Thread regarding Noble Energy Inc. layoffs

GAP....OMG what a joke. Ken, did all your GAP time and the way you turned all your direct reports into consumate "yes" men work out for you? Now that you were able to get rid of all the older, experienced guys who actually knew how to run their business and surrounded yourself with Kenny Fisher cheerleaders, did you achieve the "breakthoughs". The breakthrough was that whatever you were thinking you finally had a group that would agree with you. No wonder everyone at Shell was so shocked Noble even hired you.

Sorry, first none of them would post and now all 3 did. Geeze!

I apologize for not spelling Noble correctly. Typing too fast. My son-in-law is on the Danny Atkins and was told last hitch and 3 rigs in Gulf are going to be stacked. His lay off date is March 14, 2016. Sorry, guys if you haven't already heard. I saw the letter myself. Reality has hit!

I apologize for not knowing how to spell it but my son-in-law is on the Danny Atkins and was told last hitch and that DA and 2 other rigs are going to be stacked. He has worked for them for years. Not sure why he would say this if he hadn't been told.

I apologize for not knowing how to spell it but my son-in-law is on the Danny Atkins and was told last hitch and that DA and 2 other rigs are going to be stacked. He has worked for them for years. Not sure why he would say this if he hadn't been told.

Who is Nobel? Should we rely on information given by someone who can't even spell NOBLE correctly?

LoL that's so not true. New wells are about to be drilled. Your source has flawed information.

I heard today that Nobel employees were told 1 more hitch after this one and then all rigs in the Gulf shutting down and going stag until prices climb again. Everyone will be laid off.

Oil keeps falling. And falling. How low can it go? Posted on January 12, 2016 | By Associated Press

DALLAS (AP) — The price of oil keeps falling. And falling. And falling. It has to stop somewhere, right ? Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003.

“All you can do is forecast direction, and the direction of price is still down,” says Larry Goldstein of the Energy Policy Research Foundation, who predicted a decline in oil in 2014.

On Tuesday the price fell another 3 percent to $30.51 a barrel in morning trading, its lowest level in 12 years. Oil had sold for roughly $100 a barrel for nearly four years before beginning to fall in the summer of 2014. Many now say oil could drop into the $20 range.

The price of crude is down because global supplies are high at a time when demand for it is not growing very fast. The price decline, already more dramatic and long-lasting than most expected, deepened in recent days because economic turmoil in China is expected to cut demand for oil even further

But layoffs across the oil industry are mounting, and bankruptcies among oil companies are expected to soar. BP announced layoffs of 4,000 workers on Tuesday. Fadel Gheit, an analyst at Oppenheimer & Co, says as many as half of the independent drilling companies working in U.S. shale fields could go bankrupt before oil prices stabilize.

It is all good

Conclusion

Noble Energy has good quality oil and gas reserves and efficient and very low-cost production capacity. Unfortunately, its recent reserve acquisitions came with a heavy price tag, which diluted shareholders’ equity and increased its leverage. Also, the acquisitions may have been poorly timed, as crude oil prices have been following a downtrend continuously since. The key for Noble Energy is that energy prices exit this cyclical bear market.

Susan/Dave- Your GTG staff (including the project G&G’s) had suggested not to drill Cheetah and Humpback-1 based on their studies but you ignored them. This caused Noble to lose a lot of money. Close to half a billion dollars was wasted only on dry hole cost. Why didn’t you stop it instead of fulfilling your fake egos?

Dave... what were you thinking when you made the Rosetta deal? Did you think adding $2 billion dollars of additional debt to the balance sheet was a wise move? Especially in a tanking market and considering none Noble piers seemed to be all that interested in Rosetta acreage. Perhaps they realized they could pluck distressed assets for a song later in this process... instead of paying top dollar for these distressed assets.

Susan, when you introduced GAP did you realize what brain numbing exercise it would be and how it would put the company in the ditch

Dave, in the fall of 2013 when you went against the prevailing wisdom and said in a town hall the Saudis weren't targeting shale produces, what the f... were you thinking?