Ok you heard it here first. Almost 23% of workforce.
11 replies (most recent on top)
The announced March layoffs was 7% - when compared to the 20%-25% - this means that the upcoming cuts would be more than TWICE the previous cuts.
The interesting thing is that COP was probably the only O&G operating company that increased the dividend ($ 900 Millions every Quarter or ~ $ 3.5 Billions / year). All others are cutting their dividends by up to 40% - Could you imagine that the dividend cut could save COP over a $ BILLION annually rather than the severe cuts which wont save as much!!!
20% to 25% lines up with cvx as well. This is after initial leaning.
Don't know how big the reduction will be but heard there will a big one in the fall. I guess they will give us a few weeks notice after the earnings meeting. Good luck to all. I hope earlier reduced employees have found something to do by now or sold their Katy houses. Probably harder for us later in the year to find a position in the oil business. If I had a crystal ball it might say that I have Insurance, medical field or government work in my future.
Anon 114724 - unfortunately the number chunrners do not cost as much as those who actaully help get commodity out of the ground. Expect more limb-cutting in the Engineeing/Geoscience disciplines. However, expect 5 levels of Management to remain and probably an increase in the number of Purchasing/Supply chain employees to hep the 'company' strategize.
That's correct, they'll hire people from Best buy/Ikea to help a bunch of experienced professional 'strategize'. Of course, the companies that runs best (I've worked for a few) are those that leave the people who know what they're doing alone to figure it out, but what do I know, only a lowly Engineer
The Board of Directors meeting is sometime next week. The analyst conference call is later in July. It doesn't take a rocket scientist to wonder if we may hear something about the layoffs soon. That being said, even if they gutted the technology group, IT, exploration, and didn't touch any of the producing assets then they still wouldn't make the 4000 number. Has anyone calculated how many finance, tax, controllers we have per barrel produced? I am guessing that COP is at the wrong end of that list of companies. If COP doesn't cut all those people who just sit and churn meaningless numbers then all is lost.
As an independent one cannot have such a high budget for R&D.
Those are close numbers to what I have been hearing in the halls of the complex. Running out of cash, Assets aren't selling, more people will be ushered out. I believe it!!
HOUSTON – ConocoPhillips (NYSE: COP) will host a conference call webcast on Thursday, July 30, 2015, at 12:00 p.m. EDT to discuss second-quarter 2015 financial and operating results. The company’s earnings will be released before the market opens on July 30.
COP is a very strong company, it is given a ranking of "buy" share and a price of $74. So this layoffs are just speculation as usual, last time the number was not as high as people said in this web site, be careful where you read your information from...
I don't believe it, but not pure gossip. The math does not work. Based on 23% and 4000 the total number of employees to date is between 17,000 and 18,000 and ConocoPhillips is currently below the 17,000 employee mark. Best guess the 4,000 number and 23% is correct but not 4000 in September. I suspect the 4000 includes all layoffs between the last announcement and a new September announcement. The price of oil is under $55 per barrel and so the layoffs will continue. The prospects of the 158 billion barrels in Iran continues to be a dark could over the shale focused producers. ConocoPhillip cannot compete with 9 billion barrels and 5X the cost to produce.
I don't believe it, pure gossip