What @HlF61AU-exlf said.
24 replies (most recent on top)
Let's cut to the chase... Noble sucks as an organization. They are below average in most everything they do. We all know it.
Talking out of your asswhile just moving along... That's not easy to do!
I just love people who talk out of their ass Just move along.
did an unannounced appraisal completion happen at Katmai? If reserves have not been increased, then there should not be "more at Katmai than at Gunflint." Shallower water and lower costs from service providers could make Katmai more economic than Gunflint. But, even with lower vendor costs, can Noble and Ridgewood pony up 100% of appraisal and development or will they need to bring in somebody with money?
I don't think the "goodwill" write down included Carmen/Diega or Carla. The current quarterly report listed outstanding capitalized well costs for these projects as $235 and $180 million respectively, total of $415 million Noble share! Both were much touted when drilled yet neither of these fields were brought on stream when oil was at $100 a barrel. That fact suggests they were not deemed economic and if they weren't economic then how can they possibly be economic with prices in the $40's? Therefore there is a high probability these wells will be written off at a future date. So... in light of this managements past history of over hype, when it comes to success at Katmai many of us will only believe it's a success when it comes on stream. It's relatively easy to log pay, making money off it is something else entirely.
Griping is the result of this management's incompetence. Their incompetence makes the company unstable. People understand that in an unstable company it doesn't matter how good an employee you are, no one's job is secure. Cause and effect. Eliminate the cause and the griping will end.
There's more at Katmai than Gunflint. Hardly call that marginal. Be happy you have a job to gripe about.
They already gave taken "good folks" down with them! Noble has clearly lost their way. Once a really good company to work for now just another another company swirling the drain.
Noble is the best at the shell game. Look at the Feb year end report for 2015. $779 million write down for Goodwill????. Must be Susan's pipe dream Carmen/Diega or a dozen other down the drain GAP breakthrough ideas. As for the next GOM well, Katmai!?!?!?!?!
Another duster or a marginal well at best. NO other wells on the horizon. A string of dry holes 1-Falklands, 1-Nicaragua, 3-Cameroon, 2-GOM. 8 wells drilled in the last 3 years, 1 came in, 7 dry holes.
Can't unitize EG/Cameroon. The latest from Israel is a gas deal that the government can change whenever they see fit. Time to house clean from the top down to Sr. managers. Noble is slowly drying up. Too bad they will take some good folks down with them.
Trying to find ignorant accountants with no prior knowledge of past problems.
Why do they still post jobs on their Web Site. Is this just for show? If so, stop wasting everyone's time applying.
Keep in mind Noble sucks. It's below average outfit.
Yes, the layoff is coming, Just sit back and watch.
It's coming, just sit back and watch.
When referring to Noble wells descriptions such as "isn't dry" and "isn't profitable" are't mutually exclusive. I've lost count of all the times Noble claimed pay in a well and later dropped the acreage or in some other way failed to bring the "discovery" on stream. Bragging is easy, delivering on it is something else entirely. Put another way: show me the money.
The hole in the GOM isn't dry
Are they looking to sell Appalachia fields?
Noble is not going to be acquired, not until they spin off the Israeli assets anyway. The Israeli holdings are a poison pill for most larger oil companies. Selling off assets to keep the lights on and the debt under control is what they are doing. The Cyprus sale to BG and the recent DJ sale to Synergy Resources are two examples. Basically they are carving meat off the bone to stay alive. Expect that to continue until oil prices rise enough to cover the costs. Run out of assets other people want to buy and bankruptcy becomes a possibility.
But aren't they still having to borrow money to pay personnel and day-to-day operations?
No. If things got too desperate they might get acquired. Sell assets, etc. Even though they are poorly managed they have enough cash to ride it out for the foreseeable future.
Is there a possibility that noble will declare bankruptcy?
Noble is bleeding cash faster than they can bring it in.
NOBODY is touching their Israel properties, especially since ENI will be bringing Egypt gas online LONG before Noble can. Next GOM dry hole on the way, NO international drilling to distract the market with empty promises and Rosetta assets the ONLY thing adding to our reserve base.
OH YA, Noble is going down.
I am desperate to leave Noble and find another job before this happens
Yes, it certainly feels like it in Canonsburg.