Is anyone hearing that more layoffs are on the horizon because of cheap oil hitting the markets?
13 replies (most recent on top)
I hope so, the amount of people employed by COP is atrocious. Way too many people, doing work that just creates work but doesnt add value. Oh you did that? I need to review it and approve it. Now that I've approved it, someone needs to review and approve my approval.
It is a joke. Thin it out to value add work only.
@1dg There is about a 15% cut in Australia and an 18% cut in Canada. I believe they did this to meet G&A targets rather than to reduce headcount.
More asset dispositions. They have a target they promised they would meet by end of this year. Layoffs again.
@1ca about 14-15%.
I heard there was only around a 10% cut in the Lower 48 workforce. Is that true?
@yj more people will be quitting in a few weeks afger VCIP. CEP pi---d off a lot of people who "survived."
The actual amount is 35% they wanted 25% for CEP and 10% more in 2026. So, if not enough people quit, retire, or get fired to get to the target amount then more layoffs will happen.
@IYKYK hit it on the head. WTI or (NYMEX) are one thing. But you’re selling barrels for 10-15% discounts off that price. Research ROLL pricing- it’s common marketing language written into contracts for change of custody of product.
@j1 CEP team probably got all the 1 ratings this year though.
There's going to be a round 2 because we missed all of our publicly announced CEP targets. That's it. No intelligence behind it, just like CEP itself had no intelligence applied to it.
The oil isn’t cheap but the price we receive is low. We have significant oil on the books that has an all in cost of $50+/bbl. The Burlington write downs helped disguise those earnings losses particularly in EagleFord. We are a house of cards.
The reality is that COP will make an International pivot this year. Yes, onshore USA is still important but the consulting companies are pressuring the LT to divest non core assets and possibly reduce drilling activity until price is 70/bbl and WAHA gas is not negative
Yes.