For years Devon has been putting up with Wall Street wanting to know what the plans were for the big pile of cash the company seemed to just keep in storage. Now that times are tough it seems Devon has the ability to weather the storm a little better. One thing that separates Devon from the companies that have been laying off large amounts of people is they have not suspended quarterly stock payments. They just announced that in December they will be awarding their usual dividend. If you pay close attention to the companies that are truly in trouble they will do everything to prevent suspending the dividend, Once that happens expect layoffs. Devon has been cleaning house. IT was the first to loose people, That is pretty normal because IT is usually the step-children of every company. Slowly people have been let go in other areas very very quietly. The company is going to do what it needs to survive but at this point it is not in the desperate position that other companies have found themselves in. That is not to say it won't happen if the commodity price does not improve. For now instead of worrying about what may or may not happen I am just going to be thankful that I am still getting a paycheck. Tonight there are 500+ families that are not so lucky
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An article on thestreet.com goes into great detail about how Devon is failing miserably on the financial front. In fact it advises investors to sell their shares.
"Devon is doing well, they're in the 3 comma club, the doors on their cars up and not sideways" IT humor!!! that is funny.
"paying off the media to. Not report it. Just fact" What?!?!?! That is not a fact, that is speculation. Can you please explain how anything you just said is a fact. You are anonymous so give us some real dirt and prove you have some facts.
To the original post. Nice write up.
The market loved CHKs layoff. Investors always do. DVN management is just too cowardly to address our glut. So they are doing on the sly and paying off the media to. Not report it. Just fact.
Why are you talking about the WARN Act
Yes. I can verify this. Here is the actual text of the WARN law:
The WARN Act also is not activated when the following coverage thresholds are unmet:
If a plant closing or a mass layoff results in fewer than 50 workers losing their jobs at a single employment site;
If 50 to 499 workers lose their jobs and that number is less than 33 percent of the employer’s total, active workforce at a single employment site;
Devon is doing well, they're in the 3 comma club, the doors on their cars up and not sideways
The little layoff in April was considered pretty big to most.
Great post!
Good one here as well
https://www.thelayoff.com/chesapeake-energy/post/6678686046617600
That is true 168053. It is sad for those families, it is sad for the company, it is sad for the community!! However, if you total up the cuts, Devon has had their share with more to come. They reorganize and do it quietly. CHK just did it all at once. Devon does it little by little so as not to have to file a WARN notice, they do it little by little to not hit the news and have it broadcast all over kingdom come, they do it little by little to help keep the morale up of the ones who are left behind, they do it little by little but THEY STILL DO IT, it just doesn't have the mass drama with it.
great post-well said
Hmmmm you sound a lot like an UN-official IT team-lead I know with good people skills ;). Very well put good sir.
Well said.