This layoff is all about the appearance of cost reduction. The company could lay off every employee and not make up for the amount of money it's losing. They're just trying to bolster the stock price and analysts want to see blood.
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The analyst presentations indeed omitted a business plan for $50 oil. No options to profit at $50 oil. The long term plan is to wait for oil to increase. At some point the company runs out of cash.
Quoting an ELT, no business plan existed for oil under $50 per barrel. No expectations the company would survive oil under $50. Clean out the desk.
Memories in this company seem to be short. There is allot of talk about the current ELT and the fact that Ryan, Al, Matt, and Don are responsible for the current situation. Yes, in some respects, they do have "Accountability", however, people forget why ConocoPhillips is in this position. When Mulva made the choice to split the company, he achieved exactly what he wanted, which was doubling the market value of the company once it was separated. However, most people forget that COP would not be cash positive until 2017 at $90 to $100 per barrel. The current ELT is having to make some very tough decisions, but these decisions will help the company survive. This has nothing to due with stock price, this is long term survival. Go back and look at the investor presentations if you have any doubt!