What can you say about such a lost opportunity? Chevron acquired Noble in October 2020. The price of crude oil was $40/BBL. It has only been a year and a half and the price of oil has gone up 300%. Since the close date the price of oil has increased relentlessly. Selling Noble at the absolute bottom has to go down in history as one of the worst decisions by a CEO.
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I unloaded all stock and options when price was still above $90, otherwise I would have jumped out a window because of these clowns
They were too busy drinking each other’s koolaid. Yes men congratulating each other in a circle. When everyone thinks and acts the same this is what you get!
No doubt that ds was a horrible CEO but the board should have recognized the continued hiring of senior people from BP.
Not everyone in the corporate suite was complicit. Arnie was too busy checking out the babes to be complicit.
Don’t forget it wasn’t just DS. The entire c-suite was complicit and the BOD was sold a story they went along with and approved. DS was done, wanted a big pay day and this was his opportunity. BS, JL, and KF also. Pay the top and bail. That was the plan. Gutless.
Acquire & sell Marcellus, pay too much for the Eagle Ford then the Permian, then say F it and sell the entire company at the absolute bottom.
One of the biggest stories in the history of O&G when talking destruction of shareholder value.
No doubt you'll recall Dave was responsible for the Marcellus buy-in too. Paid a big price, then watched as the market crashed and bailed with a big loss. He certainly had a great track record of screwing up. Lots of people lost their jobs in the process. Still, he got paid $millions. Ain't America great?!