Will the eagle ford purchase every pay out for Devon?
7 replies (most recent on top)
Underperforming even with adjustments for drop on the WTI price?
It's no secret that we're underperforming in that area.
I know who wrote that last comment. A little too specific!
Devon overvalued the Eagle Ford acreage. Lavaca County acreage that it acquired was garbage. DeWitt County has some incredible wells but acreage in the northeast and south is terrible. The decline on most of the wells after peak production is much more dramatic than anticipated. Meanwhile we're wasting millions to run experimental work overs that are not worth the expense. Stock price will never come close to what it was when we acquired the Eagle Ford. So many of the shareholder meetings promoted bad acreage to try and prop it up. Intentional false reporting that will come back to haunt some of the darling execs.
I thought the acreage was promoted by management as the most lucrative of the hottest field, at the time? It "is" paying off. Am i missing something? I care because i am a shareholder. BTW, who is the PR person who came up with and pushed the term "oily"? I hate that way of characterizing an asset.
No. Little ole' GeoSouthern and George Bishop steamrolled Devon on that deal.
It was worth it if Richels is now gone.
BTW: How about moving back to Canada Dr. Richels? That way we can miss you more.