What in the world happened to the two EVP’s of upstream? After all the merger planning, they picked these 2 and then so soon after the merger they both had to be abruptly fired? This is highly unusual. What happened?
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@da You do realize those Permian director jobs are bigger than most VP jobs in the company? You want to give them 2x the responsibility and pay the Permian production person the same as the PRB or Midcon production person?
@1ds they had to pay every person that went to Houston a years plus salary in a bonus just to get anyone to go, and 85% of people still elected to not go. Nobody wanted Houston and that’s why so many departments are staying in Okc.
@18b will be next to impossible to be acquired in two years unless the acquiring company is full of id--ts and DVN literally divest everything outside of Permian before that. 5-10 maybe so.
@17f Dream on for thos ethinking DVN will be in OKC long term. In fact, the whole company will be acquired in less than 2-3 years at most. Enjoy the red dirt and tornadoes.
@14d it will be interesting. They sold it to us as all the big dogs have a space in Houston, but after the dust settled it was clear that whomever held the power in the groups chose the location. Even marketing remained in Okc even though that’s the main reason we were told they moved to Houston. Behind closed doors the execs didn’t want to jump ship quite so quickly so they basically gave an ultimatum. Relationships built on ultimatums without massive results are quickly broken. It’ll be interesting to see what’s left of L Coterra execs in 2-4 years.
You also can’t say how much money you’re saving while simultaneously wasting money on subpar office space that could be relocated to an owned asset large enough and secure enough to house everyone.
@143 Agreed. They have already sublett one floor in HTX, and I heard 8 will be leased in a month or two. Which leaves 10 as the only remaining floor not connected via the kitchen stairs, but I'm sure that will get sublet in a few months as well- they are consolidating floors before departments get laid off. So either they are thinking long term, and looking to move to a new, larger facility in HTX. Or they are just minimizing the footprint to floors 11-14, and eventually moving nearly all of the back office to OKC.
FWIW, DVN owns the OKC tower, and it will be damn near impossible to get rid of that $1B chunk of real estate.
@13n they quite literally don’t have room for the few people they’ve asked to come, that’s why so much that falls under Shane is staying in Okc. Tom is going to be out after the billion in savings and the second divesture, not long after that Shane will “find work elsewhere” leaving the majority of operations to continue in Okc where cost are inevitably easier to cut. Think about it 80% of finance is in Okc, marketing is in Okc, as well as the majority of other major departments. The HQ will probably remain in Houston but it’s going to be hollowed out over time.
They will consolidate everyone to Houston within 4 years. JR was the one of the biggest proponents of keeping people in okc. He’s gone. OKC will be gone….eventually.
@bh you are definitely legacy Coterra lol. Get ready to actually work.
@dg managers/directors for each of the three phases. O / G / W
That’s pretty funny. What a clown show.
@da Too funny . . . . I heard there are so many Supervisors, Managers, Directors and VP's there's no one to do the actual work. Even have Directors and Managers for each of the three streams . . . oil, gas and H2O . . . . hilarious.
@ct Dou--ecanoe. Haven't heard that one in a while. Thanks for the chuckle on this rainy Saturday afternoon.
@OP JR made everyone a director on his way out. Nothing says “well-run organization” like everyone being a director or manager. The titles are now meaningless—just like the added G&A that comes with them. Truly a clown show.
@c8 You mean a personal reason like the sudden realization that Clay is a giant dou--ecanoe?
It’s not a loss, either of them.
@c3 you realize there could be (and are) personal reasons you might decide not to move for months after a deal happens. There’s always more to the story but in this case the location change no longer worked. An unfortunate loss for Devon.
So they went through a multi-month integration and detailed negotiations about the structure of the new company and who would take each role. Every MGMT team decision was a competition between multiple parties about who was best for the job and who would come from each company. And you're telling me it was not known to JR that he would have to relocate? That seems either wildly unrealistic, or incredibly poor management. To have such a huge MGMT team shakeup so soon looks like amateur hour for CG and TJ.
It is also highly odd that both positions were effectively changed on the same day with zero transition. There has to be something more to the story here.
Glad to be rid of him. He can take his bias and vendettas against companies and go be toxic elsewhere.
JR not fired. Left for various reasons, one being family not moving. No idea on MS.