At the sake of the very employees (and soon ex-employees) that help you run a company.
So glad to hear Devon is boosting the happiness of these shareholders, as I am sure that they give a sh– if Devon is still around next quarter.
But hey! They got their dividends!
So, the oil & gas industry has changed in the last 6 years??? It's about time they got rid of the egotistical managers who micro-manage to fluff their bonuses at the expense of the minions. Also great that the industry has a preponderance of drilling opportunities that will propel them into the future. It's great that the financial roller coaster has smoothed out to a nice, high ride because the consumer loves to drive everywhere at $3.00/gallon. Also wonderful that the industry can continue to offer all the interns high paid jobs with fantastic benefits and lucrative pensions, with annual 7% increases to adjust for inflation. Commendable that technology gives professionals the answers they want when they want them without having to shop at Walmart for USB cables. Wonderful that employees get promoted based on their knowledge and experience rather than who they play golf with. That's so cool!!! Great that things are hunky-dorry. Where do I sign up?
You may not know this but the Oil and Gas industry is much different than it was 6 years ago.
Leaner and better positioned to survive? what they have said for 6 years in a row! But hey, at least the execs get their special dividend on on that stock they deserve!
But hey, you are a 9!
The only people upset with the pending layoffs are the ones who should have been let go a long time ago. Having the highest G&A expense per BOE won’t allow you to be around very long anyways. It needs to be done.
As a current and longtime working interest partner of Devon and a longtime operator in many states myself, to Devon i say good riddance. Worst operator in the business, bar none.
Devon is a mirror of CHK few years back.
Devon will not be around 2025. no way.
If you’ve spent time at any other E&P company you can easily see DVN is still over-staffed. It s—s but cuts are needed. If you make it out the other side of the layoffs, be happy because you’ll be working for a leaner company that will be better positioned to survive going forward.
They like lean, but top heavy.