IT's DS time!!! IPO and Acquisitions.....
11 replies (most recent on top)
The Marcellus area never had the financial upside needed for long term sustainability even at $5 gas. Noble paid too much, due diligence was lousy and management cant back down due to CNX trade. They hung themselves and staff with them. Look for them to be buried with this noose still around their neck.
Problem is they are not doing a good job on Texas props. Didn't handle local area well either. Bad hires and book lickers.
Atta boy Leon
I'm buying more acres in the Permian so don't worry Canonsburg and Greeley!!!
The Marcellus asset has a significant upside when/if commodity prices rebound, more so than other core areas. That business went through 2 cuts in less than a year and have been supporting other business units during this slow down, I have met many of those folks and hands down that staff is superior to the TBU (I hate to admit) and the DBU (by a long shot)
If any business unit is overstaffed it is Denver/Greeley
I agree the Canonsburg office doesn't make any sense anymore. I don't want anyone to loose their jobs, but how the heck has that placed escaped a total shutdown so far?!?! There isn't anything to do, or at least anything that isn't busywork.
Save cash? Why does Canonsburg have over 100 people with no drilling going on? That office could be closed or at least reduced to about 15-20 people. Others have done the same.
Maybe a place to save cash would be international. why does Noble need so many people assigned to do international work in Houston when there is so little international activity? Eastern Med has their own staff overseas. With Dan's Int'l NV team, Lawson's Int'l negotiators, Demarest's int'l group, ABU negotiators, Legal dept international people, int'l security, Government affairs, FCPA, hr, international drilling staff (who just hire people from HDM or HPLI to manage the work and other service companies to handle ideas), and lots of accountants and finance analysts, it looks like we may be over staffed. Is anybody even coordinating international activity?
Dave Stover, but yes Dumb and Stupid
"DS time"? Does that mean Dumb and Stupid?
Too late for Dave et al
Him and his henchmen/women have spent their way to obsolescence.
Nobody outside of Israel wants a piece of their Med gas, the Falklands was a disaster (no surprise there)
EG is on the decline, Cameroon is a bust, The Rosetta Eagle Ford properties are not in the sweet spot, Colorado is too expensive at current oil prices, Consol continues to bleed Noble dry, GOM acreage s---s, Gabon is another Falklands waiting to happen,
Soon Dave will have to rent out the second building to keep afloat.