Thread regarding ConocoPhillips layoffs

How in the world do you know the CEO purchased a new car? I see his Jag at work every day so I guess you must be stalking him on the weekends?

When the CEO gives the ole "Belt tightening Speech", he means they will tighten your belt, perhaps around your throat.

Not sure how you think you know they took another 2.5 billion in debt in 3Q, since the 10-Q isn't out yet...the 2.5 they had taken this was Q2YTD, not in a single quarter.

Your "math" isn't too good. Or you just can read a balance sheet yourself.

The company is cash flow negative. ConocoPhillips tapped into the $6 billion credit facility to the sum of $2.5 billion 2nd quarter. The options are asset sales or tapping into the credit facility. Another $2.5 billion 3rd quarter and... The math is clear. The asset values are determined based on the commodity prices. $100 billion of assets at $100 oil is not $100 billion of assets at $50 oil. ConocoPhillips is 100% E&P and so the value of the company is 100% the value of the oil and gas. Not an ideal business model.

Actually the balance sheet is in good shape, debt has only increased slightly from prior year. 22 to 24 B on 112 B in assets...

Although COP is reporting losses, given commodity prices, and forecasts, COP is doing quite well. Meeting expectations which is all Wall Street cares about. Wall Street loves the layoffs, seen in the 20%+ gain in stock value 45~55 over 1 week.

If you're upset with losing your job, that's understandable. Don't however be confused, ELT's obligations are to shareholders. Cost cutting is happening all over the sector, layoffs, capex, all part a down turn.

Maybe one day Unisef will run an Oil company, and will keep everyone employed during a down turn. Until then most companies have no choice but to adapt to commodity prices.

let's not forget, we're INCREASING dividends...

173653....

Have you looked at our balance sheet? Do you know simple math subtraction addition etc. Stop making things up we shall see what a massive loss we will be reporting during our 3rd quarterly meeting. The company is bleeding red which makes based on our colors, make no mistake we are in trouble. Where is our production growth going to come from...the cost cutting team! Please. Take a look at our balance sheet before you open your big mouth. At this point just keep your mouth since you are now gone!

I was just laid off (EOI), but I have to believe there is a good economic reason for purchasing Energy Center 3. This leadership has been more transparent than any I've seen. I'm sure they'll lay out the facts & explanation, but give them a chance to do so before griping.

For my part, I was thinking of leaving in 2016 anyway, but thanks to the company's transparency early on, we knew a fall round of layoffs was likely even before the spring round took place. So it made it possible for those of us in my situation to have time to be ready, and to be able to volunteer, which probably saved jobs of others who will be with the outfit longer.

COP is a good outfit. Yes, knowing what everyone knows now, of course leadership might have made different business decisions in the past around development & hiring. But here's where we are (I still say "we"), so just look forward and plan to win going forward.

I think COP is following example of Federal government, don't cut costs just keep borrowing and increase the debt.

Now it all makes sense. That's why lots of people volunteered to leave the company because the company makes these types of decisions.

Oh you also forgot to mention that we sold assets as well.

Sorry for the grammar! Damn electrical device!