Now that Carl is running the show, how long before y'all think he forces his new puppet to do mass layoffs? Do you think they will cut severance to minimum required 2 months under WARN and when do you think it will happen?
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OP
Carl Icahn is NOT in charge. He has 3 board members, with one being former Oxy CEO Steve Chazen.
Icahn’s main motive is to try to undermine Warren Buffett because he’s jealous that the Sage of Omaha has always been better than him. He’s going to try to undermine Warren’s investment anyway he can because his ultimate aim is to sell Oxy’s assets for the most cash in his pockets. Icahn is a vindictive a**hole.
Warren is sitting in the catbird seat because Oxy owes him $800MM / year in dividends as well as principal of $10B. If Oxy doesn’t pay up, Warren gets pick of assets.
Vicki is trying (hopelessly IMHO) to rescue her “legacy.” Chazen might help a bit but would be a c-apshoot.
Oxy is so cash poor (current and future cash flow estimates) that they had to do 30% pay cuts (for $76K and above, less % for lower) and benefit cuts for legacy Oxy with only 4.9% cuts for legacy APC (to avoid COC severance payments). In August when the merger agreement (and COC) expires, legacy APC staff will also get the full cut.
VH, EC and BOD spinning pay cuts as “saving” jobs, but once August rolls around and price of oil is still in mid $20’s, layoffs will come and severance will be based on lower salaries ;-)
It’s great that the criminally stupid acquisition of APC, led by VH, OKB, MU, PJB, (kudos to the Apache Mafia)... ended up screwing over legacy Oxy employees the most. Easier to lay off and easier to minimize severance.
Debt load is dragging Oxy to the bottom as they cannot sell any of the legacy APC assets except at fire sale prices.
Oxy’s VH, OKB, PJB and MU (now head of WES) should all be forced to resign. Talk about “dead wood” at the top of the tree!
Legacy for VH: Kayaking Without a Paddle!
Roll Tide! (Over all employees that is).
People on this board are arguing about VH's salary cut being legitimate !!! You people are being screwed, and don't even recognize it …..
@1ydl+14aTTps8 If those are the only two options, sure. But they weren't.
Option 3 was to manage a company with a modicum of common sense.
Better a pay cut than no job and no health insurance during a pandemic.
The resume will be better for toilet paper than getting a job. Unless you can find a job outside the oil field you are in trouble. By mid next week US unemployment might be at 4 million. I hate to say it, but even a 30% pay cut for s—y company might be better than unemployment and no benefits. Believe me it really hurt to say that.
I am sure changes are coming soon, better get those resumes updated.