Thread regarding ConocoPhillips layoffs

ELT's poor decision

I don't hold the ELT accountable for product prices.

They should be held accountable for poor decisions:

Over-spending when the company split and planning only for good times.

Believing the lies of Exploration and the biases of country and project managers for CapEx spending.

Signing long-term leases on drillships, offices, and corporate jets without proper economics or analysis.

Promoting a non-finance guy into the CFO position because he was part of "the club" and they could then sever the previous CFO (part of "the club") with a huge severance package.

Raising the dividend, 6 months later promising it would not be cut, then cutting it five weeks later.

Putting together a one-time "sustainable" COST process, acting timidly in recommendations, having layoffs a year later, 4 months later coming up with a new ECO effort, then ignoring these recommendations while still working for new cuts.

Using EOI as a weapon against employees.

Not listening to employees who counseled solutions and advised what the ELT did not want to hear.

$200 million currency loss.

Receiving reasonable offers for properties but ignoring them because of flawed analysis (risk, cost, and resources) and biased managers.

Having long careers in the oil industry, but not understanding, accepting, and properly planning for the implications that prices go up AND down.

Spouting SPIRIT values but not following them themselves.

Criticizing previous executive management (pre-split) but doing worse themselves including much worse micro-management and planning bureaucracy.

A tone-deaf response to stockholders vote that they are overpaid.

Originally posted by , 100% right.

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Why are you re-posting this?

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