Lots of talk of layoffs happening next month. Has anyone heard of what departments will be cut?
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There are many incompetent people working at Noble. It was surprising to me because I came from a place with true professionals who were valued by management. I knew right away I had made a huge mistake by coming to Noble and I wished I never did. Noble does not value experience. I am not sure what they do value but it was easy to see people who were promoted at Noble were the one's who kissed up. It shows why they are doing so poorly in comparison to their peer group. Anadarko is kicking their A** in the DJ Basin (Wattenberg). Even after layoffs most of those people are still working at Noble while experienced professionals were let go because they make too much money. This company is doomed in my opinion.
used to work for the S. texas Operations director and am very surprised he has a job a Noble, ask him any technical question on drilling and he can't answer, he knows nothing about economics or management. he uses every opportunity to bilk the company for his own benefit. very surprising for a guy who barely passed and got an engineering degree at UT and had to go work for a coffee shop, he hired on with Schlumberger when the industry was booming and they would take anyone with a pulse. He was a field gopher and a friend got him into COP where he was an drilling intern. moved over to Rosetta and was friends with the execs and got promoted up because of it. So basically he as just a couple of years of relevant experience. The Eagle Ford assets are doomed under this guy
Dude! The time to sell Noble stock was a year ago when it was clear oil was on an extended downward track and before Noble management devalued the stock further with the new share offering and the Rosetta acquisition. This character from Rosetta may be bilking the company but its small time compared to what the senior management has done. Just consider how they've run the exploration program. Nicaragua, a brilliant dry hole. The Falkland and Cameroon wells, both will be costly dusters. Israel? Great, but they had no competitors and what is the true value given the national politics and competition from Egypt? Was it prudent to waste valuable equity and credit buying a failing West Texas unconventional player when every market indicator said this downturn hadn't bottomed yet and would likely last for an extended period? Did these brilliant "don't get lost in the weeds" executives think of these things? No. They were too busy stroking their egos, building their costly land empire along with an associated trophy office complex and padding their own paychecks. Who do you think pays for this management teams narcissistic and myopic vision? The employees and stock holders thats who. If you're an employee get ready for more layoffs. If you're also a stock holder then shame on you for putting all your eggs in one grossly unreliable basket.
The director of South Texas Operations at Noble that came from Rosetta spent most of his time at Rosetta using his position to get vendors to fund his personal "so called charity" crawfish boil which was an annual personal party of his. He got in good with the top execs so it was overlooked. Now that he has a bigger company name behind him, god knows what kind of favors he will expect. There will be a big scandal in the industry involving this guy. You wait and see. Ask any Rosetta employee and you can verify this Audit and watch that guy heavily.
The current drilling in Falkland Island is awful and loop hole, more than 50% down time and the spending is double of the original AFE. I guess would be more than $300 million for one well. This will dry Noble's limited cash flow faster.
How close was Ardmore to the oil patch? Hmmm....
Rosetta employees are not safe. Per terms of the merger agreement they are protected meaning that if they were to get layed off in the next 2 years they are required to be payed the severance that the other Rosetta employees were entitled to. So it might be more expensive to get rid of them but they can be let go.
You are wrong when you say low performing office staff got let go already. Open your eyes you have no clue what you are talking about. Noble is already suffering greatly with the loss of the Ardmore office. Those people knew exactly what needed to be done and took care of business. Except for a supervisor or two who still have jobs for unknown reasons.
Should start with HR employees who gossip all day. These people should work real jobs. And definitely don't need four directors who added together don't do as much work as one full time employee in the businesses. Yeah but directors and execs are safe at Noble.
Senior employees who made too much money got it last time. Especially in land. The great thing about Noble is all of the young people they bring, ask you to train them, and then lay you off because your salary is too high. You get to train your replacements! What a top notch company!
The closer your job is to a producing well head the better off you will be. Engineers, many contractors and low performing office staff got the ax last time.
And the only that are safe are the Rosetta employees?? Sad.