This might be old news, but just in case, I recently found out that all the Appalachia assets are up for sale, including the wells. They are actively being shopped around.
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So much hate. Relax your sphincter, bro.
Stay there we don't need any d---beats down here.
Nobody is coming to Canonsburg. The Marcellus folks in canonsburg are toast! Office closing down. If y'all don't give us an opportunity in Houston or elsewhere, then we have an outside shot of getting a job with the new outfit in Parkersburg, WV.
It's 2 hours away and I will have to move closer and most likely have to take a paycut. Otherwise, I take the severance and hang my shingle out for a new job.
I don't blame Noble. It's not personal. It's just business and they are not the only company here in the Marcellus/Utica play to sell their asset. Just bad luck for me.
How many Marcellus people are coming to Canonsburg? I hope this stupid company doesn't transfer a bunch of people down here and then can them, but that seems like something this stupid company would do.
No worries, $5 billion in capex over 3 yrs and the onshore volumes will be right back up to pre-MBU sale levels......
Based on SEC filings MBU sale deleted 55% of Noble US gas production (30% in boe). Similar numbers gone from the reserve base. Sale will have interesting effect on cash flow and borrowing base. Meanwhile US onshore oil production fell 3.85% from 2016 to 2017. Since MBU produces hardly any oil the decline is attributable to the DJ and West Texas. So much for management hype about the virtues of those basins and improved drilling and completion techniques. The only thing that will save this bunch is a return to higher prices.
Those flunkies better hope Noble keeps them, they won't make it anywhere else.
Canonsburg workers of Noble Energy, DELETE! DELETE! DELETE!
If I had a dime for every noble energy Appalachia flunky that I would hire to a new company, then I would have ZERO dimes!
Appalachia Flunky Monkees! All of them. HR, Land, Drilling, Completions, EHS&R. It's sad, but true.
Like someone else said, Noble hires excellence by accident but dump them as soon as they find out because they don't wNt questions. There might be a few good ones hiding their lights under baskets to deflect attention but I hope they don't forget what they know or get lazy.
Yeah you are right man Appalachian Basin is not profitable..... unless you're antero, range, rice, eqt, Gulfport, etc... problem was the people noble put in place are incompetent, top to bottom.
The “lazy know it all flunkies” are in the executive suite. They’re the ones with “attitudes and egos”. Who do you thing made the brilliant decision to buy into the Marcellus in the first place? Lazy and arrogant they failed to do their homework and jumped all over an unprofitable area. Why? Because it was the over hyped analyst recommendation of the day. That little mistake cost the company over $2.4 billion. Sound familiar? They keep repeating the same “follow the analyst hype” strategy. Now it’s the Eagle Ford and Permian. All that oil is allegedly ”profitable”. Funny thing though, they quote the production in boe. Why? Cause there’s a lot of gas and gas liquids coming out of those two basins and they don’t want people to know that. A boe of gas/gas liquids is worth a heck of a lot less than a bo. West Texas is another ticking bomb. The only difference is the burn rate is a little slower.
Noble did what they did because they NEEDED the money and had nothing else they could sell .
The biggest mistake made was hiring all the lazy know it all flunkies, you all had attitudes and egos. In actuality you guys sat around and didn't preform on any level, that's why Noble did what they had to... Look at all the group's from land, HR, drilling & production a bunch of know it all's. Then it turned in to the good ole boy system, hey we both worked at (insert company name) you got the job... and that's why Noble had to do what they did.
We hear you Appalachia on the issue of being told what to do. Every group, EVERY group is the same. It's a top down company where facts are irrelevant. They hire lots of smart people and then disregard their experience and ideas. We're all essentially window dressing to managements private agenda. You simply can't succeed in an environment like that.
Stand down on Appalachia being flunkies. We did whatever we were asked to do. With no real job opportunities out there in the last couple of years, were we supposed to resign and hurt our families to make you hate mongerers happy? Would you have? No. So stand down and stop maligning our names.
Appalachia is full of flunkies from other companies in the region. Haha, nailed it!
Yeah, you're right. Noble set the rules and they decided they don't owe you anything. That said, employees don't owe Noble anything either. It's quid pro quo or in this case no loyalty begets no loyalty. So, go ahead and lol until you turn blue for all we care. But remember this: the rules also apply to every business unit not just MBU and the people working in MBU, just like every other business unit, were only doing the job they were told to do. They didn't make the failed multi billion dollar decision to invest in the Marcellus, that was done by senior management in Houston. Those execs weren't fired for their costly mistake, they're still in place, free to continue driving this company into a ditch. Laugh while you can. You're next.
Noble doesn't owe you any more than they've provided you... You all got paid very well to do absolutely nothing the past year. Appalachia was full of flunkies from other companies in the region, from top to bottom. Sounds like headquarters is changing and headed south lol
Buy high, sell low. Ruin people's lives. Great strategy.
Wow, the more I hear about this sale, the more horrified I am by the actions of Noble. Any company that treats its employees the way Noble does is destined for failure.
