I heard in the bathroom on 46 that K-Pfraud is planning to drill a few more science wells. He said that he can get us out of this mess by blowing a bunch of money and publishing a few white papers. If that doesn’t work, he’ll take the hit, and take a demotion to UnderChief of Boondoggles.
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Did somebody say toast? I got the knife if you got the butter. Because what you allow is what will continue
Nice try DH, not going to tell you how to do your job unless you bite off some of that compensation and give it to the people actually doing the work
I'm wondering if someone can identify a peer company they think is doing it well right now and doesn't face the same issues. Employees upset because management is inept/ paid too much, etc. Would like opinions on which company should be our model going forward.
"Will someone kindly summarize Devon’s severance pay policy?"
You get nothing! You lose! Good day, sir!
Read it on strata.
Will someone kindly summarize Devon’s severance pay policy?
Plan is to sell the tower and get acquired by someone who knows what they are doing. Tower has been up for sale off and on for years. Current value of the real estate is only about $200 million, so the plan cannot be executed yet.
This used to be one of the most technically competent companies in Oklahoma. It's sad to see the brain drain that has occurred over the last five years.
Consolidation for acquisition is the strategy and always has been since DH stepped up to CEO.
Ahhhh, what use is a Board of Directors? To identify and remove incompetent management? To play golf and see Thunder games from floor seats? Larry Nichols has to be very sad to see something he helped build be destroyed so systemically. It is not just the overall terrible climate for oil and gas companies....XOM is slated for 20% layoffs, BTW. It is the fact that incompetence has been covered up, technical money making recommendations ignored, and plays destroyed and sold for pennies on the dollar. If properly re-stacked, the Devon Tower would only be about 1/3 full (guesstimate). Anyone of intelligence would sell the building, go into survival mode (for the worker bees), and try to grow it for the future. Lack of foresight (Vision 2020, hah!) and new plays to pursue, means the company has only a couple of years left. The layoffs will continue until morale improves...Tell me again how many highly paid Chiefs it takes to manage the remaining Indians? Next round of the layoffs starts from the top and works it's way down - but that is a pipe dream.
I am optimistic. A few more cuts here and there and everyone will fit on the same floor of the tower, and by then DH might be able to figure out how to run the company, or at least understand it a little bit. His comfort level is what's paramount, after all.
All of the O&G industries are toast right now.
You must be totally confused!
Management is not qualified to make toast, and this is a real sensitive issue as John road into the sunset with the only AI toaster (built by SAP) which the DH could operate.
I just think that is a inappropriate comment and if you start bring up the fact that most of senior management thinks a nickel is worth more than a dime because it is larger.
Shame on you!
Agreed. Just use the time to find something else. They stated that more layoffs are coming at the beginning of the new year.