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Thread: Devon Business Practices

  1. #251

    Default Re: Devon Business Practices

    Quote Originally Posted by PhiAlpha View Post
    Rebellion is actually up in Tulsa and I think Camino is in Denver, but you're right, there are at 3 companies being rolled up into Camino at least as to their interests in the SCOOP/Merge. To add to the OKC PE Backed/Startup list off the top of my head:

    Tapstone
    89 Energy
    Warwick Energy
    Antioch Operating (Formerly Harding & Shelton)
    Canaan Resources
    Cardinal Production Co.
    Cheyenne Petroleum
    Jones Energy (Based in Austin, but just opened a decent size office here and most operations are based in OK)
    Midwest Energy Investments
    Ward Petroleum (Not new but moved a significant number of employees from Enid to OKC)
    Red Stone Resources
    Red Mountain Exploration
    Wake Energy
    Echo Oil & Gas
    Derby Exploration
    LeNorman Operating
    Ventana Exploration & Production
    Riley Exploration
    Black Swan Oil & Gas
    Compass Production (not really a startup but moved here from Dallas a year or so ago)
    Novo Oil & Gas
    Payrock Energy II

    And as Chuck said a ton of PE and personally backed non-op interest & mineral acquisition startups. Also a ton of all of these types of companies popping up in Tulsa over the last few years.
    Add another startup to the list. Revolution Resources formed by former Chaparral Energy employees, just purchased their first assets in Kingfisher County.

  2. #252

    Default Re: Devon Business Practices

    Quote Originally Posted by checkthat View Post
    From March 7:

    Devon Energy to buy back $1 billion worth of shares, raises dividend
    https://www.reuters.com/article/us-d...-idUSKCN1GJ352

    I would be pissed if I just got laid off but Devon comes back with this!

  3. #253

    Default Re: Devon Business Practices

    Quote Originally Posted by pw405 View Post
    I would be pissed if I just got laid off but Devon comes back with this!
    Not if they vested all your stock on the layoff, which they will. Devon’s head count for the size of the revenue is still pretty high, this will right size it

  4. #254

    Default Re: Devon Business Practices

    Quote Originally Posted by pw405 View Post
    I would be pissed if I just got laid off but Devon comes back with this!
    Share buybacks have been a trend across the industry over the last year. Doesn't have anything to do with the layoff.

  5. #255
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    Default Re: Devon Business Practices

    Share buy back raises share value for stockholders. Lower overhead increases share prices. Owners/shareholders drive every public company.

  6. #256

    Default Re: Devon Business Practices

    In that case, perhaps it would have been better to name the $1.5 trillion federal tax giveaway "The Stock Buyback and Owner Subsidy Act" rather than the "Tax Cut and Jobs Act"

  7. #257
    HangryHippo Guest

    Default Re: Devon Business Practices

    Quote Originally Posted by checkthat View Post
    In that case, perhaps it would have been better to name the $1.5 trillion federal tax giveaway "The Stock Buyback and Owner Subsidy Act" rather than the "Tax Cut and Jobs Act"
    Fact.

  8. #258
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    Default Re: Devon Business Practices

    Quote Originally Posted by checkthat View Post
    In that case, perhaps it would have been better to name the $1.5 trillion federal tax giveaway "The Stock Buyback and Owner Subsidy Act" rather than the "Tax Cut and Jobs Act"
    Amen. It is wealth redistribution.

  9. Default Re: Devon Business Practices

    There are a few companies (DVN, CHK) that over hired and they're now finally right sizing to become more economical. The effects that has in OKC RE is the interesting factor. CHK's campus was built for the hey dey, and the need for a surplus of employees (especially in the land dept) is unneseccary. It's also interesting to talk to BOKF employees who don't anticipate Devon occupying any space of their new building. The benefit to OKC is the new spinoffs that have resulted from the layoffs. The new companies (Mach, Valorem, etc.), plus the number of mineral and leashold LLCs is really spurring the entrepreneurship here. There are a number of NYC finance people that have moved here for AEP jobs, etc. that stuck around bc they love OKC. The buzz here is growing, and not only in oil and gas, with the investment bank crowd and that says a lot about the growth we've had over the past year. Also, when they found they could buy a "cheap" home in CH or NH for $750m, they were sold.

  10. #260

    Default Re: Devon Business Practices

    Unconfirmed rumor of 300 new layoffs today.

  11. #261

    Default Re: Devon Business Practices

    Quote Originally Posted by OU Adonis View Post
    Unconfirmed rumor of 300 new layoffs today.
    I've heard the same but they won't be for another 6 months or so

  12. #262

    Default Re: Devon Business Practices

    Just traded messages with a Devon employee...

    This is execution of the 300 layoffs they announced on April 10th.

    And people are being released immediately.

  13. #263

    Default Re: Devon Business Practices

    Quote Originally Posted by Pete View Post
    Just traded messages with a Devon employee...

    This is execution of the 300 layoffs they announced on April 10th.

    And people are being released immediately.
    Well that is good news (kinda). How full is the tower now? What kind of headcount do they need to justify such a large space?

  14. #264

    Default Re: Devon Business Practices

    Quote Originally Posted by Pete View Post
    Just traded messages with a Devon employee...

    This is execution of the 300 layoffs they announced on April 10th.

    And people are being released immediately.
    Can you share severance package details?

  15. #265

    Default Re: Devon Business Practices

    Quote Originally Posted by Anonymous. View Post
    Can you share severance package details?
    I don't have the details but I'm sure it varies depending on position, tenure, etc.

