Big changes today, moving management to OKC?
29 replies (most recent on top)
@15w did that many wpx people actually come over? I don’t remember that many. We had a handful that remote worked from Tulsa for a few years.
How many wpx are still in acctg? Is it all legacy Dvn??
@118 it’s about the same as this merger. Half the seats retained are legacy Coterra. You’re leaving out a lot of legacy Dvn execs there.
@10h they’re not going single play, never going to happen. From Clays lips “I had to make the ctra deal or else we would be on the chopping block in two years”. Why would he make a deal to seemingly save the company and put up huge numbers just to dismember it and sale it a literal year later? Again you don’t know what you’re talking about because you don’t actually know these people.
@147 you’re calling Clay business savvy and innovative? He’s all that’s really left so you must be.
That’s correct, dvn brain drain happened annually with the rolling layoffs, so the legacy wpx folks left comprise the only remaining innovative and business savvy individuals.
@10w Never worked for WPX, DVN or CTRA . . . just what I was told since Muncrief, Gaspar, Cameron, Hicks, Helman, Westler, Hinson all WPX.
@10r tell me you worked for WPX without telling me you worked for WPX.
@qw From what I hear from insiders at DVN and in the industry, the real braintrust of the combined entity mostly came from WPX and NOT DVN or CTRA? Is this true?
@x1 Again I stated YE 2027. By then CG can divest everything but Delaware (of course) and Bakken. Once this happens, look for COP, CVX, XOM, FANG or EOG to take them out just for the Delaware. Chevron didn't want the second tier at best EF acreage. If anyone would have "wanted" it would have been EOG or COP.
@wv You do understand that most departments haven't even merged yet and are still operating completely separate. There is zero chance that anyone would even look into acquiring DVN at year end. I could see EOY 2028, but it would be impossible to receive the best potential value in 2027. Whose buying it? Chevron even passed on Eagle Ford.
@rd Quite the misnomer . . . .
@k7 I stated YE 2027 . . . . . . . that's 16 months away
@vh sounds like a track record of poor executive leadership. Like I said a handful of c suite are going to “resign” in the next few years.
@v1 lol you must be so far removed from any level of importance I’m not sure why you bother commenting on something you don’t know about.
@tv In all fairness, CTRA had to essentially hire an entirely new accounting department- COG's accounting was completely different than XEC, and only a few XEC people came down here. Plus, it didn't help that COG IT said Oracle could handle XEC's assets. There's a reason no one in O&G uses Oracle- it's an awful ERP with limited functionality. So you have 50+ new people using a sh---y ERP; not a recipe for success.
@tv 😂😂😂😂😂😂Coteera saved Devon… as you see investors are still calling to get the dumpster fire called Devon sold
@rd have you seen your CHR? 17 years in and started as a school teacher, good thing her families rich I guess. You’ve got a CFO that was at 6 companies in ten years bankrupting half. A law team that was only outside consulting counsel. Like can you guys hire talent or do you constantly outsource it? Endless departments with managers that have no reports and maybe 1-2 years in the area they manage. In a city of 3 million how are yall scraping the bottom? Must also be why your entire accounting department was let go. Face it Coterra was quite literally only a means to get a bigger market cap than Diamondback, you posed absolutely no goin other than the assets you’ve purchased. Y’all were going out of business this year or next, Tom just wanted to be in control a little longer before investors booted him out.
@qw “talent in okc”
@ee ya Shane bankrupted half his companies and is lucky to have even been at a 20B company. He’s just not 60B caliber. Board is going to do some house cleaning once Tom is gone. Tom is basically the reason they had to sell and Shane’s poor management is just not how large companies operate anymore. They’re out and Clay wants to be the hero. If it was so important to be in Houston marketing would’ve went. Instead we have the majority of the talent in Okc even in the finance branch. It’s just a matter of time.
@OP is anyone in here actually higher than a contributor level? Does anyone actually work around the executives and see the contempt they have for one another?
@eg impossible to be acquired by 2027. I’m assuming you don’t even work at dvn
@ee Gaspar will never move back to OKC . . . he knows the action and almost everybody who is significant is in Houston. Plus, DVN won't even be around in 2032. By YE 2027, DVN will have been acquired.
@dd three memorial lease is up around 2032. By then Tom will be gone and as soon as Tom is gone Shane’s gonna be booted. Reasonable chance if Houston doesn’t pay for itself by then hq will be moving back to Okc to cut cost.
The Coterra purge has begun!!
A wise man once said, "what you allow is what will continue." Apparently the Midland office is not continuing to be allowed?
Well, it seems like we are continuing to bleed the good talent out of the organization. Expect this to continue over the next year or so, particularly when Coterra LTI’s start to vest. The org has will only settle when we start winning.
@av
Tell me more, tell me more
Like does he have a car?
Uh huh (doo doo)
Uh huh (doo doo)
What’s up? Can you explain more?