Someone forwarded to me the earnings report. Management said they are expecting G&A (Salaries) to continue to go down. Any idea what that is all about? is that through layoffs, compensation, or benefits reduction?
From page 5: Expect CRC's quarterly G&A expenses to modestly trend down throughout the year from current levels.
https://s23.q4cdn.com/941458137/files/doc_financials/2021/q1/2021-Q1-ER-Ex-99.1-FINAL.pdf
How else are they supposed to get the money to repurchase $150 million of CRC shares?
Yeah, this is not a company you love to work for, but work for if you are in need of a job. They screwed us out of raises, taken away benefits, company vehicles and will now be paying more for insurance. Great way to reward those who stuck around and have been working tirelessly with 4/5 additional responsibilities added to an already full load.
The old joke applies. The beatings will continue until morale improves.