  16. #266

    Default Re: Devon Business Practices

    Quote Originally Posted by OU Adonis View Post
    Well that is good news (kinda). How full is the tower now? What kind of headcount do they need to justify such a large space?
    They were nowhere near full even before these layoffs.

    I would imagine they could add back well over 500 employees before maxing out; maybe close to 1,000.

  17. Default Re: Devon Business Practices

    Quote Originally Posted by checkthat View Post
    In that case, perhaps it would have been better to name the $1.5 trillion federal tax giveaway "The Stock Buyback and Owner Subsidy Act" rather than the "Tax Cut and Jobs Act"
    If the company has too many employees for the business they conduct today, what would you have them do? They are already, likely, paying their employees a better than market rate due to recent competition for qualified employees. Energy industry benefits are already significantly better than most others and they are not planning to increase their exploration or other businesses significantly in the near future. Stock buybacks do, generally, benefit the stockholders but they can also be a better way of returning equity to shareowners than dividends, they can be a way to make it marginally harder for an outside firm to launch a takeover, they can improve the balance sheet by unloading unneeded equity if there are no viable investments foreseen. Businesses are not there to spend money needlessly employing people they don't need. Your assumption of greed is by far the only reason to take such action. Not all stock owners are cigar-smoking wealthy people sitting on yachts somewhere. A large portion of ownership is likely employees or people like you and me who have mutual funds or ETFs in our 401Ks that contain shares of Devon. Their action could benefit you indirectly.

  18. #268

    Default Re: Devon Business Practices

    Quote Originally Posted by Pete View Post
    Just traded messages with a Devon employee...

    This is execution of the 300 layoffs they announced on April 10th.

    And people are being released immediately.
    There’s more coming later in the year potentially is the talk in the tower.

  19. #269
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    Default Re: Devon Business Practices

    Quote Originally Posted by mugofbeer View Post
    If the company has too many employees for the business they conduct today, what would you have them do? They are already, likely, paying their employees a better than market rate due to recent competition for qualified employees. Energy industry benefits are already significantly better than most others and they are not planning to increase their exploration or other businesses significantly in the near future. Stock buybacks do, generally, benefit the stockholders but they can also be a better way of returning equity to shareowners than dividends, they can be a way to make it marginally harder for an outside firm to launch a takeover, they can improve the balance sheet by unloading unneeded equity if there are no viable investments foreseen. Businesses are not there to spend money needlessly employing people they don't need. Your assumption of greed is by far the only reason to take such action. Not all stock owners are cigar-smoking wealthy people sitting on yachts somewhere. A large portion of ownership is likely employees or people like you and me who have mutual funds or ETFs in our 401Ks that contain shares of Devon. Their action could benefit you indirectly.
    At a time when corporate profits were at a high and increasing, and unemployment levels were low, and automation and technology keep replacing employees, it was curious why exactly a tax cut was needed to "stimulate the economy and put people to work". It was obvious to most that the tax savings would increase the national debt while moving those tax dollars to corporations, allowing them to buy back stock and bonus out executives. It is a redistribution to asset owning Americans rather than working stiffs. This was predictable.

  20. #270

    Default Re: Devon Business Practices

    Quote Originally Posted by Rover View Post
    At a time when corporate profits were at a high and increasing, and unemployment levels were low, and automation and technology keep replacing employees, it was curious why exactly a tax cut was needed to "stimulate the economy and put people to work". It was obvious to most that the tax savings would increase the national debt while moving those tax dollars to corporations, allowing them to buy back stock and bonus out executives. It is a redistribution to asset owning Americans rather than working stiffs. This was predictable.
    Let’s try to keep the politics out of this, Chad.

    Thanks.

  21. Default Re: Devon Business Practices

    Quote Originally Posted by chuck5815 View Post
    Let’s try to keep the politics out of this, Chad.

    Thanks.
    I have questions.

  22. Default Re: Devon Business Practices

    I agree the tax cut timing was interesting however, a tax cut is not a redistribution of wealth to a corporation. In your line of thinking would tell me you feel earnings of the corporation, or the individual, belongs to the government first. In your scenario, a tax cut returns money belonging to the government back to the corporation. Tax cuts allow the corporation to keep revenue THEY HAVE EARNED to put it to use in other ways such as pay raises, bonuses for employees, increased R and D and, yes, stock buybacks. As I said earlier, stock buybacks serve multiple purposes. When over half of Americans own stock, either individually or through 401k plans in mutual funds (indirect ownership), stock buybacks are a great help to tens of millions of people. Its just a different form of a dividend.
    We work in a global economy now. US corporate tax rates were some of the highest in the world. The cut was to allow US businesses to better compete worldwide not redistribute wealth. If there is anything Trump has done, he has concentrated his efforts at leveling the playing field U S businesses have to play under globally.
    As far as deficits are concerned, that is a problem and has been for 30 years. The theory is that with higher corporate profits and higher employment, revenues increase - just as they did under Clinton.

  23. #273

    Default Re: Devon Business Practices

    Devon Energy to sell EnLink Midstream interests for $3.13 billion

    https://www.reuters.com/article/us-d...-idUSKCN1J215Y

  24. #274

    Default Re: Devon Business Practices

    More layoffs coming. Their stack acreage is a bust as well. If you short stocks, short this.

  25. #275

    Default Re: Devon Business Practices

    Makes sense as they are moving to the SCOOP next year.

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