As we begin to get rid of our non-core less profitable assets going forward such as SJBU, etc., closing down Bartlesville will come into play. We will centralize all corporate services including engineering in Houston. Everyone will fit fine in to EC4 and EC3 with old corporate center being sold.
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It is looking more and more like Bartlesville will be closed I'd SJBU sells. SJBU is huge and operates over half the wells the company owns world wide. When SJBU sells over half of remaining Bartlesville staff will not be needed. I am sure we will go through restructuring with Bartlesville being closed and those tasks moving to Houston.
Shut it down leave the buildings empty. Who cares?
If we can spend 350 million to get out of a deep water drilling contract we won't have any problem letting those buildings go or we could give them to Phillips 66 if they wanted them or doubt it. Probably just perform maintenance on them for a few years and then give them to some charity.
"...and will no longer support Bartlesville operations"
You obviously have no idea how or where the company operates. Your forethought is untrustworthy.
Who would buy those buildings? Who has a need to set up a business in BVO? It would be a tough sell. Maybe they could be converted to hotels for all the tourists coming to see the barber chair in the museum followed by the buffalo at Woolaroc?
We were talking about after the sale the company will reorganize and will no longer support Bartlesville operations.
There is nothing to sell! Bartlesville is nothing. Bartlesville is nothing more than a bunch of old buildings and a bunch of old people. There is nothing to sell.
Succinct and to the point, @Mngr3j2-1iec. God I sure hope i work for you. (Pretty sure I don't).
Gas assets are probably as high as they are going to be in the very long range future. Most gas assets have already begun to decrease in profitability and value because of over supply which is predicted to continue and worsen for a very long time. Mature gas assets face failing tubulars due to corrosion, increased water handling, scaling problems, depletion, and wellbore abandonment, all of which reduce profit and increase liability. The first half of the life of a gas asset is much easier and highly profitable the second half is less and less profitable with more activity and expense required with much of the booked reserves never produced. We will sell our mature assets for fare value as soon as we can if we can find companies willing to assume the risk. Remember to keep in mind that the price these assets sale for also reflects the percentage of booked reserves that will not be produced because of the problems listed above.
To reiterate what was said below, SJBU actually makes money. COP management is making the exact wrong decision by trying to repair the balance sheet while in a downturn. The time to repair the balance sheet is when times are good. When times are bad, they are bad for everyone, so that is when you buy assets at distressed prices. Wall Street will hammer you no matter what, because everyone is getting hammered no matter how fiscally conservative they are acting in the downturn. When the market snaps back, and it will, that is when you payoff your credit lines. COP is selling a money making asset and then using the funds to pay down debt. Then when times are good they will have to borrow more money to buy inflated assets that they could have bought for half the price. But hey, it is safe to do and Wall Street will approve so that is what a COP leader will do. He will lead by following.
They still just don't get it. After asset disposition will be reorganization and no more Bartlesville.
SJBU is one area that does make money fool !
Step back and be realistic, COP as we know it now probably won't exist in another 2 years , Bartlesville, Houston won't exist as far as COP is concern.....the poster might consider a year or two as a Wal-Mart cashier to get the real feel for the future
.....As if she is high up enough to include herself in '.....we will close...'
Those who really are high up and in -the-know don't care about this site or they are smart enough to know better than post confidential company moves on a public site.
Fear seems to be causing those who know they are of no value (at any age) to post venomous remarks to 'get rid' of others in hopes that they will be kept or spared.
If it is so bad, and you are of true value, just quit and go somewhere that you can show your value. Stop whining about other people, offices, venues, and how much other people make.
LOL, she's turned into a fortune teller now.