Thread regarding Hess Corp. layoffs

Incredible Shrinking Oil Producer?

Bloomberg Business Week is calling Hess "the incredible shrinking oil producer" in light of a new round of layoffs. When is the management of this company going to recognize that they can't make up for their ill-timed and ill-advised decisions of the last several years by cutting worker bees while continuing to reward management? When they laid off workers in December 2016, they included "Restructured organization to reduce overhead and costs" as one of their corporate performance highlights which undoubtedly had an effect on executive compensation. Look for the current layoffs to show up as an accomplishment by management in their proxy statement in 2018 or 2019, and then watch them getting rewarded by the compensation committee.

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You hit the nail on the head! Senior management always get a performance rating at the top of the scale (see SEC 10K filings) where rank and file can bust their a-- and get a mediocre rating. A lot of the clowns that influenced the poor decisions have already left the company after making millions.

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