Canada, Barnett, Anadarko, what’s next? At what point will the Exec team admit that all we are trying to do now is stay afloat and get a life raft from a major?
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Nobody's going to buy this POS if all the properties have been sold off. DVN is gambling recklessly. Big Oil has no interest in downtown OKC property, because that big deek in the sky is just about all that's left of DVN.
Thank you Nostradamus
Notice CVX didn't come running when the APC deal fell through for them. High premium buyouts are over.
They are delusional to think that red inking approx. 30% of their oil production (sell off of Canada), will give Wall Street a b0ner. They are also delusional thinking a major is going to pay a premium on their share price on a takeover. It's a POS.
They're either making the company so small that is has to be bought OR they're inept and actually believe if they can jettison enough properties they'll be able to climb back out of the hole. Both seem plausible, but let's hope it's the former. Because slashing revenue at a time when land costs are high and new, profitable plays are virtually nonexistent seems like a pretty remarkably dumb business strategy.