Do you think another layoff will happen in July or since oil is up a bit and the company is selling off about 15% of leviathan, will they stall plans to layoff more people?
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Layoffs are nothing but window dressing. Stover could have saved 200 jobs with his pay raise alone. He could car less about Noble employees. I don't they have any idea how demoralized Noble employees are. Most of whom are looking for other jobs. The jobs aren't there right now... but when things improve there will be mass exodus.
Layoffs are an easy way for management to show the market they are "serious" about controlling costs. Easy and destructive. Easy for management because they make the analysts happy and consequently get to keep their jobs, destructive to the employees who get turfed and the survivors whose moral gets crushed. A win-lose scenario you might say. But the employees aren't the only ones who pay. The company and stock holders also pay a high price in both short term reorg charges and thru long term loss of employee motivation and loyalty. "Breakthrough Thinking" at it's best!
Tensions between Saudis and US will be short-lived. Then oil prices will retreat again. Once management sees how effortless it is to do laoffs, they get cocky and want more...being the carpet baggers they are.
Noble should sell their Colorado assets also... but who would buy them? The greenies have taken over this state and the politics against oil and gas are very negative. There will be significant ballot measures this year that will greatly impact oil and gas operations. There won't be an outright ban of fracking... but there will be so much additional regulations (set-backs, etc.) that it will make it impossible to operate.
Nobody in their right mind will buy a piece of the Israel gas find based on how Israel has acted. Noble needs to sell because their credit is drying up. In order for Noble SVP's to keep their high egos and bonuses feed they will have to lay off more people.