Proxy statement summary

Any one else read the SEC filings? I’m just a lowly engineer, but my take aways were:

Noble was fine near term, but didn’t see itself finding economical reserves past 5-10 years
credit rating was in jeopardy of being down graded, see previous point.
they didn’t see TX as ever being very financially Successful
the E Med and CO assets have significant political risks (and was where all the money was)

6 replies (most recent on top)

Remember the first layoff about five years ago? DJ area was 400-500MM underwater even then but still a rosy picture and story about the great future.

so the quarterly phone calls telling a rosy financial story were all LIES and Noble could not have a future because of debt burden? BOD and Exec management should repay every dollar they took for last 10 years.

More nuggets:

Noble talked to 10 companies total, including deals for sale, merger, and acquisition
the other majors wouldn’t offer any type of premium
it is most optimistic scenarios, the Noble board thought it had 5-10 years of cost effective reserves.(yikes!)
significant exploration was going to be needed, which they didn’t think they could fund
they started preparing for some sort of merger/acquisition last year (hello 2019 re-orgs). Conversations with chevron pre-dates Covid.
they cite chevron’s dividend as the primary driver, seemingly acknowledging the stock price wasn’t going to recover.

"Another bad management decision that cost us the company" AND made dave very rich in retirement. Incompetence rewarded.

It’s astonishing that they basically said “we can never really make money with Texas - oops, sorry”.

And

“We don’t really have any economically viable prospects for 5 years from now.” Wyoming was always a farce. There is a reason there are 0 rigs there currently.

Texas assets made money for a quarter. Another bad management decision that cost us the company

Thread regarding Noble Energy Inc. layoffs

Proxy statement summary

6 replies (most recent on top)

Post a reply