Thread regarding ConocoPhillips layoffs

Permian acquisition will be the excuse for the next round of layoffs

Another year end layoff round. The cycle just keeps repeating.

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Post ID: @OP+1cXOPugo

5 replies (most recent on top)

Correction:

“…Remember, the stock price is EVERYTHING to the ELT…”

Remember, personal compensation and power is all the ELT cares about. Family, employees, safety, environment… all are nothing. Expendable. Employees are a means to an end. Everyone wants to retire with at least $100 million (after-tax) net worth. Minimum.

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Post ID: @3qvi+1cXOPugo

May the odds be ever in your favor. Let the games begin. It’s going to be brutal.

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Post ID: @2czu+1cXOPugo

Synergy targets equal layoffs. Realized efficiencies equal layoffs. Redundancy eliminations equal layoffs. Implementation of Operations Excellence equals layoffs.

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Post ID: @2pxz+1cXOPugo

As if they needed another excuse. This is just like 2015-17 all over again. Expect rounds fall and spring for the next year or two. Or more.

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Post ID: @rcy+1cXOPugo

Layoffs? Yes, but not necessarily related to the acquisition. Here's the relevant bullet point in the announcement:

In conjunction with this transaction, the company plans to increase its targeted level of dispositions from the previously announced $2-3 billion to $4-5 billion by 2023. The incremental $2 billion of planned dispositions are expected to be sourced primarily from the Permian Basin as part of the company’s ongoing portfolio high-grading efforts. Proceeds will be used in accordance with the company’s priorities, including returns of capital to shareholders and reduction of gross debt.

I suspect they'll feel compelled to exceed this target if they don't see a material appreciation in the stock price. Remember, the stock price is EVERYTHING to the ELT.

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Post ID: @afm+1cXOPugo

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