Thread regarding Devon Energy Corp. layoffs

Hager made $8.77M in 2016, How about you?

This guy made more in one year than most of you will make in a lifetime. Hager talks about wins, let’s do this Davey.

Sinopec JV, that’s a loss. Sumitomo JV, that’s a loss. Hey, let’s invest in Michigan, San Angelo, Louisiana....damnit, there’s another loss. Ok, let’s try the Miss Lime, oh crap, it’s an ocean down there and earthquakes are shaking Davey out of bed, there’s another loss. Ok, ok, let’s drop $6B on the Eagleford, let’s make George Bishop a Billionaire because late to the party is better than a no show. Crap, we’re taking a bath here. Sell, low, buy high team, we’re winners. How do you respond to the losses? Time to win, sell your midstream, sell Barnett, sell Lacava county. Talk about the core areas and how well your executing. Wait, your not really executing, what now? Blame your production woes on Non-Operated wells, blame shifting is what winners do. What now? Cut G&A, that’s what winner CEO’s do. How about starting at the top? Negative, we’re starting with you, as in you, reading this right now. Listen, let’s celebrate failures because, we’ll, we don’t win. Unless watching $8B in market value vanish is a win, then, we’re top of our class.

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| 2151 views | | 8 replies (last April 20, 2018) | Reply
Post ID: @OP+SGrMxOY

8 replies (most recent on top)

We could pay 87 people a salary of $100,000 per year with DH salary.

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Post ID: @6yqp+SGrMxOY

“Eats popcorn”...”thinks about never buying Devon stock ever”!

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Post ID: @1cuh+SGrMxOY

Every Devon employee is a victim of this guy. Sandusky prowling around the showers looking for his next victim.

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Post ID: @1zyc+SGrMxOY

Dont forget buying into the Ohio shale!!! Where did we lease...up-dip of the known oil window. Why? Cause the land was cheap. Hurray for stupid.

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Post ID: @pwv+SGrMxOY

I love these Devon threads!!!

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Post ID: @iqh+SGrMxOY

Don’t forget 2016 Devon went the longest ever without a significant EHS event. That is a success we can all celebrate.

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Post ID: @zyg+SGrMxOY

Sunny, thanks for the elaboration! How I overlooked the stock issue for crappy acquisitions is beyond me. Garbage in, garbage out.

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Post ID: @mfl+SGrMxOY

Nice, kind of a high speed rant. I would to to add one screw-up and expand upon another that I don't think your brief mention did justice to.

Devon sold NEBU, the property that our company restaurant is named for, to BP. BP drills a horizontal well in the Mancos shale that was the best well ever drilled in the unit. BP now had 400 Mancos locations of about 15 BCF each. That is about 1 billion bbl equivalent that now BP has that Devon does not. That is a pretty big mistake - and why are we eating in a restaurant named after their property - it is a daily reminder of our collective shame and stupidity.

You mentioned San Angelo, not really giving due to what a crazy, huge, embarrassment the whole Cline shale debacle was. As you may recall, Devon leased around 500,000 acres, built a a new office in San Angelo and publicly announced the largest oil find in American history. There was nothing there. The office is sold now. Let's change Illy's name to the Cline shale.

I will throw in a third gigantic screw-up. Issuing 100 million shares at $18.75 share. That was somewhat of a result of buying Stack and RKI in a hurry (to meet bonus deadline?) and then not hedging volumes. I guess that is why that CFO got sacked? Can't remember his name, maybe we should just number them.

I hate being negative but I can't think of one success of equal magnitude to the above.

Better get back to updating my resume now.

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Post ID: @xii+SGrMxOY

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