Thread regarding Newpark Resources Inc. layoffs

The 3 stages of Newpark

Stage 1: 2000-2014. The builders. Those who built the company

Stage 2: 2014-2020. The PV Millenials. Those who rode it straight into the ground

Stage 3: 2020- . The fools. Those who stayed and watched it sold for pennies on the dollar

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Post ID: @OP+143n1rjX

6 replies (most recent on top)

Marriott CEO is taking his pay to Zero and cutting the entire Executive team pay by 50%. And ph has gone fishing with this going on ?. What a Complete joke. And the bod allows this? All packed with his buddies

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Post ID: @1cwa+143n1rjX

Insightful. All are gone now with ph gone fishing and the bean counter trying to run the show. With no revenue all that is left is to cut cost.

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Post ID: @1goq+143n1rjX

A little history lesson. In 1996 Newpark, a waste disposal company at the time, under the leadership of Jim Cole decided to get into the drlg fluids business. Between 1996 and 1998, Cole purchased Southwestern Universal Fluids with Joe Henderson in Midland, SBM Fluids (Sampey, Biblo. Meske-sp ) along the Gulf Coast, Eisemann Chemical, a wholesale barite supplier with grinding mills on the Gulf Coast and 2-3 other smaller drlg fluids companies. He bought them mostly with Newpark stock and merged them all into Newpark Dlg Fluids. At one time, along the way Newpark stock sold far more the $25 or so a share. Cole was a freewheeling type personality with a loosey-goosey type management style. Problem was nr was getting much bigger and bod wanted more structure. Enter ph. Cole was told in 2005 to hire someone under him to supply more structure in the company. Cole was no dummy so he proceeded to hire someone with no oilfield experience which would not be a threat to him. Then JC got cross threads with bod in 2006 and he was out and ph was in. In 2007 ph hires gp, the bean counter. The team that JC had put together carried the Company to 2014 (thru 1998-2001, the bad times) but in 2014- 2015 they could not take it any longer after the hiring of pv. They all retired or quit by mid 2015. And now you are left with the people hired by pv. The infamous pv and all that "culture" craq he stressed on a daily basis. Wonder how that culture craq is working out for him now that he has been gone for 18 months. And probably still unemployed. Took ph OVER FOUR Years to figure the deal with pv out. ph 2 jobs after college were with Flint Ink in Michigan and a chemical company in St. Louis before coming to Newpark. See any oilfield experience here and Missouri and Michigan—real oilfield states. The hits just keep on coming.

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Post ID: @1dzg+143n1rjX

Maybe he will go out and rehire LAK to run hr for the task. just kidding

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Post ID: @dtx+143n1rjX

ph doesn't need to fire Anyone EXCEPT HIMSELF. He rode the guys he inherited from 2008 (when he effectively took over) which Carried him to apprx middle of 2015 when THEY all quit in Absolute Frustration with the hiring of little pv. ph is THE PROBLEM, PERIOD. He knows ZERO about the oilfield. Probably Less than Zero. And gp is worse , if you can imagine that.

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Post ID: @svw+143n1rjX

You forgot the Stage 2 cougars past their prime. Pure overhead with the right pluming that is well versed in theory and has no clue on execution. Speaking of epic failure, how about those ex BakerHughes folks? Any value created there????? ph should fire them first.

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Post ID: @qvu+143n1rjX

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