When the recession really hits you will see energy companies cutting back on hiring and then on employees. The company will cut back on the white collar workers in the headquarters offices first before laying off the actual workers keeping the oil flowing. Just look at what is going on in big media and big tech. They are reducing hiring and laying off the office workers. The same thing will happen to the oil industry. Many youngsters at Oxy have not seen how bad the situation can be because VH has been so kind to you all.
11 replies (most recent on top)
If you spread it out over multiple years previous VSPers will regret taking the package even more. Oh the pain that won’t go away.
Give every person over 65 a THREE and half YEARS VSP and we will be gone! But do in installments to avoid taxes on one - two payouts. Just do a salary distribution every year for three years. Include SS & medicare taxes. Bye Bye
It's all about the balance sheet. If they fear a loss in profits, heads will roll.
What dividend? There really isn’t any serious dividend to cut. We will see what it gets bumped up to in a month or so.
Don't worry about us OP. If things really get as bad as you hope, we'll just cut the dividend again to make ends meet.
Hard to replace experience these days. Been through many downturns since the early 80's and hard working staff that can find the grease almost always keep their jobs. Oil prices are high, I think someone is crying wolf. Good luck!
Impact of a recession? We find out Uncle Warren is actual our daddy.
But is all of the work necessary? I have seen in the past so much busy work that just did not need to be done. It was literally the wrong work being done by the wrong people. Once the unnecessary work is eliminated then check to see if you have too many people or not.
Hopefully they will offer a VSP again. VH has shown she is willing to go that route in he past as opposed to layoffs. Taking a VSP for some of the older ones of us will hopefully save jobs for the younger co-workers. But I agree with the below posts on oil prices. It seems we are understaffed now as most have more work than they can do.
Dude never gonna happen while oil prices are north of 70.
You accurately described how it goes. However, I doubt we’ll see it happen in our industry with the Dem recession. Oil price will stay high enough that we don’t need to lay off.