With RJ taking the COO role, will there be layoffs coming?
18 replies (most recent on top)
The lower the oil price the d-mber the sale of OxyChem is. This is like selling all of your bonds to generate a very one sided portfolio. The sale made no sense.
I think the OxyChem sale may have bought us some time for no layoffs since the OxyChem employees go with the sale plus. The biggest issue I see is the drop in oil prices and our stock now in the 42 range. If we get under 40 billion market cap with our lower debt then it would not surprise me if BH finally buys it all or a major does. At that point many of us will be gone. Thing is we as mere employees control none of it so about all any of us can do is just work and wait.
This is asked every day. The answer is still no. The answer tomorrow is no. Just no.
@OP and others:
C'mon.
For the last time . . . VH said there would be no layoffs. Check the other posts/topics
Why is that so hard to understand?
After all this excitement and the stock is still at $45.00. Y'all tired of winning yet? Layoffs before Xmas.
@f3 Many other things at Oxy to be embarrassed about, not just bureaucracy.
Layoffs might send a signal to Wall Street that the company is serious about improving efficiency. This would completely trash morale but may be necessary.
Layoffs are as certain as death and taxes... Welcome to the oil and gas business.
The only layoff needed is VH. It’s time to go.
A lot of bureaucracy at oxy that’s for sure.
You need the 7 or 8 layers to generate status reports that roll up into 5 bullet points. Also needed are at least 5 pre-meetings for a high level review.
There are so many layers, Leads, sr. managers, directors, VPs, Sr. directors… they don’t do the actual work. The worker bees do, keep head down and do great job for a great company. There needs to be a reorganization and to flatten the organization - no need for 7-8 layers and hundreds of millions or billions in compensation for these folks. Hopefully RJ will help to do this. Or jobs get shipped to India as CVX has done.
Oxy pays a good severance and if you have enough points you will get medical insurance.
Oxy has great benefits compared to small private companies. Consider yourselves in a better position than most.
@e4+1k6ne1m5h I really doubt there will be a huge layoff like you state. All the OxyChem employees going to BH will reduce the headcount a good amount. That is a lot of overhead with salaries and benefits, but we will be losing the OxyChem revenue that might call for more cuts. I would think there is a chance to resize the employee pool based on other asset sales as well, but I really doubt a major layoff is going to happen. A VSP woud also get a lot of employees out the door, but I also heard that was not in the plan from a meeting we were in with a top level executive. But then again the executives are not going to let it out to the rank and file employees just to have it cause speculation and hurt morale. All we employees can do is our jobs and keep our heads down. If a decsion is made either way their is nothing we can do about it, so no need for the distractions of what if.
Huge layoffs coming. Brought it on ourselves with our actions, behavior, culture and reputation.
WB is in the make money business.... If an attractive offer comes, he will look at it just like the other shareholders. Nothing personal, it's just about the Benjamins.
They won’t shop the company around for buyers but they may have to entertain serious offers sent to the BOD. Berkshire will have a huge say as to whether the company is sold or not.
i do not think the garage sale is over. Clean air initiatives with this administration is DOA. International exploration is way out of Oxy's current wheel house and the Gulf of America is on the decline... Can sell these assets and cut loose staff without large layoffs. Right size the remaining staff for the inevitable corporate sale at a later date.