Why continue to prolong this? You got your bonuses (unjustified as they were) and you have d–g this out for years. Why not sell so those that have the potential to fix your mistakes have a chance? The offers are there but in your stubborn pride you are asking a premium price for average assets. You have got to see that the industry no longer pays on what “you” predict the assets are worth. You have overvalued your assets for years and now no one listens. Well, no one but Southwestern and that turned out great for them 😂. Good job by the way. You sold them the equivalent of beachfront property in Arizona... NO ONE is going to bail you out of dept by overpaying. That ship has sailed. Get what you can and salvage what is left but it’s truly embarrassing to see how the company operates at this point. It is obvious you are willing to let this executive team milk it for every penny. Dig deep and do what is right for the remaining employees you still have. Let them change the name on their trucks and shirts and support their families. If you don’t have a big enough nest egg to retire at this point you have to be the most incompetent group of execs to ever hold this type of position. Oh wait....
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The problem is we own too much and no one needs, wants or can afford our assets. They’re too expensive to operate & hold acreage until prices improve. I don’t think an all out sale of assets are realistic. They need to think of something out of the box. A partnership? A JV? A drill fund? Something.
The previous poster said if the best I’ve heard. This company can survive, but drastic changes need to happen that are not happening.
To name a few Oxy, Hilcorp, Devon, Matathon, Total, etc. All either sold or bought major assets over the last year. All worked deals that they would not have traditionally taken due to market and need. CHK seems unwilling to do this, clinging to the days when they controlled much if this and walked on those in their way. Guess what, those days are over. The ability to overstate value and sell is gone. Case in point is the Rockies asset. This was the savior. Predictions of how this BU was going to resurrect the company ran amuck. How has that worked out? How much money is being generated from the Rockies? Are they k–ling production like predicted? Didn’t think so. How about Oklahoma? All of those predictions around the “stack” and our position. Oops, didn’t pan out either. Oh well, let’s buy Wildhorse. That will get us there. We don’t need to pay down debt we need to increase oil production. Cr-p, that seems to be falling short as well. More problems than ever anticipated. Maybe because it was so hush hush that no one with the correct knowledge got to take a look before purchasing it. It says something about a company when you sit in Monday morning meetings and the drill plan changes every single week. There is no direction, no strategy and no one steering the ship. Get a clue. Sell Haynesville, sell Rockies, sell Oklahoma, sell everything but STX and APN, downsize OKC by 60% and sell campus. Even with this it’s likely still too late but at least it shows some effort.
this is really hilarious. yes look at all the major asset sales happening in the industry. what specific assets and what specific offers are you referring to since you “know” so much.