On the afternoon of August 7, an internal document of China National Offshore Oil Corporation (hereinafter referred to as “CNOOCâ€) “Notice on Suspension of Performance Bonus for the First Half of 2015†(hereinafter referred to as “Noticeâ€) caused widespread concern.
Many reasons to promote oil companies to pay cuts
According to the notice, according to the realization of the economic indicators of CNOOC in the first half of 2015, in accordance with the requirements of the State-owned Assets Supervision and Administration Commission of the State Council on strengthening the management of total wages and labor costs, the CNOOC Party Group decided to suspend the performance bonus for the first half of 2015.
Although CNOOC's second-quarter earnings report was not disclosed this year, it has been reported by the media that in the first half of this year, CNOOC achieved operating income of 210.69 billion yuan, a year-on-year decrease of 31.9%, and net profit of 21.76 billion yuan, a year-on-year decrease of 49.8%.
However, in the list of A-level enterprises in the 2014 annual performance review of central enterprises issued by the State-owned Assets Supervision and Administration Commission in June, 41 central enterprises were rated as Grade A in the 2014 annual business performance assessment, of which CNOOC ranked first.
The exposure of the notice has caused a large number of media to focus on topics such as the impact of falling oil prices on China's energy central enterprises and the reform of state-owned enterprises' compensation.
Public opinion attention trend
On the afternoon of August 7, Sina Finance Channel launched the first issue of “China National Offshore Oil Corporation’s internal sales suspension for the first half of the year, and the net profit for the first half of the year was reduced by 50%â€. The full text of the notice was published and reported on the performance of CNOOC in the first half of this year. Become a source of information on a number of media reports in the future.
Subsequently, on the evening of August 7, the news published "CNOOC's performance bonus for the first half of the year, oil prices fell, oil companies are not good", the article said that the news to the CNOOC headquarters employees and sales companies to verify, the other said that the current uncollected To the notice. However, the article still sorts out the current difficulties faced by CNOOC. It believes that the international oil price is falling, the overseas business is in a quagmire, and the company's performance is declining. The days of CNOOC are getting more and more difficult.
On August 8, the "Beijing News" published the article "Unsatisfactory performance of CNOOC's suspension of bonuses", saying that it was true from insiders that CNOOC stopped the performance bonus for the first half of 2015. The article triggered more than 70 media reprints. Formed the first peak of public opinion. The article pointed out that the international oil price has been sluggish so far, and the oil company's operating performance has been seriously affected. This is the main reason for CNOOC's suspension of performance bonuses.
On August 10th, "Securities Daily" followed up with CNOOC's suspension of bonuses. "CNOOC suspended production of the first half of the year, the performance of bonuses and low oil prices fell more and more." The article was reprinted by more than 80 media, forming the second peak of public opinion. In addition to focusing on the impact of falling oil prices on China's oil companies, the article is still focusing on the background of central enterprise compensation reform, and sorts out the same salary adjustment problems faced by CNOOC, PetroChina and Sinopec.
It is worth mentioning that CNOOC recently held its mid-year meeting to summarize and analyze the business progress in the first half of the year and look forward to the work plan for the second half of the year.
It is understood that Yang Hua, chairman of CNOOC, revealed in his speech at the mid-year meeting that CNOOC's exploration reserves reached more than 300 million tons in the first half of the year; 38.9 million tons of crude oil was produced, up 14.7% year-on-year; natural gas production was 11.23 billion cubic meters, up 11.0% year-on-year. . However, in combination with the CNOOC’s suspension of the first half of the performance bonus, it is not difficult to infer this “reward†transcript, and did not fill in the bumps encountered by CNOOC in the development process.
User opinion preference analysis
For CNOOC’s suspension of bonuses, a convergence of various viewpoints has been formed among netizens. According to the analysis of 300 netizens from random sampling, about 41% of netizens believe that CNOOC, which is a state-owned monopoly enterprise, is linked to performance and adopts the practice of stopping bonuses, which is in line with market rules and deserves other central enterprises to learn.
Netizen "Struggle 3141011087": in line with market rules! The income of employees is directly linked to the benefits of the company! Not laid off and unemployed is not bad! The business operation efficiency is not good, and there is nothing to understand about the decline in employee income!
About 33% of netizens believe that CNOOC’s practice of stopping performance bonuses across the board is not scientific and will result in a large number of frontline workers paying for the poor performance of CNOOC and should be treated differently.
Netizen "Morning Star Ring Siyu": Now I don't know how the enterprise reforms, the performance is not good, and the employees are resentful. The decision-making of the enterprise is not the employee's final decision. The loss is the employee's liquidation, and the employees are exhausted and work hard. There is no such thing. I think that if the company loses money, it should let the leader step down.
About 15% of netizens believe that CNOOC did not improve the staff's treatment when the performance was good. If the performance was not good, it would stop the bonus and it would be difficult to convince the public.
