Here is the reality people, I've been in this business for thirty eight years, I've seen many boom and bust but this one if the worst, unless there is a major turn in the near future this one is here for 4 to 5 more years. Cop is circling the drain here folks, the ELT is bleeding this company to the tune of $53 MM per year in compensation and that's only the top 5 exec's. If you are an engineer, find a train to drive, if you are land man, become a realtor, if you are an account, find a bank job otherwise you will be selling pencils out of a tin can. Yes, the business has been good to me over the years, but all good things must come to an end. The oil business will keep going, ConocoPhillips will not. They will be bought out by a bigger fish no doubt, you will be replaced by ther own people if not now then later. Ryan Lance will fade away with our money and become a fat, bald little man with know one who loves him but his bank account. Don't feel that you owe anyone anything, loyalty starts within then move outward, not the other way around. Keep plugging away making a paycheck but remember...it's only a JOB!
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Again, these comments illustrate that that COP has a relatively high % of employees who are immature and moronic. Don't get me wrong, there are insanely talented and high performing people at COP. However, I'd say that the ratio of morons/talented is skewed in the wrong direction.
@3sjt I am sure you are HR or Safety that has nothing better to do but spell checks and English construction. FYI, We are not English instructors on this forum.
This is just a forum and not a report writing session neither a classroom exercise. Apply your "stringing together of proper sentence scrutiny" to your safety reports or whatsoever and stop being sarcastic to Professionals that have kept the flag flying without which probably you would not have a job.
Well ConocoPhillips is where you will find a veteran like that right!!
38 years and you can't string together a proper sentence?
Occidental currently has the top market cap among independents. COP is currently #2, while EOG is #3. Within a few months, EOG will most likely surpass COP. Falling from #1 to #3 is definitely not winning. On top of this, how many layoffs has EOG had?
By market cap, it will soon drop down to third or fourth. Dropping in market cap like this is failure. 3buy - this is exactly the type of thinking that has doomed COP.#LMAO
2ilk, ConocoPhillips is still the largest independent (by production and reserves) ... LOL
@2ilk- well said!!
The comments here really illustrate that the future is not bright at COP. Judging from the comments is this and many other postings, I just get the sense that a high % of COP employees are completely immature and moronic. The OP is spot on and sums up COPs situation perfectly. COP has two huge problems - financial and cultural. The completely fu**ed up culture at COP will make it impossible for the company to succeed. COP first failed as a major, now it has failed as an independent. Secondly, COPs finances have put it in a death spiral. The only way that it can escape is if oil somehow recovers quickly and stays at a price point way above current market expectations. At this point, the projected recovery price (Goldman) of $50 is pretty well death to COP.
@sup... Why so disrespectful? I've only been with this company for 10 but I certainly respect someone who's been here 38.
38 years? Retire already you pathetic loser
To the one with 38 years in the business....I have 45 years and I'm not seeing the same picture...sure it's a bad time for the workers...but the Company will come thru leaner and meaner than ever...just watch and see
Hey don't dish on Enron stock, mine is worth a lot now ... It now called EOG
"Geologist in training"... Do not be deceived. If someone has told you that you're safe, it would be wise to ignore that person because there is NEVER a guarantee. The only guarantee are for those above a pay grade 20!
lol @mii this dumb--s. If you don't know the difference between a balance sheet and income statement, please stop talking...
I want to ask the Intern geologist if he would like to buy some Enron stock? How Niave!!!
COP will layoff and downsize and become more of a producer than explorer and developer. The good side to this story is that low hydrocarbon energy cost will be impossible for most if not all of the renewable energy sources to compete against. Natural gas is so abundant now that it may become the truck and auto fuel in the very near future . If we are allowed to continue to develop our natural resources we will have a competitive advantage with the rest of the world. We have 40 to 50 year drilling supply left ahead of us and yes there will be ups and downs in our industry but it is still a great industry.
The BS does not show a market value for assets ...
Total assets of COP is 99 billion dollars. Should a debt of 29 billion dollars be a problem. Worst case scenario would be asset sales and there is about 70 billion dollars asset left. Need clarification?
That's so funny "anything over $40". Reality check ... If we are lucky, $40 becomes a break even ... But then you need to take in the 20% that will go back to the share holders, and the 5 billion to lower debt. Oh yeah, and then ... Maybe ... We figure out if there's anything left for development. But then again, we could produce all our oil now and make pennies for it, save so Geos and REs and f$&@ the future of the company, because isn't that why we are here? Oh yeah, as you squander away the company with your bad ideas and the stock price falls, I am sure your RSU will still keep you warm at night ... As mattress stuffing LOL
Anything over 40 a barrel will make money, once the company is right-sized
If you are in your 20's it's okay to be in a supporting function like HR, IT or supply chain but avoid any geotechnical or petrotechnical role as you will be looking for a new career before you are set to retire.
Retirement for most starts at 59 1/2 or later, a 21 year old with 38 1/2 years to go does not belong in this industry. Oil demand in developed countries has been falling for some time and substitution of batteries into transportation is to start in earnest by the 2030's - this will not be a world fueled by oil in the 2050's.
What the F? New hires are not supposed to visit nor write in this site. You should be reading your text books and learning about the spirit values.
Agree with all you said my friend....thanks for sharing the word of wisdom. As a new Engineer i have already made the transition to other industry. Don't think oil is the right course of action to build my career......
Lol at the geologist thinking they're safe. Geologists are the most expendable petrotechnical professionals
Smear on some ben-ghay and get ready for Ryan's deep penetrating lay-off's geo-newb!
To the geologist in training, evidently your a college intern hire and have already drank the proverbial COP Kool Aid propaganda BS. Your definitely green behind the gills and your working for the wrong company. As an up and coming GEO NERD you should be working for seismic companies like WesternGeco, GeoTrace etcetera, oh and they are laying off too by the way. COP cannot maintain its present course because it will be taken over and gutted like a tuna and whoever buys it already has plenty of geologists on their payroll. Seismic companies not only work for other oil and gas companies but they also collect data for themselves to process and store to sell to other companies at a later date and to create create 4D seismic data sets, which are a very valuable tool in the E&P industry. Do yourself a favor and stop believing the COP BS!
Hmmm, geologist. That explains alot.
I am a Geologist in training. I have been assured that my job is safe and I know that my prospects are bright in COP. I think some of the older folks are bitter because they were laid off.
COP would overcome this era of low oil prices and come out stronger. By the way, most companies are also making losses and laying off good people so COP is not an exception. Sorry if you are laid off but that is what the company must do to survive at this time.
Thanks for the reality check. Unfortunately, I believe a lot of what you've written is true.