So word is most Noble employees working on the field level are safe IF this merger happens. At least for a year. Then they’ll probably end up selling most of the assets in Texas. Opinions? Anyone heard anything?
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There was an asset list defined with "keep this/sell that" established before the first move was even made.
Personnel working field assets that get sold will be completely at the hands of whomever buys them. Personnel working field assets that are retained will be compared against the existing Chevron employees with matching skill sets, keeping in mind that Chevron has a rather large talent pool of technician/operator level employees that are already needing placement in field positions, and yes Chevron employees will receive preference.
No official insight here, but the year seems about right - gives them a chance to evaluate what they have against the market. I do see lots of speculation about flipping assets - including an interesting play of them actually flipping the E med assets that actually made some sense. But I think the reality is the landscape is so uncertain right now plans have to be provisional at best. Everyone assumes a flip, but who is buying shale? Only majors are gonna have financing, and why would they wanna buy assets they can’t cash flow from immediately? They’re not gonna but unless it’s a fire sale (because there are gonna be a lot of those to compete with). In the near term the production has to be worth more than flipping it for nothing.
Everything we knew about shales deals changed. The days of quick flips are behind us IMO - at least for the next 1-2 years.