Layoffs are not far behind. This is serious business survival.
4 replies (most recent on top)
It underscores the importance of not making massive blunders. There were plenty of data early on to suggest that Alpine wasn't commercial, and we should have cut our losses EARLY. Gotta take chances, that's our business, but you don't keep doubling down when you realize it's not going to work, hanging on to the hope that you'll be the hero of west Texas. Because all of a sudden there is another oil crash, you're several billion in the hole, and have basically no increase in revenue to show for it.
Or if we hadnt drilled hundreds of money losing second tier wolfcamp wells since 2012.
I hate to say it, but I will anyway.
Just think how much stronger the company would be today if it still had all of those billions that it sunk into AH instead.
Quarterly dividend cut from 25 cents to 2.5 cents per share.