WTI has avg. 44.00 since the beginning of October and until now mid Nov. I wonder if we will have an emergency lay off session early next year there should not be any revision to the list of employees that would need to be let go. Good luck.
5 replies (most recent on top)
Glad i am out of Conoco...i was let go in October (last month)..and have found a very satisfying job... much better than COP and more stable....... these layoffs at COP will continue until oil recovers upto $60 WTI.... ELT will keep looking for excuses for layoffs... good luck to all current conoco employees..
Cop doesn't hedge. I asked the team lead about this and he proudly told us that it was a conoco culture. Some old tradition that the company will stick to tooth and nail to practice. How's that working out for you now lance you little fatty.
What is COP selling their oil at? Market price or hedged ahead of time?
Then I guess severance packages will need to updated and modified at the beginning of the year. Employee hand book may be updated kind of like how they are making us pay mor for our insurance now.
2 million barrels of oil a day. WTI @ less than $40 today. 2 million * loss per barrel of oil = greater than $1 billion per month. (Cash flow negative at less than $60 per barrel.) Layoffs do little to address the noted loss but yes expect more layoffs prior to 4th quarter analyst meeting. Expect "emergency" M/A activity or asset sales activity. The layoffs do not decrease costs in the immediate future with the current severance packages.