No offense. 2 million barrels of oil a day. $40 price and $50 cost ($10 per barrel loss). Cannot stop production as the debt must be serviced. Loss $20 million per day, $600 million per month, $7.2 billion per year...
And the numbers are quite conservative and industry averages.
TRUMP for President. America will be great again if that happens. :)
I do not believe Donald Trump is spending time posting on this web-site. He is too busy working for the Democratic Party. Could you imagine if Trump actually got the Republican nomination? It would be a landslide for the Democrats.
TRUMP in these post? More like Lance too much of a coward to say who he actually is.
Mr. Trump, I actually agree with some of the things you have said. After working for 3-4 other independent companies in my +/- 15 yr career, I agree that COP is overstaffed. However, your assertion that 'shitty employees' are the ones to be laid off is misguided. I've lasted through the first round of layoffs in my region and let me tell you, the cuts seemingly were based on anything but performance, with all the chronic low performers still left filling a chair, while some people with years of 1-2 performance ratings were sent packing. On the flip side, some very talented/high potential/highly productive people were shown the door for a variety of reasons including: 1) the made too much money for somebody's liking, 2) didn't spend enough time in front of their bosses desk pandering, 3) didn't completely believe in the company's bullshit SPIRIT values, 4) were a threat to the wrong person. The list can go on and on but I'm sure somebody as enlightened as you are can get the point
One other thing - I get quite the kick out of people who come on here and lecture the masses while using names such as Realist, Trump, Pugilist etc. If you're so goddam proud of yourself, reveal your identity. Otherwise, do the world a favor and off yourself - tired pieces of coon shit.
Dear Trump,
Let me highlight two or three major decisions that have ensured COP is laying off a much larger percentage of people than its (former) integrated peers. One, buying Burlington for $35 billion. Jim Mulva got $25 million that year for his monumentally stupid move (natural gas was $12 MMBtu in 2006, now its $3). Second bad decision was splitting of Phillips 66. Their cash flow would have saved thousands of COP jobs. Anyone in oil and gas knows when one sector goes up, the other one falls. That is the main reason the other integrated companies are laying off 5 percent of their staff, as opposed to around 30 percent for COP.
Finally, mega projects like APLNG and Surmont 2 have been complete economic failures. Each one has costed $5 billion more than its equivalents in other companies. You know what happened to the people who were in charge of those two projects? Let me give you one name - Matt Fox. He earns about $9 million per year. Or equal to about 50 COP employees. Is he 50 times smarter, or 50 times more devious?
Hey Trump Pussy- Careful you don't pop a joint when patting yourself on the back for setting us all straight. You are a misguided, ill-informed ass.
Glad you're concerned about my well-being. No need to get upset, I'm just calling it like I see it. Admittedly, I was fairly fired up when writing that last night. Although you disagree with me, I'm still not seeing any ideas on how to stay in business without making cuts. I think everyone can agree that the status quo is not sustainable. Drastic times call for drastic measures. To say that there was no business plans for the drop in price of oil isn't really accurate. Although not many were predicting it 18 months ago, contingency plans are always in place. The plan is simple: scale back, remain profitable. It simply doesn't make sense to keep as many people on the payroll when our revenue has been cut in half. The leadership team is not evil, I'm sure it makes them sick knowing that lots of people are going to have tough times befall them soon, but making the cuts is the right decision. Emotionally, it's a tough decision to make and a hard pill to swallow, but they're paid the big bucks to get it right. If you insist on pointing fingers at someone for this whole mess, point them at OPEC. Their whole intention by opening the floodgates in the Middle East is to break American producers. Also, it's not like we are the only oil and gas company experiencing layoffs. It's industry-wide. If there's any knock on the fact that we're having layoffs, it's that they didn't come sooner.
Hey Trump I hope you don't drown when getting a drink of water. That toilet lid might just knock you out if it falls while you are drinking. Accidents can happen, hope you will be fine Pussy!
Totally agree - when company was splitting mgt told us how great it would be and would create more jobs because functions were basically duplicated. Looking back you realize it was just a sales pitch or management really didht understand the oil business. They created an E&P company but has no clue how to run it. Now suddenly when in crisis they realize that an E&P company has a different business model from an integrated company. In the meantime they have managed to add even more layers of mgt since the split. Just incompetence and employees are paying the price.
Management will retain friends and neighbors and family. Talent is not a factor in determination of which employees to retain. The employees are anxious due to the cheesy bill of goods sold at the time of the company split. No business plan existed for oil below $60 a barrel, let alone $50 or $40 or $30.
I can't wait until all you pussies who cry about the "stupid leadership" are laid off. It's obvious that none of you are brainiacs or you'd understand that it's not Ryan Lance's fault that oil is $40 a barrel. We are hemorrhaging money because the going rate for our product is down 60% YoY, not because Ryan Lance is a big meanie. Since we can't control how much we make for our product, we have to control how much it costs to produce it. I would like to hear your grand plans on how to keep this company profitable at the current price deck without cutting jobs? Contrary to what many liberals believe, companies don't answer to or owe anything to their employees. It is the owners who must be answered to. This company, like every publicly-traded company, is in business for one reason and one reason only: to make money for it's shareholders. I don't really see what is so hard to understand about that, and I don't understand where all the feelings of entitlement come from. You're not entitled to keep your job. COP doesn't "owe" it to you for all those years of hard work you've put in. You get a paycheck twice a month which already covers that. And the majority of you folks who are not on the petrotechnical side of things and are not in any way, shape, or form helping us produce more barrels of oil cheaper are overpaid anyway. You should be thanking COP for the years of overpayment because your "services" wouldn't garner near the compensation in any other industry. But honestly, I don't even understand all the fear about the layoffs. Even if we lay off half the company, all you have to do to be safe is not be in the bottom half. Seriously, if you're worried that over half of your peers work harder or are better at your job than you are, you deserve to be laid off. If you want to keep your job, don't be a shitty employee. Simple as that. The folks making the decisions on who stays and who goes are going to retain the top talent. Be in that top talent group and you'll have nothing to worry about.
Stupid leadership.
Or maybe it is the ridiculous dividend given to the shareholders so they will turn around and vote a nice fat pay raise for the CEO. Now they are both getting paid while the employees get their pay frozen and 25-40% of the workforce is laid off.
Huh?!?!