We have the wRong people (primarily Way and silent Board) doing the wRong things (see the magic 8 ball post for a good description). I’m hopeful for all to keep their jobs and succeed but highly doubt that can happen. What’s the big delay in issuing our guidance?
23 replies (most recent on top)
Complete capitulation by the analysts. Zero belief that SWN in its current form can grow.
2/1/2018
Goldman Sachs downgraded Southwestern Energy (NYSE: SWN) from Neutral to Sell with a price target of $4.50.
Agree. No cash bonuses for SVP level and above. Give them Some SWN stock instead.
SWN should freeze all mgmt bonuses and implement pay cuts. Also, layoff half of the chiefs so the indians can survive.
I was let go a couple of years ago at SWN. My advice to the BOD's would be:
-
Fire the executive management with no parting gifts. They're already rich and they're the one keeping you at the bottom.
-
Install temporary executive mgmt that's experienced with divestitures and corporate sales.
-
Put yourself on the market and don't get too picky on the offers.
-
Take what you can in terms of price for SWN and hopefully most of the employees can work in the buyout company.
-
Put a blackout on stock trading for VPs and executive mgmt effective immediately, so they don't devalue the company further on their way out.
In a fair and just world there would be NO bonuses this year for SVP levels and above. Shareholder value has been destroyed and the market has lost confidence in SWN. Stock performance is abysmal and SWN’s leadership should be held accountable. However, the likelihood that this happens is zero because SWN stopped being R^2 long ago.
Corp culture spiraled down the tube when King Way pranced into the role. Making things worse, he thinks he knows it all, but hasn’t a clue about some of the basics of the business or creating a culture of team. Ask his former employers Conoco, BG or those that followed him over - oh wait, there are ZERO of those followers. Wonder why?!
This corporate climate at SWn started in mid 2000' s. House was not cleaned out and preceded Way and his predecessor. As someone posted and there's a LONG HISTORY "Lots of victims of untruths, greed, power, lies, intimidation hurt by this company. Known as one of the worst."
AGREE..LEAVE!!
I was going to start a new thread, but the last comment was so spot on.
Two years ago were the big layoffs at swn. In reality the whole industry had big layoffs, so not that unusual I guess.
I’m in Houston, a early mid career petra tech . I’ve got on elsewhere after some challenges.iveblearned swn is viewed by everyone I meet as a mediocre company at best. With a downward trajectory .
Most interestingly is how little swn did with the layoffs, the company is no different than before just smaller. I would have never thought how many people would voluntarily leave in last two years .. of course always people to fill; and some will be good .
I’m today, so happy to be forced into a new spot ...
Lots of victims of untruths, greed, power, lies, intimidation hurt by this company. Known as one of the worst.
Almost made it - about 25 cents to go to get to 52 week low. In the dead of winter!
Suggest this is RELEVANT TO SEND TO WAY:
"Houston Independent School District schools and offices will be closed Tuesday, Jan. 16 as a precautionary measure because of inclement weather and the related potential for dangerous road conditions.
HISD officials have been monitoring the weather forecast and have determined that icy road conditions across the Houston area may make for dangerous driving on Tuesday. As a result, all HISD schools and district administrative offices will be closed Tuesday as a precautionary measure."
All SWN flail’ers... Way wants everyone to report to work as normal tomorrow! Business as usual! With the impending ice storm, there are many wells to drill to help deliver energy for America in this extreme weather event!
And one of those EP guys is now ours.
Well look at EP .. for what the future looks like. A slow dwindling demise then a wholesale removal of management ....
Quote from new guy press release in December - “We are excited to be adding another integral member of the leadership team as we execute our strategy and position the Company for the future.”
Question 1 - another integral member? I think there are probably a few that are integral, but Way and JMc aren’t. Jury out on new guy.
Question 2 - as we execute our strategy? I didn’t think flailing and doing nothing would be considered strategic. Why does the “integral leadership team” have to spend so may months wasting time away on the 5th floor coming up with something new?
Question 3 - position the Company for the future? Someone tell Way that we aren’t supposed to be positioned at the bottom of any peer group ranking you look at. That’s the only the he’s done well since he’s been here - firmly settle us into that rank.... unless you count wasting crazy money on water install and related equipment for a tea system on 5, totally redoing the landscaping at headquarters to his liking, nice gifts to his charities and his corporate jet service.
Corporate Greed and ego , never heard of it!
The Board is sad, because there are folks on there that know this is a dumpster fire, but just pull in the $200 k or so a year and wh0r3 themselves out....
The highest usage EVER in natural gas occurred on 1-1-2018 and SWN is flailing around $5.5 stock value... There is no way out, except maybe to get smaller to get bigger.. thus the increasing likelihood of another round of layoffs... like below probably in conjunction with 'guidance' ..maybe after. I see March as most likley
Sad state of affairs if Way survives much longer. Totally incompetent fool. It would be a symbol of corporate greed and ego.
Guidance supposed to be out in February 2018 probably at same time annual report 2017 released. So guessing D day around same time.
So when will be D day for this year, 1/12 or 1/1?
BHP Billion announced about 2 months ago selling out of all of shale assets and WILL BE a TWO YEAR process. Much cleaner asset sale not burdened with debt AND NOT ALL GAS.
Nearly 2 years ago that SWN “D-Day” occurred and in the immediate aftermath it was proclaimed from up high “that this will never happen again”..... many questioned why that promise was ever made..... nothing has really changed.... strategy work is a house of cards....this time around the cutting is more systematic.....sniper fire across the org... CCS’s looking out for themselves and aligning with people/assets that will be sold off like used car parts that were once shiny but now are rusted and mostly useless.... hoping they can land with them somewhere.
It would seem clear that the charade of locations much above $3 is probably going to be finally called for b s .. this in turn brings into question quality of inventory and resulting activity level.
... and then staffing. Swn still has dramatically more staff/ activity that most competitors . If activity drops further that will be a double down . I think I’m the next 6 months , hiring freeze, elimination of college recruiting and a 15-20% Houston cut , and the possibility of management reductions
I think Way and team continue to survive however for another 18 months