Kinda quiet here. What’s up on the commercial front and contracts? How bad is it?
Topics regarding layoffs at ConocoPhillips
only 10% of the contractors around you at EC3 will be there in 6 months. If you think your part of that 10% no need to prepare.
This is a real question. Besides the ELT and the Leadership Forum, do any employees have real confidence in our leadership? If so, why? Are we going to be around for a while, and deliver the results we promise annually?
Run for your lives. David Seaton is now on the board. He ruined Fluor and got the boot.
Shell has closed their Houston offices - not COP. We’re told it’s “optional” to stay home during this health crisis because they don’t see the infection numbers being that high in Houston. If we had testing, we would have a better picture. So... — read more
Here’s what will happen: (1) The Junior ELT will get rolled into the ELT. Positions will be eliminated so that special 3-year executive severance packages (about $75 million each) will be activated. (2) Consultants hired, much analysis and... — read more
I have a feeling this could be the start of one of the biggest crisis yet, which means that layoffs will most likely be brutal. I don't want to sound like an alarmist, but if you don't have a backup plan ready, you should be working on one right... — read more
I like ChevExxCop (CEC). Market Cap $400-$500 million (a midsize company). With 1 shared ETC and 1 Shared PRC org. with 1 Sr Exec Org based in Houston. Strengthened Permian position, 1 consolidated North America and Deepwater org., 1 consolidated... — read more
I’m guessing no one was preparing for $20 oil. Now what will happen? Good luck!
Where is all of this taking our communities and our company?
https://seekingalpha.com/article/4326188-conocophillips-hits-liquidation-accelerator I honestly hope they do it as fast as possible.
Another week gone. Is it just me or has this entire company gone toxic? I could list inconsistencies here but I’d run out of room. Is anyone thinking about value anymore?
The company has been stagnant since the split, it is difficult to get excited about anything at COP. I do believe we are in for a long steady decline and very little opportunity for growth for the mid level employees. The Middle class (mid management... — read more
Not surprisingly, the subject goes to ethics, and the thread is removed. It’s what we do.
Any thoughts how we will go
CoP is paying useless IT contractors $160/hr+. Do the math. Most contract companies take a third so that is a salary of about 200K for people that can barely speak English doing work that they are not qualified to do and doing it poorly. But who am I... — read more
I don’t understand why there is new declaration of dispositions. What assets are left to be sold ? I thought all marginal assets are already gone. What’s the use of selling assets and buying back stocks? Is there ever thoughts about production growth... — read more
Post any information you have about the total headcount (I know it changes all the time). How about the main office at Houston?
In your opinion based on your position / experience?
More importantly, Permian.
Incompetent managers, supervisors, and employees. No wonder Armstrong Oil had to find the new fields within and outside COP's long held Alaskan acreage for them. Such an embarrassment. A 5 person company continually whipping the a– of an... — read more
At Burlington Resources we had something (crudely) like this before we were acquired (and it was dropped by ConocoPhillips). Can you imagine how transformational this might have been for us if pursued? Maybe we would not have wasted $10B in... — read more
What a sham this company of ours is! Every data point is altered to present the best picture possible. Investor presentations, for instance, are totally unreliable but reinforce that everything we are doing is right. We are a self-licking ice cream... — read more
Get ready.... Poor rate of return wells.
ConocoPhillips have done the following amount in asset sales since 2016: 2016 Sold $1.3 Billion of Assets 2017 Sold $13.9 Billion of Assets 2018 Sold $1 Billion of Assets 2019 YTD Sold $2.9 Billon of Assets (not including Australia... — read more
Layoffs coming soon!
Share any updates you may have about ConocoPhillips Layoffs 2020? Any news or rumors?
Any truth to rumour ABU east might follow the west and sell up.
The long list of assets sold in the last few years will get longer. In a move that is long overdue, all of the neglected conventional assets in the Permian Basin will be sold. It has been clear that this is the path we've been on as there has not... — read more
The great sell off continues.
We recently announced we are switching to Fidelity from Vanguard and now we are switching from Aetna to Blue Cross and Blue Shield. Both those are used by Chevron. Are we switching to match them or is this just a coincidence..... Hmmmmm
I know this is two years old, but, on the other hand, it doesn’t get old. https://www.houstonchronicle.com/business/article/Conoco-investors-reject-exec-pay-in-advisory-vote-11151120.php
How is the Austin Chalk play in LA working out. I heard it was COPs next “big thing”. Or will they drill a few wells, be indecisive and take forever to decide what to do, over spend, and sell at a loss so some small independent can go figure it out?... — read more
This is an exact quote from current COP job listings: “Employees across the globe focus on fulfilling our core SPIRIT Values of safety, people, integrity, responsibility, innovation and teamwork. And we apply the characteristics that define... — read more
The problem is our compensation system: we reward results rather than long-term value creation; we reward smooth talkers and great Power-Pointers rather than folks with insight; We skip Post-audits to identify root causes of failures and penalize... — read more