Talk about a lack of integrity. Forcing vendor and contractors to take rate cuts, cutting dividends, chopping budgets to maintain equpiment and laying hundreds of people off but still find money to hand out in bonuses. This show a lack of class as well as a lack of responsibility. Talk about a bunch of first class ass holes... I look around and laugh at the arrogance. The lack of management and leadership is apparent. This company in nothing more than a bunch of pompous ass holes that sit around in meetings day after day trying to look more important and intelligent than they really are. Promoting people that are fake and fraudulent. The corruption is right in front of your face people. They lie they steal and no amount of reporting will stop this. I personally cannot wait until there life's come crashing down. A real dose of reality is needed.
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Indeed, the vendors for producers truly take it on the chin most of the time. They most often give price concessions then have to cut staff to stay profitable, then the producer complains they are not getting the attention they deserve. People are what makes this business work. It's a difficult business and once again the vendors have taken a hit, along with producers, that will take years to recover. Recovery is not just hitting $50 oil again. Much knowledge is lost when people leave the industry and many will never return to the O&G business after a downturn like this one.
VCIP is not a bonus unless paid at over 100%. Less than 100% is a pay cut. I was surprised it was as good as it is this year, but it still represents a pay cut, not a lavish bonus.
These are for the top tier employees who outperform the other.
There are BONUSES and PROMOTIONS CURRENTLY given outside of VCIP and even with a salary freeze.
At $70/BBl the sky-high salaries and 100-150% VCIP payouts are perfectly justified. However, at $30-$45/BBl prices, total compensation (VCIP and salaries) must take a hit. It is unlikely that salaries will be cut. I expect VCIP to be really slashed or eliminated next year.
Since I was laid of with a very poor severance plan and still unemployed, this VCIP is keeping me from going into debt. No complaints here.
VCIP is part of your pay not a bonus. It was created back in the 90's so they could reduce your pay raises. Pay raises last for your entire career not VCIP. To say they should not pay it is saying the employees should take a pay cut.
Money is the only thing that will keep people working here, the pot is only so big so the folks that leave are the ones that get screwed. For the folks that are still at COP ... it could be you next time. It's literally about the preference of your supervisor and manager and nothing to do with performance.
Just show me the money! So I can make up some of the money that management cause me to loose on the reduction on dividends! Oh, I just remembered I sold in early December all that I did not sell in April! So just show me the money! :).
I was one of those that was older and ready to retire anyway. Volunteered and was given a years salary.
Now a VCIP!! COP has hardly ever given jobs to those who were qualified for those jobs. Kept some people who should have been let go years before. Let some go who were better qualified than many of the ones they kept. COP has rarely put people in jobs where they could shine at, but if they did they moved on to something bigger/better and usually were replaced by inept people. Will they ever change? Probably not!!
ConocoPhillips has a bad reputation. They walk around as if they are above all contractors. Guess what assholes your not.
I'm a service company employee who hasn't been laid off...yet. We got hammered by you assholes to cut prices and you guys have the nuts to pay bonuses? I hope we drop your sorry asses as customers. F--- you COP. So glad this is anonymous. At least I can be a keyboard tiger tonight.
Parasites. There idea of cutting costs is buying folgers instead of Starbucks, firing the plant watering people, ect. Third world problems. Maybe they could hire Kanye.
Totally agree! They let me go last year in the mass layoffs, yet they are still giving out bonuses?! Disgusting
As one of the jettisoned ones, I am more than happy to get that prorated VCIP!
A world joke company… with no integrity