http://finance.yahoo.com/news/conoco-quarterly-loss-lowers-capex-112455493.html
8 replies (most recent on top)
Either upper management does not know how many people are involved in the layoffs or upper management is lying.
Another news report said over 1500 employees had been laid off. Lets do a count. I know from January 2015 over 300 employees were laid off in Canada. What were the losses in other Business Units?
Perhaps the unfavothmable dividend payouts have something to do with the massive stock rewards given to uncle ryan last year as a huge component of his 27 million dollar "compensation"? we don't have a pot to piss in, so we obviously have to get rid of alot of wasteful an unnecessary human capital so that we can keep the wall street bribes and self-enrichment at full throttle. moar, bitches!
ConocoPhillips, which is working to cut $1 billion in operating costs as low crude prices persist, has so far cut about 1,000 jobs, or 5 percent of its workforce and more cuts are to come, the company's chief financial officer said.
The Houston company is going through a review of operations that "is going to result in more jobs cuts," CFO Jeff Sheets told Reuters.
He declined to say how many positions will be eliminated.
- The numbers are not correct. The number of employees decreased from 20,000 to 17,500 prior to the onset of the April "layoffs". The 5% and 1000 would indicate the total number of employees to date is 19,000.
Estimate 15,000 employees current with expectations of a reduction of 5,000 employees prior to end of year. Hard to tell who is drinking more cool-aid, the employees or the analysts. The company does not have a penny in the bank and will be paying out $3.5 billion in dividends.
http://www.reuters.com/article/2015/07/30/conocophillips-results-employment-idUSL1N10A2O520150730
Which website reported thousands of layoffs are coming to ConocoPhillips?
How is this good news ?
Some websites reported thousands of layoffs are coming to Conocophillips
ConocoPhillips (COP.N), the largest U.S. independent oil and gas company, reported quarterly results that beat analysts' expectations Thursday and said it would cut capital expenditure as low crude oil prices persist.