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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I don't get all of angst from everyone. What did you expect? This company is run by a bunch of amateurs. This is par for the course for course for these guys. You should have expected this!
Not hat'in, just say'in....a lot of those folks can go back to consulting or whatever they did in western PA before the Marcellus boom a few years ago. It may not pay as much, but more stable and secure than O&G.
Well you Marcellus haters got your wish. I'm sure that you don't give a sh-- that 100 people could potentially lose their livelihood.
This failure was a foregone conclusion from the moment the malignant deal was struck. Noble will have to remove other bad decision properties and gut all upper and most middle management to survive long term. This closing and sale has little to do with anything except the horrible judgment of purported professionals running the company between 2009-2017 in upper and middle management and on the board who were and are wholly unqualified to lead a manure wagon much less an international publicly traded oil and gas company.
For those that choose to relocate to WV, well expect to take a paycut. This private company won't pay the inflated salaries that Noble paid. Of course the cost of living for the Backwoods of West Virginia will offset those cuts. Some folks at canonsburg are over paid anyway for their services. Back to reality.
The Canonsburg employees might have had a chance for continued employment if the assets had been purchased by a publicly-owned company. But with a private company, located in Podunk, West Virginia, taking over...
My condolences to everyone in the MBU. I have many friends who are impacted by today's announcement.
Many from the early days of Canonsburg remember trying to convince Houston management that the CNX deal was a terrible one, and that the assets were full of defects. Nevertheless, Houston pushed on with an impossible drilling schedule with ridiculous plans to add more and more rigs. Billions of dollars were spent. Wasted.
I don't know what the total writedown on this failed venture will be, but the assets were sold for pennies on the dollar. A catastrophe. This is on Houston, not the employees in Canonsburg.
Houston never listened to your advice or feedback on what you were facing with the obstacles they willfully ignored.
Word is that the new outfit is located in West Virginia. Canonsburg office to be closed down. If picked, then people will need to relocate to West Virginia. If not, severance and unemployment.
Once again Noble management employs its buy high sell low strategy. Brilliant!
What happens to the current employees working the Marcellus?
Checkmate.
Davison was no better in reality. He brought the current bunch in.
I call BS on that last comment.
"Birds of a feather flock together"! DS has gathered a nest of know-nothings. How did the Board allow this to happen?! Davisson would have never have allowed this mess to occur, would he?
Noble only hires competent people by accident. Incompetence cannot discern others' incompetence or misdeeds and in this, management is as sly as a fox.
The most incompetent management team in the oil patch. They thing they do better than anyone other company is lay people off. The have that mastered.,
DS, Cue Ball, and Chrome Dome get big raises and bonuses because they mismanaged existing assets, overpaid for new assets, and and fired a lot of employees. Trifecta? Noble is such great company.
maybe DS and KF (Cue Ball) and GW are dividing up the GAP lady's salary? One thing for sure, the old guys are not worth 2.8 much less a 2.8 raise.
The board and all execs are protecting each other.
Upper management are well known snack bandits, that's for sure.
Have you checked the common share price for this company lately? Noble stock stinks. How does the executive suite keep their jobs? There is more to this than just low oil prices. It's a recognition by Wall Street that this is a poorly managed company. Nobody wants to own Noble stock.
DS got a raise? Anyone associated with the management team past and present should be admonished. Current managers should be fired not rewarded! Maybe DS bonus is based on how many employees he can layoff. If that's the case he should be the highest paid exec of any Fortune 500 company.
Rumors flying about DJ being offered too. Anything substantial to support that?
The way this company is run borders criminal fraud on shareholders.
Meanwhile, the Bored of Defectors gave their boy DS a $2,8 MM RAISE three weeks ago, raising his salary to $10.1MM!
FOR WHAT? ROSETTA DEAL? CLAYTON WILLIAMS DEAL?? SEPARATION AGREEMENT WITH CNX IN MBU (which has more hair on it than an 80s Metal Band!)?
WELL DONE, BRAVE LEADERS!
Interesting info on the data room. Now I see why the higher ups tried to get rid of the records room and physical wellfiles in Denver and Greeley. People stepped up and cried foul on that one!
the 10Q and earnings call on May 1should cover any anticipated sale of a significant asset like the Appalachia BU. CEO and CFO have made a lot of bad deals. But, if the company hangs on, these old guys should be retiring within five years. Will replacements be any better?
They wouldn't. NBL assets are almost entirely in WV.
Most datarooms are now virtual. The seller uploads documents and then gives passwodss to companies that sign a confidentiality agreement. Before the internet, data rooms were usually physical rooms with documents. Sometimes prospective buyers are selected and the audience is limited. Sometimes the datarooms are advertised. PLSX.com shows several public datarooms open for PA assets. But these don't look like NBL assets.
A data room is an Assemblage of any and all pertinent information on a company's assets.
Any entities expressing interest are given access to said information in order to fully assess its value. This information is fully protected, and anyone viewing it must sign a disclaimer that they will not share anything outside their own "inner circle".
How does the "data room get open to prospective buyers"? What are you talking about?
How do you explain the data room opened for prospective buyers, then?
Such things aren't published-invutes go out to selected companies that might be interested.
You Texas and DJ trolls get over yourselves. Marcellus is going nowhere. It's the only cash producing asset in USO Noble owns.
Doubt it, I've never heard of them pork or fork
Is that even a real company?
That's Salt Fork you AH and no we don't want that garbage
I heard salt pork resources was buying noble
when the leaders say things like - "I would sell my wife for the right price" - it reinforces in the employees thoughts that we are just numbers and not really part of a family. Of course they are looking for buyers. They have always been looking for buyers and they always will be looking for buyers.
This entire company should be sold. But nobody would buy them as is. Too many poor assets. Too much debt over all ugly balance sheet. Poor financial performance and outlook. They're doomed.
I call Bull $h1T - there is no way that Noble would abandon such profitable, money contributing, business! No Way!
I think we all knew that it should be sold. Frankly, it should never have been purchased at 5 to 6 times the going price and under bad terms. We hope as many people as possible will have the opportunity to move to Houston, go with the ultimate purchaser or get out at the first opportunity. It is doubtful that severance packages will be good for any let go.