Could someone let me know when they decide to auction off all of those fancy LED Christmas lights? I could use some this holiday season. Where are they hiding them them at, with AKM's ghost in one of the empty basements? Maybe they should send them as a parting gift for the people who won't be getting a severance package when the doors close.
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They are all at the landscaping company that Aubrey co-owned. When Doug came in he fired them and hired a low cost landscape company.
Remember when we had over 75 VPs, 15 senior VPs and about 15 Executive Vice Presidents (all paid higher salaries than the Devon CEO). Don’t talk to me about bloat.
Very well said. What u talk about are all things the company can control if it chooses.
Issue is all the bloat at the top that are not creating value. They don’t understand the business or the company from beginning to end. If they did you would know all the process/project mgrs need to go (contract it when needed), understand what it takes to operate and manage the wells from an overhead perspective and know how to leverage efficiencies. They understand the economics of the wells but not the economics of the overhead. Much smaller companies out there now drilling less and bringing in more profit due to limited overhead. Too afraid to make the real decisions - align overhead costs/salaries with this new reality. Huge IT, legal and other overhead s—ing the value right away. Spoiled teams that have to have all the toys and expensive ideas is just value flushed. Analyze your business down to what you must have and get rid of the rest. Any manager not delivering more for less hits the pavement. Base bonus on $$’s saved and coming in under budget but exceeding production. Desk audit everyone at HQ and determine the baseline for field overhead. BU’s that come in with production and low cost win. The others learn from the top. Numbers don’t lie don’t don’t allow excuses. Bloated HQ needs someone with the guts to fix it. They have cut some people but never re-examined the operation. Same bloated overhead for a little improved production but much lower prices and heavy debt load. Goal for entire company down to the last shop hand should be to reduce overhead and debt. Starts at the top.
WASTED CHK $$s that has added zero to the shareholders = SennDelaney Culture.- Millions. LETsanchez gossip mongering - Millions. SAP - Millions. Boondoggle trips by all the EC and other assorted VPs on the private jets (hundreds of trips like whiskey tasting to Microsoft visits) - Millions. Legal settlements (they don’t win cases they always settle in cash - Millions. And - the list could go on and on and on and on Shameful for a company that needs every damn dollar to survive.
If you think the all in cost of the SAP implementation was only approaching the "tens of millions", surely you are only considering the first six months.
Don't forget about the several million dollars, probably in the tens of millions, for SAP. Maybe it did help reduce the number of systems and people needed to manage them. I doubt that anyone would say, "If it wasn't for the whole multiyear SAP project, the company would be in worse shape."
Our balance sheet has only deteriorated under team Anadarko. We have had something like $10B in asset sales since Doug took the helm, and what has that accomplished? Nothing. Still $9B in debt, a penny stock price, and a shrinking asset base to the point where we are running out of economic wells to drill.
Yes, we were in a tough spot as commodity prices started to fall, but the last 6 years have been completely mismanaged. How much money (and time) was spent on the “4dx habits of highly effective cheese unfreezing lean six sigma”? How much money did Carnrite siphon off?
Don’t forget to fill out your goals though! How were you honest this year? How did you have integrity for the shareholder? What a joke.
We sure could use that money he syphoned though. For the record he was an awful CEO. Look at the resume of businesses, ventures and investments. And don’t throw the Thunder in there, he had very little to do with that apart from securing outrageous sponsorship. Remember when you would see AEP everywhere in that arena? Strange that they went under too. And by under I don’t mean down under. Was so funny hearing the AEP followers claiming “by this time next year we will be drilling in the outback” when really there was more chance of working at Outback.
Yes! The business has been just dandy without AKM, who obviously was the most corrupt, selfish, and cartoonishly evil CEO in the industry. Our stock has grown from $25 a share to over $50 a share in his absence! Oh wait.. $0.50 a share.. huh. Oh well, it was Aubrey’s fault! Damn those summer concerts and bottled water really did a number on us! Let’s spend some more money and time trying to fix corporate culture! Clearly that’s the problem around here!
I know right! We could have drilled two tenths of a well with all that money! I’m sure it would have changed everything!
You are so naive. It is a well known fact that we rented those thousands of lights every year from the same company that hung them around campus. It was a massive money maker for said company, just imagine all the man hours we were billed for never mind the cost of each set of lights we then gave back until next year. If only we knew who had ownership in that company and would directly benefit from this and the National Park forestry that was installed around campus...I’ll take another double dip please. I wonder who had ownership rights to the millions of bottles of water we consumed. Those were the good old days weren’t they, we would just walk to the fridge, pop open a bottle, drink half and then go get another. I bet that guaranteed the success of of that “mom and pop (s)” outfit. Would love to know who that small business owner was.