Thread regarding Whiting Petroleum Corp. layoffs

Rumors of more layoffs by May 2020

With the stock price now at $0.75/share I have seen rumors of more layoffs by May 2020. Anyone have any insight to share?

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Post ID: @OP+13TiyiGO

9 replies (most recent on top)

Hey Anonymous from Post Post ID: @lhez+13TiyiGO -

How does that crow you are eating taste? Whiting just filed for bankruptcy AHEAD of Oxy. Shares at $0.38. Good night Gracie!

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Post ID: @nysj+13TiyiGO

Worked there and got lied to my face. Company wide meetings shortly after Holly took the helm. Told point blank - No one is getting laid off. Got laid off less than a month later. Happened to lots of others too. Whiting mgmt is toxic.

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Post ID: @naky+13TiyiGO

OXY bankrupt BEFORE Whiting? It'll be close but I'll take that bet. They are going to have to shed more staff to survive. Although they will lie any tell everyone nothing will happen. Ask me how I know.

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Post ID: @miry+13TiyiGO

OXY “sniffing around”? Are you serious? OXY will be in bankruptcy before Whiting!

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Post ID: @lhez+13TiyiGO

Oxy just cut dividend big time. If oil stays at $30 they will be selling assets to survive. that dog is not going to hunt sorry.

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Post ID: @1wou+13TiyiGO

Sorry, but a complete buyout would not happen. Whitings debt gives it a negative net value.

Whiting may, however sell of pieces of the company in an effort to stay afloat a little longer. The cash from sales would be very helpful. But that is simply delaying the inevitable bankruptcy.

A likely plan is that Whiting files for bankruptcy, and either just comes back or the new owners sell the assets to a capable operator.

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Post ID: @1phq+13TiyiGO

Word on the street in the Denver O&G community is Whiting is doing everything possible to set themselves up for a buyout. OXY has apparently been sniffing around so we shall see. All I will say is Whiting folks better save away those over inflated paychecks and bonuses.

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Post ID: @1imc+13TiyiGO

Rumors or not, any day could be anyone's last.

The dopey shareholders will lay many off in an effort to avoid the inevitable bankruptcy. We all know that a worker's salary is tiny compared to the losses this company has, but they will do it anyway. Lower G&A looks better for asset sales and the management needs to say they accomplished something by lowering costs.

Network, work hard, and consider work in other industries. Sorry, but that's the truth.

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Post ID: @fyi+13TiyiGO

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