We've been through two layoffs and we still havent fixed the real problem, which is that we have way too many poor quality assets that don't make money above $70 oil. Why are we spending money to produce fields where we sell the oil and LOSE MONEY?
Cut the bad assets, not good people. Time to make a decision that really counts.
Several GOOD educated people were cut, why? they made to much, plain and simple. There are several dead weight still there without a college degree, why? they don't cost that much. It's all about the money... They will start hiring soon, college kids to take over those positions, which they won't last long, since they will expect promotions within the year. That's why the changed the FEP program, cuz college kids were going thru the program and quitting for a better company that pays more with faster advancements.
The credit facilities require revenue. The assets are "underwater" and the assets are the source of revenue.
Why are we producing at a loss? Because nobody is buying assets that don't make money. Therefore, we can't sell them and we spent too much before the downturn just to plug all the wells and relinquish the leases.
" Why are we spending money to produce fields where we sell the oil and LOSE MONEY?" - To keep dividends up until the very last golden parachute has deployed. - then, bankruptcy.
They cut a lot of good people and a lot of dead weight.... Shit has to even to make sense. Keep in mind there is still a lot of worthless people that are still working here so please shut the f*** up about dead weight. There is also a lot of old people that were not cut because cop did not want pay out a year severance. It's all about salaries, pensions and severances, you dumb piece of shit!
Who are you thinking of as the 'good' people? I think we have removed a LOT of dead weight through these two rounds including 25% of the senior leaders. Time to quit griping and get back to work - even if your new job is looking for a new job.
COP is in deep shit ... too late now...
Cut the BAD LEADERS and bring back the good people. I AGREE! It's time to get rid of the dead weight and retire those old farts still remaining. Their lack of preparedness for economic turmoil is the reason we are in this position.