Any rumors? Bonuses would be announced within the next two weeks based on prior timeline
18 replies (most recent on top)
I totally agree with everything you said. I'm very familiar with their stupid business decisions. I also tried to warn some of my friends who moved to Cali that was a bad decision...I was told about the stock options, which is horrible!
(my earlier post was cut-off at the top of the post…)
SuperRock the rest is just fluff/not pertinent.
(cont'd on the post below)
SuperRock the rest is just fluff/not pertinent. --- So they have a lot of experience in deciding how to “unlock shareholder value” (i.e. take it out of the employees hides) but not much in terms of strategic thinking about their underlying assets.
Buying the Dakota assets in 2010 for $1.4 billion, then selling them 5 years later for $500 MM is one example. – The board (and Chazen) bought into the “peak oil” argument. Hey, lots of people did. The difference is, most of those people are not being paid small fortunes to make the right calls. Chazen and directors ARE. They botched it.
I’ve no idea when they paid for the lease on their Houston HQ , but I’ve a sneaking suspicion they locked themselves into a long-term lease during the oil heyday -- at lease rates SUBSTANTIALLY HIGHER than current rates, including adding "extra" space for all the employees they were going to need to add (but now don’t). More brilliant thinking from the board and Chazen.
Then there is what the board/Chazen did to their California employees. Indebted them to the tune of $5 billion. Then kicked them to the curb. Inflicting dire consequences on a group of OXY employees whose only crime is that they accepted offers of employment to work for OXY in California. What OXY did to those people & that organization should be a crime. -- The “governance” of OXY sorta makes Gordon Gekko look like Mother Teresa.
Look, it would be wholly understandable about the RSUs in lieu of cash bonuses, in light of WTI and OXY’s atrocious 2015 performance (at least its oil segment).
However, shortly before the RSUs were issued, came the public announcement that “Steve-O” Chazen is receiving a $2 MM cash payout on his vacation. -- Apparently, the BOD gave him a special waiver, allowing him to accumulate Unused vacation in UN-limited amounts --- unlike the rest of we schmucks who top out at 296 hours.
So, if you believe it, Steve-O has taken little or no vacation during his CEO tenure, and sees a big fat CASH (not RSUs) payout -- cash which could have been retained for the benefit of shareholders. Frankly, I doubt he didn’t take vacation. He and the Mrs didn’t go anywhere? Unlikely. Not credible. And frankly, if they chose to take no vacation, he should have been subject to the same 296 hours as the rest of us schucks (“use it or LOSE it”)
Let’s see, OXY stock is down what? (30%) during his CEO tenure. Did his “foregoing vacation” work out? (nope!) – I know, I know, its not his fault, it’s all about the price of WTI… But then why are we paying this kind of money to an executive team who can always just say “it’s not my fault, it’s WTI”..
Besides, if WTI had gone UP during his tenure, and dragged the OXY stock price up with it, you KNOW he would taken the credit for his great management. You can’t have it both ways… or I guess you CAN – if you are Steve-O or the OXY BOD….
I can never understand why people let companies manage their career instead on vice versa. No need to live in fear. Find another job and leave shitty oxy instead of waiting to get the axe.
This board was brought to my attention by a former employee. He was correct....SOME of you guys are a bunch of nervous morons asking random anonymous questions instead of going straight to the source. I jumped ship before it went under....now the rest of you are fighting for a place on the safety boats. The company is a joke, leadership is a joke, and HR is definitely a joke. HR is only here to stop managers from getting fired, they don't protect the working employee. I moved on from that shit hole over a year ago, but I'll stick around to read this board now. No bonus and no raises...that has to suck. Guess most of you will know your fate after the decision is made by the Board
And here you are now commenting on Oxy's board. Great that you are making more money and happy, go ahead, move on, it's ok, you don't have to live in the past anymore. Move along now, Bye bye
So glad I left that shit hole of Oxy last year! I feel sorry for some of my old colleagues....I left upstream to enter midstream. No only did I just cash my bonus check 22%, I'm getting a raise in the next month. I'm quite blessed right now.
Cash to some, RSUs to most, while not the optimal bonus, anything over zero was unexpected. Cheers!
I'm more of a bango burger kinda guy. I know oil is in the 20s but surely management is as stuck up to only limit us to restaurant gift cards. What if I'm feeling hipstery and wanna go get a greenway coffee
That's great! What about rice box though? Is it somewhere in between those two, or just outside the spectrum?
Your bonus consists of a gift card to the Greenway food court. Cards will range from $50 at Alonti and $100 at Cilantros
Oil in the 20s = No Bonus. Oxy collapsing and the end of the bigot culture = Bonus.
I agree with the last comment. Yea do I feel I've earned a raise in the past two years, and would like to have a bonus that matches the hard work I did this year.... yes. But what I would absolutely LOVE even more is to keep getting that paycheck I depend on every two weeks to pay bills. Greed got everyone into this glut. But hey" let's still be greedy ". I'm happy I still have a job and oxy hasnt had to do a mass layoff like 95 percent of the other companies out there. Crying about Bonuses and pay raises hahaha. Get let go and try to get another job in this market and you will be crying just to have an income again.
$26 WTI crude oil and the employees are wanting bonuses and raises?!?
The company needs to conserve as much cash as possible and reduce expenses. The prevailing wage agreement should be rescinded, too. That's like bailing out the boat with a no-bottom bucket.....
It makes sense for the top earners, but I hope bottom/middle earners are given some consideration for raises and bonuses. Some of us depend on that to pay for home insurance/taxes/school... Well, I guess I might have to break the piggy bank and scrape up some pennies. I love my job, my career, my company, but this entire year has lead me to believe I took the wrong turn 5 years ago... Sigh.
The slide deck from the earnings call said that bonuses would be capped and no raises will be given.
Yes, but much less - that's what I heard