CFO is leaving the company in late June for a new position with another Energy company.
23 replies (most recent on top)
He's the smart one and I'm jealous. I'm still stuck in this prison and close to the CEO clown.
Really bad sign - CFO quitting - hmmmm, fishy...
Makes a lot of sense since we are very top heavy and their salaries and comp EXPENSIVE/HIGH.
December 17, 2015 it hit 5.15 I believe
Otherwise your 2004 is correct... the last two groups have been value crushing machines!!
As to layoffs , I have heard rom 2nd degree sources that they don't intend to make college offers even if they interview it's just to "maintain connections" ..
Some think changes to long term comp could happen-- those over a certain age won't get long term incentive pay, possibly starting this year.
Layoffs would be like a mercy killing, more likely long term hospice and palliative care - letting employees think they are doing something useful
Stock NOT this low since 2004. Anyone heard about us selling something, more layoffs?
Expected at Rice Energy massive layoffs.
EQT nothing like SWn..stayed in nitch area since 1888. Read about history and management. Also Rice Energy same nitch area Marcellus/Utica CORE. Great synergies Rice-EQT. SWn no competition. Also, Rice Energy 15% owned by management..so always aligned with What's Best..all employees in stock plan.
EQT paying $6.7 billion for Rice Energy valued at about $5.1billion per closing stock price. EQT may be overpaying with it's stock dropping about 9% with the announcement.
The EQT acquisition helps value Swn-- I would say good for valuation, but stock down today , so maybe I'm wrong
However , it pretty effectively boxes Swn from any additional expansion
Since debt/equity shown in article was Year end 2016 and since company value/stock price have declined greatly since year end 2016 question if total sale or company buyout even covers debt in low gas price environment. How much has Fayetteville production declined? Are any covenants in the 6/2016 modified loan agreement secured by Fayetteville being triggered such as having to secure loan with more assets or paying higher interest? Isn't it very uncommon for a public company to have to secure debt with assets?
Its not what you [aid, its what its worth! ... Also in Houston Chron today, list of top 100 companies, SWN made top list in most debt to equity ....
I think all the assets they have are probably worth the debt outstanding .. sell everything , pay off debt, turn out lights!
This is 2nd time BHP BILLITON trying to sale out of their Fayetteville.None of previous offers were acceptable the first time. They, like us overpaying Chesapeake, overpaid for Petrohawk and other acquisitions.
As to the fayetteville, I know there are money groups trying to get some movement on Swn in connection with bhp openly marketing their Fayetteville ... that doesn't mean Swn is a seller or anyone wants to buy ... just activity. I couldn't imagine more than a dozen people being needed to run Fayetteville outside of field employees and some in Conway .
What will be done with albatross around our necks..the Fayetteville? It secures our debt, is declining, not economic for additional drilling and no one wants to buy it.
The ship is going no where with Way at the healm. He is despised by those close to him and blows smoke to the others. It is not surprising that people are leaving. The parade out the door isn't over. Who is next?
I've heard the same thing about SWN folks seeking employment elsewhere. Some of it I'm sure is just the natural increase in movement as the industry picks up ... But now prices are softening and they want more than a safe harbor, they want some semblance of growth. If you are a ship you can't stay in the harbor your whole life!
I also think that everyone is realizing there is nothing behind the Bill Way mask, and if SWN survives it will be with a change ( and probably more painful cuts ), to find someone who actually know about an dhow to run a business- especially an E and P buiness
A LOT of SWN resumes coming across the desks of my O&G colleagues.
Oil and gas price volatile due to OVERSUPPLY at beginning of summer..how low will stock go?
2 SEC filings 6/12 refiled 6/13 troubling errors on simple thing. WOW.
True. Potential liabilities due to litigation, hedging etc. Two new board members announced today. Why?
He probably knows just how bad it really is, things that the man on the street does not have privy to.
Previous thread talked about 3 officers leaving including CFO.
ALWAYS a bad sign