So should I even bother to get my 2016 safety sticker for my hard hat?
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For us industry veterans we have seen all of this before. More layoffs, more cost cutting, more restructuring, closing offices, etc... ect. If I were young person, in this industry, I would seriously consider another career. Nothing's "busts" like oil and gas.
There go the stock options.
Here is a gripe. This company is on pace to lose $1 billion this year.
I like how Stover is continually referring to Noble's balance sheet as "investment grade". Like if he says it enough times people will believe it. Noble is highly leveraged... They have way over borrowed.
I'm optimistic the empty heads on the executive floor will lose more than $453 million next quarter!
On the bright side... with the sale of the acreage in the DJ Basin for $505 million they have enough money to pay one year of debt service (interest) on their $9 billion debt. Be positive folks!
An empty office tower for the "empty suits" in the executive suite!
$9 billion in debt and really no way to pay it. All that is left is to sell assets. Leviathan, DJ... look for more!
So be it.
The latest earnings report said 74 percent of Noble's production is US based with DJ and Marcellus basins being the prime drivers. Sell those assets and the only thing the company will have left is the empty office tower.
And MBU assets too. The North is tired of them. Yankee CEO.
Let's hope they sell the rest of their acreage in Colorado. Then takes their sorry asses back to Texas.
Well, I hate that.
Noble selling a piece of the DJ Basin. Could layoffs be far behind?