Slowly dismantling a great Co one piece at a time.
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The post "$700 million building" is by far the most accurate post on this board. That, and the Bank of Oklahoma/OG&E building committment was the beginning of the downfall. Pride comes before the fall.
What happened can be summarized in four words....700 million dollar building
It is indeed sad to see what has happened to this once great company. For those who were privileged to be a part of the dynamic growth, what has been going on since 2015 is heartbreaking, but not a total surprise.
What happened can be summarized in four words....LN stepped down.
Came to Devon in 2000 when the stock was $17 bucks. Great company then - rode with them til 2008 about then stock closed above$100. What has happened to these guys??? Lack of direction? Lack of achievable growth goals? Too much divestiture? (GOM, International, etc). Don’t think anything in their current portfolio will provide the type of growth they think they are going to find. Good luck.
On a positive note, the seamen has set sail and we're slowly rebuilding a once "World Class EHS" army, one position at a time.
Eventually, it will be like that scene from the movie First Blood, where Rambo says to his colonel..."They're all dead, sir."
The long, slow liquidation. It's happening to a number of other E&Ps too.