What is causing the FTI stock to tank in the last 5 days? Yes, crude oil has dropped in the same period, but not 25%.
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$15.62/share wow good old golden years seem to be a thing of the past for O&G
Wonder when they'll start pulling the plug on some of these facilities?
All of that means the product s—s and nobody wants it. Tons of inventory that nobody wants. Poor management decisions. Morale at an all time low. Poor management practices. I can't believe the doors are still open and figure the only reason the company has not been sold is because nobody wants to buy a failing company with a tons of bad inventory.
It's because they are having to write down over $1B worth of assets that they currently hold due to lower oil environment. They also wrote down $700M worth of onshore assets, which is never good for a company. It reduces numbers on your balance sheet which is part of financial reporting. Essentially assets is one part of the value of a company and if your assets decrease so does the stock market value (unless you have something amazing going for your company that negates your write downs)
- former employee, that went into finance.
If you are asking, you own too much stock or don’t work here. Maybe it’s because Onshore/Offshore is breaking off, so FTI is more directly tied to crude now. Or maybe, it’s worse....