Thread regarding Apache Corp. layoffs

Re-org imminent

We've all heard the whispers about what could be on the horizon for San Antonio. What happened yesterday was likely the death knell for that office. Like Tulsa a few years before, some of the employees will be offered transfers to other offices while others will be laid off.

Whether this was the culmination of Alpine, or politics in Houston, or both, this is probably the best thing to happen to this company in years. The impact of that office (and its VP) has destroyed company culture, and we have lost a great many technical experts as a result. When your business depends on a thorough understanding of the subsurface and you think you can lay that at the feet of one individual, this is the kind of thing that happens. Destroyed value in the billions of dollars.

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| 5641 views | | 2 replies (last October 28, 2019) | Reply
Post ID: @OP+11GsW9yd

2 replies (most recent on top)

Board needs to push some execs out ASAP

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Post ID: @4tnq+11GsW9yd

it's a fact that Apache has recently retained a broker to facilitate their full exit from the eastern shelf of the Permian Basin. That area contributes > 1200 net barrels of oil per day to production and generates 10-11 MM$ in annual cash flow. Not sure how many folks are associated with these properties, but I'd expect most of them to be laid off...probably around Christmas or early in 2020.
So far their shrink-to-grow strategy has been a failure.

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Post ID: @etf+11GsW9yd

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