Anyone know the chance of this going through and potential timelines?
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Seems like Devon and ConocoPhillips are in the running for the asset.
What?! Nothing of substance is ever addressed in a townhall.
Permian Q3 Townhall tomorrow (August 17). Will be hard for them to ignore the rumors
People who used to work in Appalachia ended up either working in the Permian or the standard 3wks/Year SVS if they were laid off. Nothing is a guarantee, but I’d imagine it is similar.
When the sale goes through, any advice for those of us caught in the crossfire? Will they offer the SVS?
One of the high pots/CEP that was going to join our team in Shales just “landed” a role in Deepwater. This same individual was placed in a role outside of Shales just before Avanti was announced. Not sure if it’s just coincidence or it means we are SOL.
Wasn’t the inventory supposed to be done by 2023 anyway? So they are trying to sell a depleted asset?
Lots of great points!
If you were to work in Shell Permian, would you start looking for other jobs or wait on a severance? Asking for a friend. Lol
I don’t think most operators are willing to take on 10+ engineers and geos per rig. Oh wait, there is Oxy… But other than that, yeesh!
It’ll be sold. Mngt want it gone. Most staff will be sent with asset. Just watch who’s being sent to other jobs from now on.
the buyer would have to pay full value for an asset where you only control < 30%-40% of future drilling inventory with huge uncertainty. There is a huge non operated component to this with an underperforming operator calling the shots. if i were conoco et al. would not touch this with a barge pole. potential buyers rumored cant even lift their share price with their current performance let alone weighing it down with another acquisition. they would have to pay cash. it cant be a stock weighted deal. if it is being marketed i say less than 20% chance
Let’s see if Gretchen plans to address the rumours at her Q3 town hall, but don’t hold your breath…
What happens to all the staff, if you were to bet? Placement/post/layoff?
Tough place to be, especially when independents are ki----g it out there, and they won’t take the lazy pretensions fatties from majors.
Just like selling anything… When the price is right. Maybe with some urgency when it’s a cash flow negative venture
100% chance. Within a year.
Whenever there’s a good buyer. I don’t think there is one yet.