WES leadership is even worse than Oxy.
7 replies (most recent on top)
What's funny (not ha ha funny, but sad funny) is that VH had an offer on the table for WES, which was worth massively more than what WES is worth today. But she let her ego and arrogance get in the way, and didn't accept the offer. Stupid emotional woman! Once again, she bailed somebody else out (the potential buyers) instead of us employees. That cash really could have helped us weather this horrible storm. One more horrible decision by our worthless CEO. All our future asset sales will be at fire sale prices now. VH sure knows how to buy high and sell low!
WES needs to break away asap before oxy pulls it under. WES gets paid if product flows, many contracts are long term so they have some leverage on renegotiating them. Even if its customers go bankrupt the new resource owner will still flow what is able and have to pay for shipping. New growth not gonna happen for some time. Imagine building widgets and going bust, you can still make some but all suppliers put you on cash basis for materials as you pay off debt. Your shipper does the same, pay up front.
If your client doesn't have money to pay for drilling, for processing oil and in bankruptcy court negotiating terms, how exactly is WES going to be paid the same fees, contracts or even prior obligations?
Hope things don't get there and then try to figure out the impact. Better to stay as-is and WES hopefully is pushing diversification for clientele over the next 1- 2years
If your client doesn't have money to pay for drilling, for processing oil and in bankruptcy court negotiating terms, how exactly is WES going to be paid the same fees, contracts or even prior obligations?
Hope things don't get there and then try to figure out the impact. Better to stay as-is and WES hopefully is pushing diversification for clientele over the next 1- 2years
How does WES work? How have they escaped unscathed?
Yes. WES will be fine.