Pretty depressing message, aside from cutting cost on projects it is obvious they see no end to this for at least 2 years and thus massive lay offs are going to happen, pretty scary, my guess is 30% of workforce reduction across all areas, that would be somewhere between 10,000 to 15,000 headcounts!
12 replies (most recent on top)
With everything going on, we need to cut the divided, maintain pre-crash dividend % yield, but reduce divided per share. If we borrow to maintain the divided, it will hurt the company. It will come back. Investors have already fled.
JJ says dividend and balance sheet paramount
I guess EOIs will be replaced by non voluntary notices
If he was that pessimistic on workplace, he is even more pessimistic in private.
The only way MCBU can keep their promise to deliver positive CF in 2020 is to lay down all the rigs.
These oil firms have gotten so desperate over the past few years that they are now trying to make money by options trading.
Yeah right. Go ahead and post JJ’s message on Workplace at your own peril.
Can someone post JJs message on workplace
He said no more drilling anywhere except for McPs in flight. No Permian rigs, no SJV rigs, no Angola rigs, etc. Makes sense and will max cash flow.
Panic and fear.
The America we once knew died on March 13, 2020 and a new America was born. Like it or not, welcome to national socialism.
Pretty Scary