For those that may have missed it they have updated the Workforce Reduction FAQs / PDF. They announced it on Strata Now late today via email. Whether the timing of the update has anything to do with when they will begin the purge remains to be seen.
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"that is about 1300 people to divest and I don't know if that is possible to do before Wednesday given that they haven't really started yet."
Wrong they started the day after the Town Hall. contractors have been flying out the door. There have also been quite a few people that broke the Devon code of conduct and by sending information out by email. They have been fired. These people are all part of the 30% work reduction. Also there are the field offices and work force that are being sold. These are also a part of the 30% work force reduction. These will take till the end of the quarter to complete. At this point we are down by about half of the 30% we all think they are targeting. Next week will be the final reduction for the main offices. Monday is a holiday for Canada. It is logical to assume Tuesday will be the day. I am guessing a combined 500 to 600 more will be let go from the main offices all together. Someone in IT can verify these numbers easily. If this is all correct then HR can get the rest of the office staff packaged out in one day. All I can say is thank god it is almost over.
They added the when and number
Nebu will be giving away free slices of humble pie to laid off and about to be laid off Devon employees.
Stock rose a little on the layoff announcement but now it is back down because words don't matter action matters.
Doesn't need to happen before the earnings call. All they need to know is we are planning a $750 million dollar G&A reduction and a layoff by the end of Q1 is a large step towards that goal. No necesssity on completing the layoff before the call...
Many people are expecting the cut to happen prior to the 2015 earnings call on the 16th as investors will undoubtedly have questions about it. If the 30% number I have heard in several places is accurate (no idea if that is the case I've just heard it from several seemingly unrelated sources) that is about 1300 people to divest and I don't know if that is possible to do before Wednesday given that they haven't really started yet.
I've heard that monday timing a lot - where did that date come from?
The updates include a year subscription to the jelly of the month club instead of the lump sum bonus
FYI - Pearl Harbor Day is starting on Monday and will last for a good while.
Oh that reminds me...I need to spend my dvn dollars I got when I was hired.
yes severance packages will now include $10 coupons to Nebu
Were there changes?