Since the "Transformation" is going so well, might as well through a wrench into things by making an acquisition at the same time.
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I read and read and found nothing of substance in this entire thread. Just drivel.
Get over yourselves, Chevroids, none of you are anything special.
Noble’s employees are toast. Following a 1/3 staff reduction Chevron will mostly want the assets, and not the people. The nobelites allowed to stay will have critical direct asset knowledge but I would not be surprised by a 75% cut of Nobel staff. This acquisition does not much reduce Chevron’s reserves declines over the last several years so I suspect the blue light special hunt for value to buy is still full steam ahead at Chevron.
Hope they aren’t as “sub-par” as the Unocal Managers we hung onto at PSG 29 and above. D&C and Reserves never recovered.
Indonesia and Thailand go away in 2021. Noble production helps replace that. Not paying much of a premium to get it. Added debt isn’t significant and CVX can take its time in selling off assets it doesn’t want. Overall probably a decent acquisition.
"The staff at Nobel is sub-par?"
Yeah, its is. Wait until you see their work and start digging into their resource numbers. You'll find out. Don't say you weren't warned.
The staff at Nobel is sub-par?
Do you think Chevron is any better? From the outside looking in you might think so, but once your in you see just how superior they are. (NOT!)
Everyone is not all that.
Sorry to hurt some of your feelings. But it is what it is.
Ex-Noblite here. Seeing some delusional comments on this site regarding the quality of the assets you just acquired. What you got is grossly overstated. That applies to both the properties and the people. I've worked for majors and for Noble so I know what I'm talking about. That upside potential has a lot of hair. Plus, on average the staff are sub par, not up to Chevron standards. This is an acquisition you'll come to regret. By the way, I left cause that place is truly messed up.
The deal has to actually close. lots of time for another bidder. Hopefully Noble didn't include a default payment clause like another company we know!
Let's speculate.... which assets and how many Noble employees are never going to be members of CVX.
- Noble gas transmission lines will be sold
- Newfoundland non-operated assets (Orphan Basin) will be sold
- Gabon & Cameroon assets will be sold, if possible
- Employees at Leviathan Gas field DO join CVX
- As do the employees of the two U.S. shale deposits
- Equatorial Guinea gas field— does the production provide synergy to Angola LNG ?
- Noble's Houston staff is gone except for a few hand picked Hi Po's
Nobel employees will not be included in re-org or taking open jobs. Until the sale is final, Nobel is Nobel
No one is safe in this environment.
Best of luck to you.
Noble Energy here. It's great to be acquired by Chevron but oh lawdy will us Nobleites be the first to get cut during a round of Chevron layoffs?
Another one bites the dust. No more Noble Energy. One less oil company in the industry. It won't be the last.
Dear Noble people, embrace the Growth Mindset.
Let’s throw another 2000 more peeps into the selection rounds... why not eh ;)!
This is a good bet. Noble is small but has some upside potential. Luckily they dont have huge projects that CVX would take over, employ miss-management and poor leadership, supplement CAPEX and push start-up back! I dont expect CVX is looking at its people as assets. Everyone in industry knows, generally speaking, people that move from big oil to little oil are the ones that cant make it and so go somewhere else where they employ a laidback type of culture. For all the bad of CVX, they do employ average and slightly better than average people. The compensation is very fair but dont expect too many promotions. Noble also has some good people, but no better than some at CVX. CVX can really, really make this work if they layoff up to 40% of all combined staff and shrink top and mid management ranks - increase direct reports by 200% by removing, cutting and consolidating and employing a culture of significance.
Synergies
Human Energy !
welp, now noble is one less option for a potential new job.
Not much in the way of assets but we may acquire some people who actually know about exploration.
It’s times like these that they’ll be picking up a few fire sales.
Doesn’t make sense for those being laid off, but for the business as a whole, it is the perfect time if you can afford it.
You don't need to be Nostradamus to predict that an acquisition was going to happen...