Higher cost 😳 I thought they got rid of all the cost
Oh wait, they laid off all the hard working people and they kept all the useless managers and vps.
14 replies (most recent on top)
@N5Pa32l-1tgi. I love it! Let them seek other opportunities. A perfect pretext and euphemism for them to use in their "goodbye emails." And like the company does with the people who actually do the work, it would be fitting to say nothing even a moment before. One moment they're s---ing cash from the compamy, the next they're being walked out. Have a "team meeting" afterward where we inform our teams "Well, today was RL's, etc, last day." Then immediately get back to work as if nothing has happened, except for the empty offices and the guessing what "other opportunities" they might be pursuing.
@N5Pa32l-1hzk "Also, we are not in the business of making positive earnings; we are here to make profit." Where are those profits? Guess those profits are hiding under RL's and ELT's pillows or are they pixy dust! We definitely know they are not on the balance sheets! Time to release the complete ELT and BOD for other opportunities without severance or any bonuses. Including taking back their previous two years of bonuses with cause. They have been mismanaging COP and misleading the share holders. Sh-- can them now.
Ummm, regarding 1pkd's post above: RL did not "initiate" cenovus. They approached us. It was a total surprise. We decided originally not to market that type of deal because we didn't think there were any buyers out there. Also, we are not in the business of making positive earnings; we are here to make profit.
Don't forget "fwi". Classic
The bord? Is that like the borg? I hope you bunch of illiterates aren't in any position of authority.
@N5Pa32l-1pkd, You right, RL is the man.
Just fwi, the bord got him covered, in the case he sells the company he will get $100,000,000.00.
Ohh boy I remember the days when CoP employees trashing and making fun of BP for bad decision. They may be messed-up the GoM but they never left, they are there to stay and may be someday will buy cop.
Time is a flat circle⭕️...
All these post are biased and you are all not giving RL, my highly respected and smart leader the respect and accolades he deserves. He improved the earnings from a loss of -1.47 billion dollars in first quarter of 2016 to + 0.777 billion same period in 2017. Not only that, he was able to initiate an excellent deal with Cenovus. He is still working on further reducing expenses and streamlining CONOCO to be leaner and become a cash cow and money making machine. I think you posters should give kudos and three hearty cheers to a great leader who proved his onions in this difficult and trying period. The loss this quarter is not due to performance but is due to the taxes based on Canadian asset disposition.
Aminimum of 3000 more layoffs required to m cop competitive. Get ready!
Sounds like there is another COST project coming to a head. COP trying to compete with the other pure play E&P company's. COP has lost money again in this quarter, investors are not buying the ELT crap. So as Investors bail the company has to buy back those shares..No wonder the ELT has been preaching stock by back to get the share price back...The Stock price continues to travel with the price of oil, no investors are going to buy this stock.
COP will need to make BIG adjustments to the current Operations or fall to ExxonMobil or Cheveron or BP..
They have been telling us for a year that after selling non-core asset and old campus, restructuring and centralization to EC3 and EC4 are coming with resulting global head count below 10,000.
COP closed down on high volume (10.3 mm shares compared to average 7.9 mm shares). Earnings report and analyst meeting apparently not well received. The performance of the past 5 years looks to continue.
Surprise! You layed off your most experienced, brightest, most productive employees because they cost more. Now you see the real cost of these poor decisions. To the "Leadership" Team these people are just numbers, and they have bigger paychecks. These idiots think they can replace personA with personB, and they're all the same. If you want to cut costs, how about reducing your own headcounts and salaries. Friggin morons. Get a clue about the technical work too. It is astounding how anyone who knows "business" is suddenly qualified to run the business without coming up through the ranks and understanding the core of the business on the technical side. How many of our board and leadership are "business" people, and how many were technical people who learned later obtained the MBA and learned the "business" side on the job and then ended up where they are now?
Your executive MBA does not qualify you to make these decisions, and you're sinking the ship.
In q1, Canada lost less money than Lower48. ?
To be competitive, cop will have to layoff another 3000 employees.