Thread regarding Southwestern Energy Co. layoffs

This is true. Reference some of posts here under Fayetteville about the $2.85/MCF and $60/Bbl SEC case.

$2B of reserve value relates to change in SEC prices between 2016 and 2017. Forward (strip) prices are closer to 2016 levels than 2017 (almost $3). Don’t believe the Way hype about reserve value equaling enterprise value! Smoke and mirrors!

People come here for professional, sophisticated comments?? Major LOLZ!

Such insight with this comment;

Why are professionals here talking about farts, fart sniffers..just childish.

My take is seems this individual is a mental giant. Must be one of Our value plus employees (until they get layoff). I can’t believe I work for a company whose leaders fart sniff to climb the corporate ladder!

The long post below from the long time in industry guy, fits observations from me - another long time in industry guy.

Swn won’t go away in a single flash of notoriety ; probably.

It will be a slow , painful to employee spin down .. till it’s not recognizable. This is not unique to swn, happens all the time in industry. This was just my rodeo.

Long time employee, laid off in 2016, back at a new position , so not bitter. It’s just good to remember that change happens and no need to be nostalgic. I guess that’s what I’m being though, just thinking of how exciting it was to grow a company , feel like being part of something .

As noted with financial types coming in, late stage of companies life ; though it could go on for a long time . Maybe not a bad pace to end , or even in some ways begin a career ... but no place to grow .

As long as SWN is left alone to execute on their financial strategy, all will be gravy. Worst thing that can happen is someone offers to buy them for 35% premium and convinces all the institutional holders to sign off on it.

The gamble that ended up turning sour was paying 5.4 B for CHK WV. The clutch brilliance that will ultimately be what saved SWN was issuing 99 M shares for 1.25 B in 2016

“Also, not many public companies are forced to secure(mortgage) their bank debt with their bank group with strict covenants”?

You have no idea what you are talking about. Tons of companies have secured along with unsecured debt in their profile. And ALL bonds and bank loans have strict covenants.

Since institutional investors own 90% of the company stock, don't expect they will tolerate things like 2014-2016 NONE of crude or NGL hedged and only 38% of gas production in 2016 hedged. This did NOT show financial sophistication neither did huge debt load taken on to buy our way into Marcellus-Utica. Also, not many public companies are forced to secure(mortgage) their bank debt with their bank group with strict covenants. The options for SWn to turn things around have a fairly short window.

Agree on the fart sniffers comments and such, so embarrassing.

Also agree that SWN has to change, but unfortunately SWN can't play the "financial sophistication" game, because SWN has little to no finances to be sophisticated with. And I wouldn't hold your breath for a miracle bid on the Fayetteville shale. No company is going to want to pay anywhere close to what the Fayetteville is worth to SWN.

What's going to happen, is the company will lean itself out and tread water long enough for executive management, the BOD and especially these "financial" guys, who've recently been brought in, to maximize their own earnings and make their buddies at other institutions as wealthy as possible, while SWN bleeds a slow death. I've spent a lot of time in this industry, with large and small companies, private and public. I've never worked for a company where executive management was as wholesomely inept to the ins-and-outs of an E&P company as management at SWN is right now. Also have been around long enough to know that when a company starts getting run by the financial guys, you can pretty much kiss it goodbye. They'll wheel and deal until there is nothing left for them to take, then start it all over again at another company.

Why are professionals here talking about farts, fart sniffers..just childish. Yes, the domestic E&P business since 2008 has DRAMATICALLY CHANGED to shale. For public companies, they must work for the stock holders and that requires technical expertise with financial sophistication and being lean, innovative and successful with a portfolio diversity, depth with risk coverage. SWn must change.

Ehhhh...I beleev you meen to say Dr. Tuna.

That feisty Tuna!

The highly coveted fart sniffer award is already wrapped up for this year, and we all know who. We wouldn’t want the other joker on 6 to become jealous.

While certainly a pre-requisite for this new joker on 5 to be retained, it was clearly denoted in his employment contract that eligibility for fart sniffer awards and associated bonus prizes (watch with fart sniffer logo) begins eligibility beginning in 2019.

Carpetbagger! Prepare the golden parachutes everyone. I’ll take UT, U of H, A&M, OU and even someone from OSU’s Business Agriculture school before this guy!

Now that we have heard from the guys that hired him! Good luck!

What's important is to try to derive from the change of guard is what seems to be focused on in their resumes/backgrounds and recent press as relates to us. Seems to speak to banking, finance, refinance, bankruptcy, restructure and getting investors (90% institutional) to BELIEVE and buy into CHANGE=Success.

Give the man a break. His departure from Sandridge was largely due to a foolish activist investor. Kudos to SWN for hiring some serious Harvard talent rather than pursuing more mediocrity from A&M, UT, OU, UofH and the likes. Again huge reason why NMR tech continues to be overlooked. Too many narrow-minded pseudo-techs who can't grasp this paradigm shift.

Looking at profiles of ex Sandridge employees, lots of folks that were promoted way too fast i.e. VPs and managers with <10 yrs experience. Where have I seen that before???

http://m.newsok.com/sandridge-energy-reveals-strategic-plan/article/5582860

"According to the company's most recent proxy filed in April 2017, Bennett will receive about $26.6 million in severance and Bott will be paid about $10.3 million when he leaves the company."

Somehow after years in senior management ; Way failed to develop talent or succession plan . Arguably his plan to over promote guys and sort of do a GE completion ; showed a lack of judgement , execution, and talent evaluation.

A singular talent to lock in with the chair woman of the board , keeps your job ... however if your an employee — run for the doors , no future ; no career development

Needed to do swn charity and give another executive from a bankrupt company a job.

Looks like BAD couple years at SandRidge. Investors insist on new management and blocked deals. More layoffs expected.

75 let go today

Question: how is SandRidge doing after bankruptcy?

Over Rated Carpetbagger!