Heard chatter that Extraction had a very sizable (~33%) lay-off in Denver today. Any truth to the rumor?
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Ouch, they should have sold to Lynn Peterson when they had the chance in 2016. Although I suppose Matt and Mark had about $52.7mm reasons not to at the time..
When they invade neighborhoods with industrial operations, cause people to become physically ill by atomizing carcinogenic chemicals, emit copious quantities of methane, spew silica dust from the propping agents and emit noise equivalent to multiple freight trains outside and 747’s flying over your house for months on end 24/7, what do you expect citizens to do? They are going to fight back and flip city councils to protect themselves. XOG is just another greedy, dirty oil company thinking only of profit. They are sending the majority of their product (>75%) to China, South Korea, Japan & India via Texas and the Panama Canal FOR PROFIT! All this at the expense of the people who live near their operations who receive ZERO compensation for their misery and illness. Don’t worry, Matt Owens, President and acting CEO will be just fine in his $4,300,000 home in Englewood. Oh and by the way, there is no oil and gas extraction anywhere near his home (shocking), so he’ll be listening to the birds chirping and bees flying around without a care in the world… except XOG’s falling stock price.
Bankruptcy next?
I’m not surprised. Like the previous poster said, corrupt from top tp bottom and run by a bunch of id-ots.
Is anyone surprised?? You can blame the state politics all you want and yea they don't help the industry but fact is that company is ran by complete id–ts and is corrupt from top to bottom. More than likely the employees who got the axe were the only legit ones there...... Maybe lol
I had a friend get the ax today. Yes, the entire state is run by anti oil gas radicals but the industry is also to blame for using the tactics and same consultants that have failed us for the past six years. While the companies loaded up the Aurora city council chamber meeting with employees from Brighton, Greeley and Weld County, the opposition used their efforts to organize the voters in Aurora. At the end the anti oil and gas folks won by flipping the city council. Tried to warn them but as they say, you can lead a horse to water...
Is anyone really surprised?
This the result of the Polis's over regulation and overreach:
https://www.linkedin.com/pulse/jared-polis-conflict-interest-colorado-oil-gas-industry-thomas-hix/
1/3 of the company was laid off. Including Engineers, Municipal, Regulatory and a lot of land folks. $1.19 stock and one rig, cant keep up with the astounding number of employees they have hired at a high price point. They let go of several managers but no Execs. Go figure.
How many from upper management are getting the axe? Amazing how not one of them is held accountable for any of this mess they've created.
Yep, don't have exact numbers but it was a deep
True to layoffs. Not sure the percentage. I heard about 40%. Heard that field office gets hit today.
I heard 50%. Not sure.