Spring employee here. I am definitely hearing rumors of a by end of 3rd quarter reduction in force event, something to spark interest with shareholders that something positive is going to happen. With this strategy, and I’ve beeb in this business for a long time, you need to start in the field. Typically for every well tender hand, we need three Corporate Land employees. The best positioned companies are setup this way. Did I mention for every Land person, there needs to be 2 bean counters in three Corporate office. The successful outfits like Chesapeake have always believed in this philosophy. Layoffs should start in the field, period. Good luck.
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Are we buying FS? Is Flywheel going to buy SWN just like it did with FS. With our super low stock price no good hedge poor leadership for 3 years. A clown car of execs who failed elsewhere. Why not. Maybe a VC can Make SWN Great Again!
Question. What are staff doing back in Arkansas. No not BD. ARKANSAS?!?!?!
We have strategic cohorts. That’s got to be worth something, right?
And just what does SWN have to offer that would be compelling enough for Range, Cabot or XTO to invest their capital in? There’s nothing here of strategic value to any other company.
No help from Spring. Y’all in the northeast are on your own! We’re tired of always bailing y’all out on this stuff. RIFS to start in the field, period! We are the corporate office desk jockeys and we’re in high demand!
Anyone from Spring help out. Here in NE will lose via layoffs if a hostile takeover. Anyone know who the “suits” are? Range? Cabot? XTO?
I saw several folks in suits meeting in the lobby this morning. Could this be the discussions on merger or buyout? I haven’t seen suits in a while. They were checking out the entire building. Interesting.
Is this for reals? Merger? Layoffs?
This isn’t easy for anyone. Emotions can run high during these things. Families and livelihoods are at stake. Let’s keep this professional, folks! I think layoffs are in the near term. Seriously.
You IL-6vbx callous cold hearted pig. I got laid off today. Did not say it was a RIF event. My supervisor said more to follow. Hope you end up on the street. As the only bread winner this is not a joke to me!
Did you RIF yourself? Cause there hasn’t been a RIF event. Good try.
Inside source here! "SWN will be merging with Cabot oil and gas, layoffs are a must before the transition at the first of 2020." "We need to show our investors the cuts we have made before we merge, I JUST PUT $100,000 INTO OUR F** STOCK FOR GOD SAKE" This is straight from the horses mouth. Majority will be the dead weight in PA, WV, Spring office.
Relieved. That’s how I feel just now. Was RIF today and no longer at SWN. Good luck to all my SWN friends. I was RIF today cause I had a planned vacation months ago and was going to be off Wednesday thru rest of the week. My supervisor with a sinister grin said more to follow soon. The black cloud is gone.
Final chess pieces (or should I say checkers?) moving into place to execute the RIF event. Is imminent at this point. Sources inside tell me the timing is contingent upon a few other BOD approvals, but will be soon. Hang tight, folks.
I'm about to get wayed off!
Looks like info on RIF event finally coming to take shape. I should know additional details later this afternoon and will post. I figure everyone that tunes into this forum deserves to know the details. You all have families and getting blindsided just isn’t right. Layoffs are no fun.
So if it’s not a rumor, then when is it happening? I need to know! Have family vacations planned using my savings.
Layoffs are not a rumour, they are fact. With 2 rigs running by the end of q3, crews and associated staff will be let go.
That’s great news! I agree. If we can laser focus on these things and solve other hazards in collaboration with our strategic cohorts we will be second to none! With that good news, I think I’ll cut out early today!
@10SRDyIL-2tum It’s a known fact that most downtime in the spring office is due to lack of 3 points of contact on the stairs and unlabeled bad food in the refrigerators. Once we clean those two hazards up then our company will soar.
Given how small our operation is now, do we even need employees in Houston? Why not just close shop in Spring and relocate a few to the northeast and layoff the remaining deadweight? Seems like a legit way to salvage what little we have left.
I haven’t heard much in the front of any other companies moving in. They’d have to comply with our safety policies such as holding the handrails with three arms, and driving no more than 3mph in the parking garage, etc.
Would they have any say so with regards to the menu in the Market?
Would it be plausible to have RIF event in 4Q, right before the Holidays? I was planning to take my grand daughter to Disney World, and it would break her heart to cancel. Any advice is appreciated!
If you think the CEO is going anywhere, then you’re delusional. He and the BOD are thick as thieves and lining their on pockets everyday with zero regard for you or your family. I left a while ago. Still have some stock that is worth less than the TP I just used to flush my breakfast. Good luck in your job search. Be confident in yourself. You can do it!
I don’t know. Seems like the only idea they haven’t tried is ousting the CEO. Layoffs can’t be a viable option. I just don’t have any confidence to find a new job, so it worrries me. Do we have any prospects to move into the other tower?
I’m not gonna say where I’m from, either corporate or field ops. I know they need to spark some interest in this company somehow and wondering if layoffs will do it? Just not sure. I don’t really work hard anymore. It’s just a paycheck, and I was raised to put in an honest days work.
What are everyone’s else suggestions to save this place? Have we run out of ideas? We need real ideas. Not fake news!
Well, I’m still here and I consider myself one of the smartest guys in the room! Thanks though.
The key word in your post is “smarter”. Unfortunately for SWN, most intelligent people at the corporate office have left for greener pastures.
Start in the field? You sound like a paper pushing wishful thinking office jockey. Actually, the closer to the well you are, usually the safer you are.
Duh! You need to maintain production in the field because that is our revenue. Layoffs should always start in the corporate office. Start with a 20-25% RIF on the offices. If you have good people, they you can do more with less. Trust me, there is a lot of fat that needs to be trimmed in the office.
I too am hearing stuff about a near term RIF event. How big or small, I have no idea. I figure I’m safe. Personally, I believe it takes smarter corporate MBA types to get us out of this hole than what our field people have to offer. Generally speaking, of course.
What happened to all the lay-off posts here. There was some good constructive discussion going on? Is it field or corporate that goes first?