Unfortunately it’s not ridiculous at all.
Again, my source confirmed today that Midcon and Rockies are essentially a done deal for divestiture. That alone may result in up to 300 cuts.
Then, STX is being actively offered to some of the major creditors, the final swap value will be formulated upon the final agreements with the renegotiated (or failed) midstream contracts. We may have another 200 easy cuts there.
Brazos is tricky, it could have extracted out to recreate a proxi-Wildhorse independent, but nobody seems to be interested in the required further capital investment. It appears it will just be repossesses by the top debtholder and flipped at their own terms. Bye bye another 100+ employees there.
Gulf is dead, with maybe 20 well locations left.
They will have to essentially auction it for peanuts, just like Mid-con, and farewell to another 200+ tormented souls.
If they can pull one of their typical borderline criminal deals, they manage to restructure the residual debt to hold on Appalachia. Essentially a duplicate of Cabot. For which you maybe need 500 top employees...
So, good luck to the next 1,000+ unemployment recipients !
Bumped into a thread from @exx+173nCvUF for important info.