If Swn repeats buying into a play at this time seems very puzzling and alarming due to debt and obligations we have, Debt we would incur for Permian and Oklahoma packages in area already picked over and nothing for sale for cheap. We increased debt for last big acquisiition from Chesapeake that was poorly timed and set off layoffs and not drilling and that limited available cash flow. Every article I read talks about big debt still weighing Swn down and gas prices not cooperating. Market conditions and our stock price do not indicate strength. Do you know what would management sale? Any indication if we have data rooms or packages for sale now?
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Look at history back to late 1990's and the Arkansas royalty lawsuit that almost bankrupted the company along with litigation in Louisiana when Korrell "cleaned house" with corporate moved to Houston. Seriously what has changed?
You are right. Natural gas moving from $12+ to less than $2 in that timeframe had nothing to do with it!! Pay attention! What is Way's excuse? Nat gas price has increased under his watch. He doesn't have a clue what to do and that is apparent. Smooth like a Washington DC politician with nothing between the ears.
Without WV, swn would have about a year of economic inventory left and it wouldn't be in the Fayetteville. I agree about the Board though - they are too worried about looking good and keeping their prestigious board seats to do anything. They and Way have killed this once great company.
SWN made a huge mistake when they hired Steve Mueller back in 2008. The guy had no clue how to manage a company. Then he brought in all of his people, Sherrick, Hresko, etc. they basically ran the company into the ground. With Sherrick walking away with a cool $1.5 million dollars for getting into the CHK acreage acquisition. What a mess! And, 1300 people paid for their arrogance by losing their jobs. The board of directors are to blame also. It's a total failure. Chesapeake Energy has a better chance of survival than Southwestern does. Oh, and a special thanks to Harold Korral for bringing the outlaw gang into all of this. The only good news is these criminals are holding way more $6 shares of stock than the rest of the employees. Their net worth has taken a beating also.
As to "capitalize on future opportunities " it would seem they are not now looking in the Permian, since Owen went to where they are not competing with Swn; which is in Permian/ Delaware Basin
In Houston Chronicle article on departure of CFO
“We are in a much stronger financial position, which has enabled us to soundly manage through the challenging commodity environment and positioned us to capitalize on future opportunities,” Way said.
Do a search on 'Reasons why employees quit their jobs'. Your relationship with your boss is usually on the list. If fact, a bad boss is the number one reason why employees quit. I think they ALL left because BW is a bad boss. Sure he's a slick, smooth talker in public, but he's a bad leader and those guys saw it and probably got tired of his poor leadership and moved on. In order to save face and deflect responsibility, I bet BW made up the convenient stories about why they left. He needs to own the fact that people who report directly to him are jumping. He's the CEO. He also needs to take responsibility for SWN's horrible stock performance.
Now 3 execs have left. Sounds like beginning of a trend to me. What do they know?
Announcement today CFO CO leaving Swn
Did not know r c went to chevron ... the story was personal reasons/ private equity opportunity...
Also have heard some technical staff have left as opportunities have come along
John g to Pittsburgh
RC to Chevron
For us that are uninformed, which swn officers left? We are in the dark.
I think some in management get it. 2 officers have left recently that is unusual before retirement. One going to work immediately and the other will once established in Pittsburgh. Is that all of the Exodus or is there more?
Yes, significant increase in hiring around industry, the exception could be Arkansas specific, since SWN is dominant and wounded player here.
In Houston and elsewhere, growing recruiter and interest in PetroTechs . Land/Landadmin, Admin, some support staff. This isn't really unusual, the new and vigorous grow, the nimble adjust, the weak, over-leveraged, get (usually) slowly eaten and eventually sold or merged.
If you have no new projects, you are going out of business in the Upstream Sector. I think this is not understood by the SWN BOD/ Mgmt. They see it ( I think) as if its a real estate project, or service company.
IF you are at SWN you have to assess if you are adding new skills, you may be or getting experience that will translate to another gig, or maybe simply holding down a chair and doing personal business until you retire. But you shouldn't count on SWN to 'take care of you'
Be open to new jobs/ opportunities ...
CANNOT seem to find one article showing optimism about the plan to run Swn within cashflow, grow reserves and cashflow with prices for services increasing at alarming rate versus natural gas and oil prices weakening plus real commitments to pay off debt coming due, obligations to conform to revised credit agreement secured by Fayetteville. 1st qtr 2017 results spoke of depleting reserves in Fayetteville faster than expected. Those reserves secure debt facility. Where are the real bright spots here? Maybe settling Arkansas Royalty lawsuits? It seems there may be opportunities opening up for jobs outside of our current employer.
So think about it. Stock is low, plan to grow production in a low price environment, not exceed cash flow. So as stated not getting into new plays, producing what they have ( at accelerating rate) , and with hedges no help on prices.
As an employee there is really no future, enjoy the bonus and salary -- learn and prepare to leave.
For Bill Way - ( and other Sr VP) -- s--- the money out, and live off others pain
For Stock holders- give up and sell
Fact, stock setting all time lows NOT due to rumors.
Swn Isn't buying into any plays. Enough with the rumor. It's already been posted once before.
I think the charade that they can make an acquisition to grow is just to allow management to pretend they are earning their money
Legal stealing from shareholders
SWN will be going A WAY.
Swn stock below 52 week low.
What happened to the post singing praises from ex land administration employee about Swn?
Forgot to mention, reposted from another thread.