The major problem facing employees of this company is that we’ve taken management at their word for years. We believed them when they told us “Oxy doesn’t do layoffs.” We believed Vicki knew what was best for us because she worked her way up from jobs like we have. Management has no incentive to look out for our best interests unless we organize. It’s high time Oxy employees had a seat at the table for the decisions being made by the executives and the board. We should know better than to believe that a 30% pay cut is necessary to keep the company alive - it‘a a drop in the bucket relative to the situation we’ve found ourselves in. We should know better than to believe it’s safe for us to go back to work when so many of us are elderly, sick, or have loved ones around us who are. What the employees at this company need is a union. Politicians in this state have spent decades convincing us that unions do more harm than good, but this flies in the face of data. Union workers on average have over 20% higher wages, better benefits, and greater negotiating power than nonunion workers. The critical first steps are these: talk to your coworkers about their needs and worries, read up on active unions in the United States (especially the International Federation of Professional and Technical Engineers), and most importantly keep it a secret from any level of management until you know you have people behind you.
7 replies (most recent on top)
Icahn can’t sell Oxy as a whole or pieces thereof until he finds a way to restructure the debt.
Buffet owns $10B of Oxy, with dividend of $800MM per year. Icahn would love to screw Buffett out of some of that, but I doubt Buffett/Berkshire would consider it as Warren gets assets of his choosing as recompense.
Due to criminal stupidity of VH, OKB and MU in pursuing APC at any cost, Oxy’s assets and legacy APC assets will go only at fire sale prices right now.
Oxy is in a holding pattern until oil prices improve substantially. First came 90% dividend cut. Second came 30% pay cut for L-OXY EE’s (4.9% for L-APC EE’s until August when they get cut by full 30% when merger agreement lapses). When August rolls around, big layoffs start, and Oxy “management” gives minimum severance of 2 month’s pay (really only a bit less than 6 weeks, due to earlier 30% pay , stellar move!).
If oil prices do rebound, remaining EE’s will be leaving in droves to go to other operators. Nobody (at least those with any skills) will want to work at Oxy, given their track record.
Oxy will cease to be a going concern, close to its 100th year anniversary.
Vicki failed miserably, she was never qualified to be a CEO, but the Board was determined to have a woman and instead of going outside of the company to hire the best candidate they settled with a very competent operations engineer that had no corporate governance , financial or leadership skills.
In no other company would she have been promoted to an executive level.
Vicki Hollub is a very nice person and I think this must be very difficult for her knowing she brought down a 100 year old company where she spent her entire career. She had very bad advisors, mainly OB and MU.
I’ve been here a few months and would never follow Vicki! You fools at Oxy are complete id–ts. I’m happy to say I’m legacy APC. I still say I’m APC. Oxy is no longer, this b–ch is owned by Berkshire.
What exactly will happen if Icahn sells Oxy? How will everyone be affected exactly? I’m LAPC who took the VSP last fall. How will I be affected personally???
Pray Icahn FAILS.
Ride for the brand or get off your horse and quit. Go find another to ride for. Don't ever do anything half as, your self respect is more important.
Keep quietly showing up for work (or at your home office). – Just do your work 30% less efficiently. Slllooww everything down.
This is essentially the "slave mentality". But it makes sense. Do just enough to get by. Enough that you can show that you are working.
Icahn intends to put Oxy up for sale – either in its entirey or break it up piecemeal. Either way, a large plurality of we employees will be out of work. We cannot stop him. All we can do is to make OXY of as LITTLE value to any potential buyer as possible. – This will reduce Icahn's profit.