Well that takes the guess work out of knowing when the other shoe will fall. Now we just have to wait for the date and how many. Such a shame. I love working at Devon but, I understand that they have to protect that bottom like.
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Devon hasn't turned a profit in years! The current stock valuation is all based on the (largely incorrect) speculation that oil prices will come back up. So why would anyone ever want to buy an over-valued, money draining operation that is burdened by debt???
I wish they would.
Yes, i definitely know what's next. More layoffs and possible takeover by a larger company. We have good acreage to drill and an under-valued stock ripe for aquisition. Big guys better shop their resumes.
Dumpster fire. Worked there for 2 years and what a cash burning mess.
"No one ever said prices would stabilize by 3q17"
Hell yeah they did! Devon's strategy over past 2 years based around stabilization in mid 2017 - which is why we're about to see (and already seeing) some major adjustments is personnel and approach.
You are dreaming if you think wti will be 70-80 even by the 1Q18. Production at current oil price is surpassing the restraints by opec. We better learn to be profitable at 50 wti.
No one ever said prices would stabilize by 3q17. OPEC is Painfully realizing the tenacity of American shale E&Ps. I would not worry about anything, prices will be 75-80 bbl but the end of 4q17 or at the latest 1q18. It is a fact that demand is still there, esp with the beginning of American driving season.
Off with your own head, I for one am staying.
Devon's anticipation for stabilized oil prices has always been summer of '17. Not sure why they settled on it, but most future cuts were dependent on $65/bbl. It's not there, so off with their heads.
I know we don't know how many and BU's affected, but anyone hear about a timeline? We went through this over a year ago and it was day by day even after the Town Hall when they announced. I can see all functional operations going back to the BU's as a cost savings mechanism, i.e., shutting down WELLCON possibly.
I know couple guys that just got picked up as drilling consultants in Texas was glad for them but angry since I got let go on the drilling side
*Line(?)