I am in PA and hoping to make the cut.
6 replies (most recent on top)
Whoever is running the show, isn't doing too good! No reason for field offices. If Texas had any smarts, they would sell all assets and field offices, keep a consultant on retainer in each area to work from their home, shut in wells until prices make it profitable to sell again. It's not that hard!! If you ask me, the problem isn't OH and PA but Texas Management. Get direction people!!
Oh yeah you know everything in Texas that's funny. Again you are why we are titan now. The only good part is your field knowledge.
Why do we need a group in Ohio and a group in Pittsburg and Fort Worth and philly? Move it all to Fort Worth. Cheaper to operate corporate here. Just keep well tenders in pa and oh and do the rest in Texas.
Get out if you can. It doesn't look good for Titan energy to survive long unless oil and gas prices go up quickly. First debt payment is next May. So unless there is a major asset sale or revenue from higher prices, then this new entity will fail quickly.
It looks like more layoffs will happen. Too many offices. Need to centralize corporate folks in one office and just have the bare minimum field folks. Still too much overhead. VPs and Managers should be let go as much as possible.
If I were running the "new company" I would centralize my staff. Aside from a few field offices, there is not a need to have a group in Philly, a group in PA, and a group in Texas. It creates chaos and no wonder Atlas got in the position they did. The New York group can remain, quite frankly all they do is write checks.
I hope you make it but I wouldn't buy anything big.