Thread regarding ConocoPhillips layoffs

Why are other other options not considered? ie cut VCIP, parking & mobility allowances, offer 4 days a week, cut PDA, etc.

by
| 468 views | | 3 replies (last ) | Reply
Post ID: @OP+Dn4c0Vn

3 replies (most recent on top)

Because Exxon doesn't care about PDA usage when negotiating the sale price, only the headcount.

by
| | Reply
Post ID: @YV2+Dn4c0Vn

Because they never really made the cuts in headcount that they needed to at the split and that is happening now.

by
| | Reply
Post ID: @l9C+Dn4c0Vn

Good question ironically. No profit and in turn no profit sharing. Innovations associated with technology reduce cost -- BYOD, cloud, Office 365. The overwhelming issue is the cash flow, or lack of. Since the split the company has sold $15 billion of assets. Q1 2015 financials were the result of $2.5 billion additional debt. Money going out the door in 2015 will be $8-10 billion more than money coming in the door via production. The asset sales and debt are to keep the lights on... The cost saving measures are expected to save $1 billion. Every barrel produced is a loss to the company but without every barrel produced the debt cannot be serviced. The banks now have the upper hand, not the shareholders.

by
| | Reply
Post ID: @13d+Dn4c0Vn

Post a reply

: