Houston Chronicle news item (only quotes Reba Reid, so report is one-sided) on layoff is here:
http://fuelfix.com/blog/2016/09/29/noble-energy-warns-workers-of-layoffs-to-come/
5 replies (most recent on top)
This is the DS, KF, SC, GW management style. Using fear and intimidation, you can keep employees on their toes and under control.
Layoff the top management and the company can be saved.
Nobel won't be the last this year.
Be realistic please. People expenses aren't the real problem here. GA is minor compared to the cash that's been wasted pursuing crap projects. Stover's latest announcement shows that hasn't changed. He merely redirected the waste from crap traditional projects to crap unconventionals. Sure, the unconventionals will yield some immediate cash flow, unlike the traditional exploration stuff, but it's still loosing money big time at current prices. Laying off a few more people isn't going to change that, it's not even close. This is really just Stover pandering to the stock analysts and buying himself some time in the process.
With the current commodity prices, noble is still too fat. Get out the knife and start trimming. Canonsburg, Denver and Houston are all too big. Why 3 "corporate" offices? Too many duplicate services. Streamline and reduce 2 of those 3 offices to be a field office with no more than 20-30 people. Designate the main office and move accounting, HR, legal, land, etc from there.
It s---s, but this is survival and smart money.