Netizen "Blue Dream 365": The unlucky one is always at the grassroots level. When the performance in the past few years was good, we did not see any increase in wages. Every year, every province will issue wage guide lines, increase, etc., and CNOOC has almost never given the grassroots. Going up the basic salary, the total increase of less than 6% in ten years, miserable!
About 7% of netizens are discussing the deep-seated reasons behind CNOOC’s suspension of performance bonuses.
Netizen "yujiong2011": Offshore Oil is a high-risk, high-input and high-tech industry. How to say it, the cost of a platform construction is not more than 100 million yuan, and it is not the cost of the previous exploration; when drilling a well, the rent of a drilling ship (ship-type shipyard) is 2 million yuan a day, and many key technologies are not necessarily transferred. There are huge risks, there are casualties of workers, there is environmental pollution... Any one loses is millions of tens of millions. The biggest risk is that you may build a platform, the wells are well laid, and there is no oil for a few days of mining. And a few hundred million will be scrapped!
Many reasons to promote oil companies to pay cuts
Regarding the suspension of the performance bonus for the first half of 2015, CNOOC has not responded positively to the outside world, which has also triggered speculation about its causes.
The negative impact of the drop in international oil prices on the profit of oil companies may be the main reason for CNOOC’s suspension of bonuses.
The "Beijing News" pointed out in the report that since the second half of last year, international oil prices have plummeted and are still sluggish, and the operating performance of oil companies has been seriously affected. In the first half of 2014, the important reference product of international crude oil Brent oil price was about 110 US dollars. In the first half of this year, Brent oil prices have been changing around $50.
According to the report of the Beijing News, most of CNOOC's operations rely on the exploitation and sales of oil upstream, so it is more strongly affected by the low oil price. At the same time, China's other major oil company, PetroChina, also issued a notice that if the second quarter of 2015 The international crude oil price level continued to operate at a low level, and the price of crude oil realized a large decline year-on-year. It is expected that the net profit of PetroChina in the first half of 2015 will drop significantly year-on-year.
CNOOC's overseas investment has been mired in a quagmire, which has made China National Offshore Oil's performance affected by oil prices worse.
Two years ago, CNOOC acquired Canada's Nixon Petroleum Company. This acquisition not only did not help the CNOOC's performance, but became a drag.
According to the news report, when acquiring Nexen, CNOOC needed to pay its own shareholders a one-time payment of $15.1 billion in cash (acquisition of the principal), but also to undertake its $4.3 billion in unfinished debt. This has caused CNOOC to withstand huge profit pressures.
In addition, the article of the "Beijing News" also pointed out that in July this year, Nixon's oil pipeline leaked, with a total of about 3,500 barrels. In addition to these economic losses, it caused serious environmental pollution in the local area. It will make CNOOC face huge compensation.
Since the beginning of this year, the State-owned Assets Supervision and Administration Commission has issued several articles asking the central enterprises to pay compensation and performance. On June 2, the Notice of the State-owned Assets Supervision and Administration Commission on Further Improving the Issues Related to Increasing Income and Savings by Central Enterprises, once again stipulated that: strict implementation of the total wage and benefit-linked mechanism, the increase in total wages of enterprises should not exceed the increase in benefits, and the benefits will decline. The total wages of the company must fall.
"Securities Daily" concluded in its report: As of now, central enterprises including CNOOC, PetroChina, Sinopec and other oil companies have taken measures to reduce wages; in addition to CNOOC, PetroChina's net profit in the first quarter decreased by 82% year-on-year. All members of PetroChina have a 15% pay cut, and some departments have even reduced their salaries by as much as 20%. Sinopec also clearly stated that it will conduct monthly dynamic assessment of employee performance bonuses according to the benefit situation, and dynamically adjust employee performance bonuses according to business operation benefits.
Public opinion response
Due to the particularity of the oil industry in China, the oil companies have never lacked attention. The CNOOC’s suspension of bonuses, the media based on objective facts, to make reasonable guesses, the public opinion reports have always remained neutral; and the comments of netizens are diversified, and there are many doubts.
It should be noted that from the beginning to the end, CNOOC did not publicly state any situation on this matter. The outside world only relied on an internal notice to spy on the outline of the incident. I have to admit that a single source of information has reduced the number of media reports to a certain extent, reducing the possibility of the outbreak of this incident; on the other hand, this occlusion and opacity has allowed various speculations to be fermented. There is no authoritative information to look at it. From the perspective of subsequent influences, this coping strategy is not necessarily the best.
In the voice of doubt, a large number of opinions focused on CNOOC's disregard of the feelings of grassroots employees, and the increase in treatment has fallen more and more, reflecting more or less problems. The poor performance of enterprises and the need to adjust wages and salaries are the norm in the market economy environment. Most people can understand this practice; and on how to link with corporate performance and rationally adjust employee benefits, do more Scientific and transparent, such operations are the key to the problem.
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