Not sure how the Alamo was brought up, but if you die for a country like Texas, you are counted as Texan regardless of where you came from. On the layoff matter, I agree with a couple of the posts. Noble hired a very few good people totally by accident and most, but not all, have been let go. Give management time, and they will weed out all competence for good. Management cannot afford to have anyone on staff who knows the their job or difference between good deals, good title, profitability, or efficiency and pure idiocy, incompetence, greed, and arrogance in this company.
Yes, Noble hired some good people by accident and management has been laying them off as fast as they can. Why? Because they make the managers look bad. So if you s#%k at your job or you are already a manager you're probably ok. If not, you're toast. Oh, as for the martyrs of the Alamo, hardly any were actually from Texas. Most, that is nearly all, came from other places (like Tennessee, the New England states, foreign countries, etc). In a way they were kinda like the oil industry staff. Lots of people from other places, brought to Texas with over stated promises and sacrificed to feed the ambitions of incompetent leaders.
As has been said here before, Noble hired good people by accident. It was and is their intention to hire yes men who dont know enough or care enough to do a good job. And that is in every state and in every department.
If you work for Noble Energy, in any location or capacity, you don't really know all that much about oil and gas. Based on their results that is obvious.
So, MBU assets were sold in the first quarter for about 1/3 of the book value. Does that mean the value of these assets was overstated in the 10K? Looks like it, but Cue Ball is never wrong, right?
Agreed... not only does Noble s--- but who would want to go to Houston? What massive cesspool. No thank you!
Not being invited to Houston would be the best thing that could happen to him/her. Who would want to continue to work at Noble? Are you kidding me?!
That comment about the Alamo was nasty, shows ignorance, and is void of respect. Texas lost that battle but we won the war and were a sovereign nation afterwards. Shush, look, listen, and smarten up. And we still know more about oil and gas than y'all do and always will. Few, if any, of Canonsburg will be invited to Houston. That says a lot.
Typical of Texas to NOT listen to the Yankees with boots on the ground and more familiar with the lay of the land. Texas always knows better. Yeah, right. They got their butts kicked by the Mexicans at the Alamo!
Noble had no idea what it was getting into when it made a multi-billion dollar investment in Appalachia. Not a clue.
Then Noble thought they could quickly hire local talent to hit the ground running and swiftly build up to more than a dozen drilling rigs running constantly.
They had no realization of how difficult the terrain is and how expensive building a location in the mountains is.
They had no idea that you couldn't even build locations during many months because of a protected bat species.
They had no concept that CNX had sold them horrible leases with defective title and without any provisions that would allow horizontal drilling across leaselines.
They wouldn't listen to the Canonsburg employees that told Houston that it was a pile of sh--, and it would take months and millions of dollars to assemble everything for a single drilling pad for multiple wells spanning a unit of perhaps 1000 acres or more.
Canonsburg brought a more than one extremely attractive acquisition opportunity to Houston on a golden platter. At least one could have dramatically changed the direction of the MBU. Houston blew every opportunity for an acquisition with absolutely incompetent analysis and absurd offers with ridiculous conditions.
The fact is that in order to succeed at all, the Canonsburg employees had to be far more competent than those demanding the impossible from their towers in Houston.
Surprise. It didn't work out.
Now it's time to jettison all the Canonsburg employees who know the real story and who made the mistakes.
High Fives all around in Houston. They lost billions on the Marcellus investment, gave away 1.5 TCF of reserves, and don't have to talk about it anymore.
Noble is jockeying to attract a takeover since all management could retire if they so chose.
It's an uncomfortable feeling to wAtch people leave this company and see positions reshuffled internally instead of hiring replacements. That in itself should tell people that Noble isn't planning for growth and there's very little investment in employees.
100+ people sitting around in canonsburg for 2 years when nothing was being drilled? That office should have been reduced to about 10 people and a field office staff. They have been working on borrowed time. Hopefully the new company will take them all. How far is this company that bought them from canonsburg? Might just have to commute a little further
Any of you who thought you would be treated specially (because you "stayed" with the company) in regards to severance are just kidding yourself. Take your 12 weeks just like everyone else who has been laid-off by this crap company. This has been the most mis- managed company in this industry.
Let's be honest. Just about everyone at Noble is a "warm body". Including and especially their executive suite. It's no wonder they are average to below average in just about every measurable financial variable. It's just the truth.,
It's easy for you to make such a statement while being anonymous, but I doubt you have the balls to say that to anyones face. One Canonsburg employee is worth 10 times more than anything you could ever bring to the table you worthless sack of sht.
Let's be honest, the majority of the canonsburg people couldn't make the cut with a real operator. They got hired on when noble needed warm bodies and were well compensated for just that. But for those of us that have worked with those people, their management and team work skills are awful. Not all, but most. The managers were very insecure due to their lack of knowledge and it showed.
Yeah, I don't understand why anyone in Canonsburg stayed there. Any job is better than working for Noble, especially Noble in Appalachia. Whatever your next step is, it may not pay as well, but just remember it can't get worse!