Thread regarding Devon Energy Corp. layoffs

@hc CTRA accountant here.
DVN's books have two months of accruals (fancy accounting way of saying guesstimates) at any given time, while legacy CTRA only had one month on the books at a time. CTRA would use the extra week to book actuals instead of keeping a second month of accruals on the books.
CTRA is now booking two months of accruals to align with DVN's closing timeline.
I've been told that Cimarex used to be able to close their books almost a week sooner than CTRA, but CTRA's IT/ ERP choices 4-5 years ago effed that up.

@f3 facts. If we adopt coterra tech we too can spend 20% more to complete and operate wells, not to mention close our books and forecasts a week slower. Devon is taking so many legacy CTRA “innovations” it’s actually insane. Half of it doesn’t hit the mark at all.

@fq You mean the industry leading ChatDVN 3.0 isn't solving all of the IT and AI issues?

Ahhh the dvn playbook, welcome Coterra, you join a long list of companies that did it better, but you can’t make the establishment look bad! They gotta protect they jorbs!

BS! We can’t even get the technology to work in our conference rooms. And when you go to field offices…forget it.

@f3 Is DVN built like an ark? A party boat?
Or is it more like your drunk 50yo uncle's sh---y pontoon boat? You know, the one where he invites you to come hang out and bring some of your friends ("just not too many dudes"). Then he just leers at them all day while getting sh-t faced on Natty Light.

I know for a fact that Coterra gave presentations to several divisions, clearly demonstrating how Devon was missing the mark and how they could improve by implementing some of Coterra's innovations. However, Devon ignored them all, and every single department is going to be run exactly as it was before—with zero innovation or improvement.

Someone must be paying someone off to be even that high.

But you better watch out talking trash about innovation or Mr podcast will get ya!

I'll "Corporate Shill" for $100, Alex.