Thread regarding Phillips 66 layoffs

What’s Next

It seems to me that the CEO has just about run out of things to try get our stock price closer to that of our peers and nothing has worked.
Although they’re a good thing, the employee initiatives has saved nowhere near as much money as claimed.
Laying off good, productive employees hasn’t done anything except add work to those who are left. We haven’t “changed the way we work” at all.
Emerging Energy is dead in the water except for Rodeo, which was planned long before BT.
No actions have been taken to improve the reliability of our refineries so a 98% run rate is a realistic goal.
The ELT is like very bad football team that is very poorly coached and has a very bad game plan that is losing badly in the 4th quarter.
They’re just going long on every play hoping for a miracle.
They’ve already lost and everyone knows it.

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| 1730 views | | 10 replies (last September 19)
Post ID: @OP+1oCGm9ZE

10 replies (most recent on top)

Oh I know! How about we put more initiatives in wave for things we were already doing! I bet that will make it show up on the bottom line!

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Post ID: @4fgz+1oCGm9ZE

BT was going to make P66 a great place to work.
P66 is still a good place to work but it’s not as good as pre BT and in no way can it be considered a great place to work.
Add that to the long list of BT failures.

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Post ID: @4slw+1oCGm9ZE

BT has produced no tangible positive results and quite a few negatives. That's what usually happens when you try to fix what's not broken.

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Post ID: @3xmi+1oCGm9ZE

Our peers are widening the differential between PSX and MPC and VLO.
How long are you going to allow this BT disaster to continue, PSX Board? BT has been going on for almost 2 years with no tangible positive results. PSX Board, do the right thing and make major changes at the highest level of the company. I’ll help you get started, remove the CEO immediately!!!

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Post ID: @3few+1oCGm9ZE

I’m glad Rodeo is getting called out. The refinery was pretty trash pre-renewed and then to put in more capital to take advantage of some BS tax scheme…I’m not confident that’s better than just shutting it down given fiscal issues in CA.

At the most basic level, we inherited some subpar assets post COP spin and instead of biting the bullet and culling the herd early (like COP did), we’ve let things fester and with the the failure of BT, we’re getting desperate. E.g. paying big bucks to “consultants” and offshoring Finance and soon to be Marketing and HR.

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Post ID: @1kuu+1oCGm9ZE

"Emerging Energy is dead in the water except for Rodeo, which was planned long before BT."
and the Rodeo scam is only profitable with the government incentives. This was specifically mentioned in one of the internally published video on the topic.
It also helps with the ESG scam scores.
Suggestions - get rid of McKinsey and other incredibly overpaid management consulting groups and set a target of 50% reduction of all SGL 20 and up. Focus on growth only, buy smaller highly profitable players as the main strategy and increase margins that way instead of making meaningless no savings swaps of employee salaries for useless outsource company contracts.

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Post ID: @1blm+1oCGm9ZE

If I produced results like BT has produced I would have been fired a long time ago.
How long is the board going to stick with the current CEO?

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Post ID: @1dof+1oCGm9ZE

Following an emergency board meeting last week the CEO has come up with a new strategy to once and for all close the gap on our competitors.
He is waiting for Valeros and Marathons share price to get so far ahead of P66 that they both issue a 2 for 1 share offer.
The CEO and ELT will then declare that business transformation has been a resounding success in pushing P66s share price back to the top of the tree again.
You heard it here first.

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Post ID: @1esk+1oCGm9ZE

The ELT sounds like the Nebraska football team…”we almost always almost win,”

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Post ID: @1bps+1oCGm9ZE

Great way to put it! I thought things could improve, but with DCP integration and BT just shows there is no competence in implementing the process and millions wasted attempting to state they saved billions.

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Post ID: @1ode+1oCGm9ZE

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