With over 2 billions in lost, another round of layoff is inevitable. I heard from a very reliable source that 25% restructuring is happening around March/April.
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Noble promotes people who kiss ass the most... Regardless of competence.
Without a doubt.
Could it be Noble advances the people that are willing to play the game?
I agree there is something really wrong with the way Noble evaluates people. It seems to be done on a whim. For me going to work for Noble was a huge mistake that I regret.
Speaking of non-performers take a look at IFV and New Venture Group. Can someone perhaps upper management tell me what did this new venture manger Americas, Mexico, Africa and his group did for the past three years to deserve two or three promotion in less than three months? Something is wrong about Noble system!
Another caveat you should keep in mind is that Noble had some very favorable hedges in place that expired 1/1:2016. These hedges contributed approx $1 billion of additional cash flow to Noble in 2015. These hedges are now gone and Noble for the most part will be receiving market prices for its production.
Saying we lost $2b should come with a caveat.... It includes $2.2b of non-cash items. Put differently, our revenue exceeded our expenses in 4q15. We're doing ok.
Oh but I do know of what I speak of.
Point well taken. People do lie on 10Ks and the Qs. And, some people believe that rules simply do not apply to them.
Correction, 2500 employees in Houston and Intl.
Don't speak of what you do not know of
2 Rigs in DJ and over 700 employees in Colorado! 1 Oil Platform in GOM, 1in ABU, and 1 in EMBU and over 1500 employees in Houston and Intl. How many employees does it required to staff a rig engaged in normal drilling activity? This does not compute, and layoff is inevitable.
If they want to find some non-performers they should start in Denver Land. There are more managers who do NOTHING but contemplate on their navel. They don't do anything and they don't manage anyone. Two rigs working in the DJ and they have at least 10 managers... all trying to justify their existence. It's ridiculous!
And No one ever lies on Ks or Qs?
It will be after first quarter and possibly later but Stover and TimBo still do not plan to lose Houston managers except for obvious non-performers. MBU assets to be managed out of Houston. Most will not be invited to transfer but look for stinkers to go so that they can kill the rest of the company.
I hope the BOD realizes that the main problem is Upper Management especially Susan C. and middle managers. Exterminate these bugs before it is too late.
If a restructuring decision had been made before the 10k was filed, then that decision should have been disclosed yesterday. BOD may be waiting until end of the first quarter and hoping that attrition will take care of problems. It looks like a targeted RIF will be needed this year to address specific business areas. But, maybe DJ and Eastern Med can absorb excess staff from the Falklands and Cameroon projects and from New Ventures and Marcellus. On the other hand, walk around 10N at NEC1 and see where lots of money could be saved.
I remember Noble as a 2.5 Billion company less than a decade back. They are inching back... highs of 26B to 13B already. Glad I left the ship before the start of it's downfall. Get out before it capsizes!
possible, yet unlikely