Do you know if they have layoffs too?
7 replies (most recent on top)
The split resulted in COP (upstream - exploration and production) and P66 (downstream - pipelines and refineries) Upstream is high margin / high risk. Downstream is low margin / low risk. With high oil prices both business were in fact in a better position but the high oil prices were not a permanent feature of the market. COP profits only if the price of oil exceeds the costs of production. And in the current environment COP profits only if the price of oil exceeds $60 per barrel. And so at $35 per barrel COP is loosing money at an unimaginable rate. The noted $100 million loss is funny money as the loss far exceeded the $100 million. Tapping into credit lines and selling assets continue to cover the costs associated with operating expenses.
I arrived after the split... for my own curiosity I was hoping to get a striaght answer to reason and gain behind it. All I get at the COP office is the typical kool-aid answer; "it put both business' in a stronger position"
Looks like they are hiring check there web page
The recruiters continue to be busy at P66. The stated profits and losses at P66 are not due to tapping into credit lines or selling assets so the noted profits are real profits.
So what did you find out?
About 100 around the beginning of 2015.
Check it out here &phillips-66