it sounds like upper-management hasn't the slightest clue about how to operate an oil and gas concern (buying into prospects late, questionable deployment of capital, too many infill wells in some areas, etc.).
^
Their stock price would be lower -- and maybe much lower -- without Devon's massive stock buy-back program.
I recall they been working to be a lower 48 company for the last few years. Looks like the effort continues. I read this morning (if I read correctly) that Continental has a big jump in profit in Q4 2018 due to the tax cuts. I'm guessing the big jump in Devon Q4 profit was from the same.
Hearing another round of layoffs is currently happening
It was announced publicly yesterday...
https://newsok.com/article/5624899/d...ut-200-for-now
Devon Energy Corp. is cutting loose about 200 of its employees in February and March as it works on plans to either sell or spin off its Canadian and north Texas assets, the company confirmed Tuesday.
Additional layoffs are expected later this year.
Going from 2500 company wide to 1200
Yikes...I don’t follow this industry, are they in trouble?
They recently sold their Canadian Tar Sands. I imagine a lot of those employees will go with the new company.
Did they sell to a local firm?
Dk yet. V unlikely the canada assets get sold locally. It won’t affect okc as much as you think though. They have a regional HQ in Calgary that takes care of that asset. It will either be spun off as a separate company or sold to another company most likely a Canadian producer.
https://www.shutterstock.com/image-p...ower-230986531
From 3-6-2019 Oklahoman: Devon has about 2850 employees companywide and about 1360 in OKC HQ. layoffs are about 200 through March 2019. Some employees are getting the word today.
They have been letting people go at their HQ this entire week.
You’re saying they are going from 2800 to 1200 employees company wide?
That seems unlikely. That would mean they would have less employees than Continental.
Continental is known for being lean. I doubt Devon would be able to run a larger operation with less employees
I could however see them taking the okc head count from 1500 to 1200 just not companywide total
There are currently 1 users browsing this thread. (0 members and 1 guests)
Bookmarks