... Next round of layoffs will include a Christmas bonus ....that is for Porky Pig only...
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Understand that the only severance given is the 4 weeks. The last part of the "severance" that equates to 3 weeks for each year worked (minus the original 4 weeks), is in exchange for you signing a document agreeing to not sue COP for age, sex, race, etc. discrimination. It is not for your hard years of servitude.
http://www.enquirer.com/editions/2001/11/19/fin_phillips_petroleum.html
I guess Conoco employees seem to forget that Phillips Petroleum bought Conoco. With that being said, my understanding, is COP cannot change heritage retirements. If you're COP, that's different.
23700 doesn't know what he's talking about, Per the Labor Dep't "There is no requirement in the FLSA (Fair Labor Standards Act) for severance pay. Severance pay is a matter of agreement between an employer and an employee (or the employee's representative)." Since severance is strictly optional on the employer's part, no notice of changes in policy is required by the government.
The issue is not current debt but future debt, or lack of opportunity for future debt. The credit facilities are based on the value of the resources and the value of the resources declined. The company is losing $1 billion per month. The non traditional resources have a short life compared to traditional resources and reductions in capital spending will disproportionately effect the near term revenues.
204275: Troll harder please.
203700 forgets something big. COP wasn't massively in debt 30 years ago. They are leveraged to the hilt. It's a sinking ship for sure.
There will be no layoffs next year. There were 2 this year. Staff would be upset if there was another one so soon after the other two.
And people with BIG HEARTS...and ETHICS.
Big mouth 203700 seems to forget he is talking about Conoco 30 yrs ago, when it was run by smart people ...
I got a big package...hehehehe....that's what she said
You morons believed the HR person? Really? Ok, so now I know why you were being layed off. The HR people are just low level minions. Who in their right mind would think they are privy to future, unpublished policy changes? Oh, that's right, YOU. Easiest way to get a person to leave quietly is to tell them they are getting something that the next group won't?
Oh, and for the record, the best layoff policy was back in early 80's, when Conoco was owned by DuPont, and the severance payout was similar. But they added five years of age and five years of service for retirement benefit calculation. It was a mass exodus of people over 45 yrs old. Getting severance, retirement benefits, and immediately going to work for a competitor. Many of those guys were without jobs in a year, when oil prices tanked. I stayed on another 30 yrs. The company didn't tank then in very low oil prices ($12/bbl in 1986),and won't go bust now. Regardless of what some of you think you need to say to make yourselves feel good about not being an employee. Bash on!
Oh, and FYI, when they change the severance policy, it will be published. That is a govt requirement.
While I have no specific confirmation, that would follow a course that is well known. When companies go through multiple rounds of layoffs the packages often get smaller, or disappear all together, in later rounds. Frankly, I was surprised the round in the spring and the one in October offered the same severance. I fully expect future packages to be smaller.
COP will be unable to remain as a going concern by cost reductions alone. Unfortunately, it is the only tool in the tool-box. The Company made a major strategic error by going all-in on shale oil & heavy oil sands. Those assets are burdened w/ relatively high royalty and significant price differential ($10-15 per barrel) to WTI. May be experiencing an operating loss @ WTI below $40. The future is bleak. Company independence solely dependent on commodity prices. Company will be relying on asset sales & layoffs to weather the current commodity storm. Problem is that those are short-term solutions.
This explains the Christmas Party for all the BU's. What a waste of money and in know way does this show a financial crisis.
I was an October lay off and told the same by HR lady that sacked me.
We got biggest packages--policy already changed.
That is exactly correct by shortening the amount of severance more people become eligible to be layed off. The more people they can let go with a reduced severance means more people off the future pay roll by giving them a smaller severance. These are all signs that the company is in financial distress based on its size and commodity prices. Conoco does not have the know how of running a company in a profitable manner with less people. Their business model is flawed and because of this we will received shorter severances company. I am positive they have run the number and looked at the savings they can get by shrinking them.
This is correct! The woman I am dealing with in HR told me I was lucky because I got the biggest package for layoff's.