Thread regarding ConocoPhillips layoffs

Seems head count increased from 2012 to 2014 and yet production stayed the same....hmmmm

Seems head count decreased from 2014 to 2016 and yet production stayed the same....hmmmm

Seems CAPEX increased from 2012 to 2014 and yet production stayed the same....hmmmm

Seems CAPEX decreased from 2014 to 2016 and yet production stayed the same....hmmmm

They've messed up a few people's lives?

Come on man the production drop is from asset sales, and that production will be replaced in 3-4 years with lower cost of supply per bbl.

Based on annual reports & quarterly earning releases, It seems the ELT is simply un-winding their post-2012 excesses in CAPEX spending, debt load & employee expansion:

Net Production: MBOEPD

2012: 1578

2013: 1502

2014: 1540

2015: 1589

2016: 1569

2017 (2nd Qtr avg): 1425

2017 (3rd Qtr guidance): 1200

Reserves: MMBOE

2012: 8642

2013: 8921

2014: 8906

2015: 8180

2016: 6424

Debt: $MM

2012: 21725

2013: 21662

2014: 22565

2015: 24880

2016: 27275

CAPEX: $MM

2010: 9265

2011: 12947

2012: 15722

2013: 16918

2014: 17144

2015: 10050

2016: 4866

2017: 4700

Employees:

2012: 16900

2013: 18400

2014: 19100

2015: 15900

2016: 13300

2017 (07.31.17): 12200

Oh my gosh - do you have any idea that the product which we produce has tanked in value? Of course our income has gone down. As for your other stats, I just looked a few of them up and they are wrong - you are just spreading fake news BS. Like the other guys said, your stats are a joke!

And the stock price tanks. The shareholders lost value and dividend income.....ELT is hitting on all cylinders....can not take much more of this leadership.

1. 10+ Billion debt reduction

2. Reduction of headcount from 19k to 13k while holding production steady.

3. 7 Billion of cash on hand

4. Cost per BBL production from average of 75 to 45 and continuing to look for reductions.

5. Stock repurchase

6. Top ten list on US golden parachutes

So s--- it

-1jzl

Read the OP....the other companies were operating in the same oil price environment....

COP traded as an "independent" E&P company on May 1, 2012 w/ essentially the same ELT & BOD in-place. The following is a summary of stock price comparison for the premier shale independents (Pioneer, EOG & Concho) on May 1, 2012 (05.01.12) & July 20, 2017 (07.20.17). Also included are the premier US integrated major E&P companies (Chevron & ExxonMobil). COP has noticeably under-performed in the same oil price environment suggesting the problem is w/ management. During periods of high oil pricing, management is more than willing to take credit for stock performance. During low price environment, dismal stock performance is blamed on oil pricing. Can't have it both ways.

Pioneer(PXD): $126.13/s (05.01.12) INCREASED to $163.28/s (07.20.17)

EOG: $55.62/s (05.01.12) INCREASED to $93.66/s (07.20.17)

Concho(CXO): $107.10/s (05.01.12) INCREASED to $126.47/s (07.20.17)

COP: $56.51/s (05.01.12) DECREASED to $43.21/s (07.20.17)

Chevron(CVX): $108.27/s (05.01.12) Decreased to $104.63/s (07.20.17)

ExxonMobil(XOM): $87.04/s (05.01.12 Decreased to $80.86/s (07.20.17)

Dividend:

Chevron(CVX): $3.24/s (05.01.12) INCREASED to $4.32/s (07.20.17)

ExxonMobil(XOM): $2.24/s (05.01.12) INCREASED to $3.08 (07.20.17)

ConocoPhillips(COP): $2.64/s (05.01.12) DECREASED to $1.06/s (07.20.17)

And none of those decreases could have anything to do with the fact the value of the product we sell is worth about 33% of what it was at the split! Haha, what a joke your stats are.

Also made a killing off the Cenovus deal

Then there are the value destruction intangibles attributed to the DECREASE in:

Employee confidence in ELT

Employee morale

Employee commitment

After the upcoming 2017-2018 layoffs:

How many of the employees remaining after the 2017-2018 layoff will bail when market conditions improve?

Will there be any advancement opportunities?

Will there be any exploration, international or offshore opportunities for professional and technical development?

Since May 1, 2012, this company has been transformed from one that was exciting, growing & profitable w/ seemingly unlimited opportunity to a company that is now demoralized, shrinking & commercially challenged w/ a bleak future.

Just don't see COP as an attractive investment or workplace. BoD need to to step in and call for significant changes in upper management.

Since May 1, 2012:

Shareholder Value (Market Cap): DECREASED by $16 BILLION from $69 B to $53 B

Annual Shareholder Dividend: DECREASED by $1.9 BILLION per year from $3.2B/yr to $1.3B/ yr

Net Production: DECREASED from 1.6 MMBOEPD to 1.4 MMBOEPD (2nd quarter 2017) and announced to DECREASE to 1.0-1.2 MMBOEPD by year-end 2017

Proved Reserves: DECREASED from 8.6 Billion BOE to 6.4 Billion BOE with additional reductions by year-end 2017 following completion of asset sales

CAPEX: DECREASED from $15.7 B to $4.8 B

Employees: DECREASED from 16,900 to 12,200 with further reductions in 2017-2018

All of this accomplished since May 1, 2012 by the in-place ELT and the BoD did not intervene. Perhaps the rejection by 68 percent of the voted shares of the Executive compensation will be a call for change. It seems we may have laid off the wrong people during the 2015 & 2016 layoffs. Maybe we will get the responsible parties during the upcoming 2017-2018 layoffs.

OP keeps posting the SAME stuff over and over and over. Seek help.

Sold Kashagan and numerous other assets from 2012-14 at above par value.