stephanopolis interview Joe Biden. No accountability to questions and has to end the conversation with “thank you for being you, ML.” The amount of a$$ kissing made me want to puke.
Gogo says everything is wonderful and going well with the company.
Who are you going to believe, him or your lying eyes?
The message is that GOGO heard Elliot and he believes he is smarter than they are.
That’s all well and good until you look at Marathon and VLO crushing our performance - that is not opinion - it is fact.
It is not enough for you to think you are right, and then to stick to that posture in the fact of incontrovertible facts. It is a head in the sand mentality….
Larry Z. Now there’s a great refinery man!! He was stern but fair and did he ever know his stuff!
Bring back Larry Z!
I'd love to see Chris Chandler as CEO
Elliott wil have a pretty big job because they can’t just oust Gogo and let it go at that. There are a number of ELT members who will have to go as well.
I think Elliott has someone in mind.
https://s22.q4cdn.com/128149789/files/doc_financials/2024/ar/2024-Phillips-66-Proxy-Statement.pdf
Page 74
Definitely not you and all GO GO s-ckers
If you don'y think the CEO is up to the task of "fixing the Company's issue" and should leave, who do you think is up to the task? Who should be CEO?
Go Go just leave with dignity if not Elliott is going to fire you. When will you come to the realization you are not fit for this job. You already made millions just quit and save the company and hundreds of employees.
My money is on Elliott. They are relentless and are going to open Pandora’s box! Maybe Gogo can use his legal counsel to get a job as a beauty pageant judge.
Only hope of keeping P66 together is getting rid of this CEO. He needs to realise hes not up to the job and gogo go
Straight trash!
Well that su-ked. For this payout, future payouts, and morale in general.
I'm with Elliott.
I would agree. Cant let p66 gets chopped into smaller pieces
I can appreciate him standing up to Elliott!
Sounds like GoGo is giving the middle finger to Elliott, basically said he’s going do the opposite of what they’re asking for. I don’t expect to see him making it much longer.
Better than I expected, both the bonus and the presentation. Of course my expectations were really, exceptionally low, but not bad all told. Don't love the talk about changing the calculation going forward based on continuing improvement. Feels like a way to keep VCIP smaller.
complete chaos in Chevron, 8000 layoffs
Kind of seems like a PeeWee Herman response.
"Heard any good jokes lately?"
Paraphrasing- It's all formulaic. Discretionary is a bad word. Shareholders dont want discretionary.
As long as we keep chasing shareholder happiness and ignoring employee happiness, mid and long term results will suffer.
They are setting up for an even lower payout for next year.
I dont know anyone who predicted more than 130.
Friendly reminder that controllable costs is made up of the ELTs bonus, the only way that can ever be good is if they do not take one.
Here’s the message. Employees are ki-ling themselves (200% of Target in High-Performing Org) and management has no clue, blew $300Mil in consultants (51% payout in Controllable Costs) and the company still can’t perform (90% payout on EBITDA).
Newsflash: bolt on acquisitions and horrific upgrades to SAP will never return value when the underlying infrastructure and data is $hit. Why won’t they clean the data? What are they trying to outrun?
"How are you replying to this thread while still broadcasting live!?"
Same way you are.
Looks like corporate eyes are watching this thread now
What do you really think will happen with an Elliot takeover? It won't be sunshine and giggles- it will be breaking off assets and job losses. If P66 gets acquired- job losses.
“ Go back and look at older threads. The predictions of 120-130 got downvoted. Now you complain about it being low? Maybe should have been more realistic with expectations.”
How are you replying to this thread while still broadcasting live!?
Go back and look at older threads. The predictions of 120-130 got downvoted. Now you complain about it being low? Maybe should have been more realistic with expectations.