Anyone know?
6 replies (most recent on top)
Bahahahaha no one is ever prepared to be laid off.
That’s very frustrating news. They have laid off lots of employees today. The bad thing is that the other employees who were laid offs were not yet ready to leave the company because they are unprepared 😔
It's about 1 and half years since new CEO came to Whiting. Stock is at an all time low, even lower than its opening price in 2003. People screamed at Management that they needed to maintain future drilling potential through exploration. Focus was all development of Kodiak acreage and poor DJ properties. Now they are out of economic locations to drill. QEP was desperation to get something to drill so they could start building the company back. However, they have concentrated on layoffs and reorganization which did nothing to fix the well inventory issue. The did buy some acreage which is junk they called core properties. A desperate fix is coming, we will see if it's a good one. Not likely.
I don't know.
But we can be assured of one thing: the management will get paid a ton for doing a terrible job.
Bad leadership, too much debt, can’t turn a profit and how did anyone think buying QEP was a good idea? This company needs a leadership change.
Change is coming. Not sure what restructuring and/or layoffs.