Has anyone heard anything about the next round?
18 replies (most recent on top)
Almost sounds like someone has some pretty good inside information here. I only hope as one of the people that got sh– on that the executives do it again and milk the company dry. I hope everyone that thinks they are golden because they got strung along feels the pain and suffering we endured.
Anyone want to make bets on who swallows them up and wipes out their incompetent management team? I guarantee it will be a TX or OK based company and there will be one less operator in Denver. This is and has been the moss grossly mismanaged company in the history of the business. Why on earth does a company this size need a full C-suite and over 20 directors? Operators in the field aren't the problem. They are pretty cheap and they earn their money. Upper and middle management are the problem.
Investors beware. When the acquisition comes, it will be an all-stock deal and it won't benefit you one penny. The execs will get ANOTHER payout and you'll be left holding the bag.
This team was hired to get numbers back in line to make it a sellable company. That is the only goal here. To show more profit they will need to thin it out. Make more jobs performed by people done by less by making it completely controlled by computer. Also by third party to cut costs on in house expenses. The ones still there are just being used until they can get everything in line. Same song and dance for years now, cut a little this time and a little next time. It’s all written in the big budget. Just a matter of time until your card gets pulled from the deck. Look how lean the other companies run , very few operators in the field.
The next major layoff will happen when Lynn Peterson realizes he got duped by Holly's cronies. The last round of layoffs and subsequent reorg was orchestrated by Holly's little trolls that he brought over from APC. Despite their limited experience and utter lack of moral integrity, they were able to influence the direction of the company (and we all see where it's going). It also just so happens that some of his trolls are very close to the VP of HR who is also a Holly crony. What happened at Whiting pushes the limits of ethical behavior. Sure, some people took pay cuts, but Holly's frat boys got promotions. Loyalism paid off even for the veterans who shamelessly 'converted' to loyalists. Lynn came on before the layoffs were executed, but make no mistake: this was Holly's handiwork- his last 'thank you' to his loyal boys. I don't fault Lynn. He was only going off the information that Holly's chosen ones fed him. It was 100% political maneuvering. They will continue to destroy value until they become cheap enough to get swallowed up. Whoever buys them won't be fooled. Don't take my word for it. Keep an eye on the capital efficiency and production metrics. Holly's boys are great at manipulating data, but you can't polish this t–d.
Dont spend to much $$ on black friday...... next week is the week.
When you just sit back and wish and pray for whiting stock to completely tank. Trickling down slowly. Just waiting for the rest of this ship to go down one tiny little raft at a time. Lol . Who will be the next crew members they toss overboard.
I love this comment speaks the truth and the leaders won’t respond. They haven’t on the last few comments as they are being proven true. It’s a crooked company that screwed other business out of money to line their own pockets. They new bankruptcy was planned, that is why they did a mad rush to drill and buil at the end . Then file bankruptcy on everything they owed on. Losers holly and his hipsters are snakes .
From Post ID: @1rtj+174TehGF
"I see Whiting values displayed in the leadership of my org and am very proud to work at Whiting. "
LOL - Does that include when management took a draw down of $650M on the credit facility the day before bankruptcy only to hand out a big chunk of it in management bonuses. This is not a smear or rumor. It is 100% fact - Google it.
Are those the "values" you are referring to?
Well it’s obvious which way people are thinking here. I wonder how many are still employed there and have the same problem as the ones that are gone. You can’t hide behind the fact that people won’t speak up there, they never have and never will. But the pride is gone , it’s just a job and everyone is just waiting for there day. For all you know this is written by a employee just speaking his mind behind closed doors.
All this sugar coated bs is just like when we were there. Just like the lay-off.,every manager acting like they knew nothing hah I call b—s—. I to this day think all we were was an employee # . The ones they laid off over others that out performed their skills. You wonder why anger and hatred exists. I know for a fact you have many employees still that have told me all I am here for is the check and insurance. I could care less about anything else I click in I clock out. So you want to talk about keeping your so called good faith people, rethink your a– kissers.
Your earlier post I still disagree with.
The main disconnect in your view, is that you believe we should simply let failure and wrongdoing go, and be thankful, even though we were cheated out of stable job and times with good coworkers.
You acknowledge that Holly and Volker were liars and failures. Many others in upper management were very slimy.
So let me ask you this, considering Whiting's history of failure, why cannot we ask that it crash and burn? It is best to make an example of Whiting, so that this failure and dishonesty is not repeated in the future.
Christ did call us to do what is right. Lying about reserves, hiring your buddies, paying yourself way too much, and lying about layoffs is not what is right and just. Also remember that Jesus, many times, called people snakes, hypocrites, swine, and called people out He also fashioned a whip, overturned tables, and drove the money changers out of the temple. In fact, Jesus aggravated people so much, that they had him put to death. In other words, we may sometimes need to act. Being a Christian often means not being a submissive person who puts their head down.
Also, Whiting failed due to it's lies regarding their shale development. Over exaggerated reserves and under stated true costs when running economics. Also were slow to adopt technology and techniques.
Kodiak had a higher profit margin than Whiting. Kodiak had a much lower employee count. If I remember correctly, Whiting had twice as much production as Kodiak, but 6 times as many employees. Also, the new drilling and profitable wells are more located in Kodiak acreage. Whiting's bread and butter, Sanish, has been past it's prime for years.
Due to Whiting's management's lies, failure, and selfishness, it is best that a new company utilize the assets in a proper manner.
I do not make big $$$$ although I feel blessed. You are making an assumption that is incorrect.
Also I did not say that you should be “happy” to get laid off. I know that it is a terrible feeling. I am encouraging you to change your perspective. I also realize the job market is not great and I do not wish unemployment on anyone.
Honestly I think that is the difference, you do not care who is hurt as long as it makes you feel better. I on the other hand still care for other people. I want you to succeed as I also want those of us who remain to succeed. If you allow bitterness to take root in your life then it will consume you.
You are correct about reserves (Volker), you are correct about layoffs (Holly), but they are no longer here. Bonuses were given to everyone before filing bankruptcy not just executives.
Also if you think that Whiting’s downward spiral started with Holly you are the naive one. It started with the purchase of Kodiak.
There is at least one thing we can agree on and that is that Christ does not always make life easier; I did not say that was the case, I said “better.” I know that the hardest times in my life have offered me the most growth. Growth in skills, growth in faith, and growth in relationships. I would not be where I am today without those difficulties. They were “better” for me. They are opportunities to take hold of; but again that requires us to change our perspective.
We know that we will face troubles as Christians but Christ has also called us to do so with love, joy, peace, patience, kindness, gentleness, and self control. The Bible also tells us “to love our enemy’s and pray for those who persecute you.” I am not seeing that in some of these responses.
In reply to Post ID: @1rtj+174TehGF
Wow. You just don't get it.
So you're sitting there, still employed at Whiting, a veteran of many years in the industry. Aka making big $$$, and you have the gall to tell the humiliated, jobless folk, with terrible future employment prospects, to 'be happy.'
Wow. Just wow.
If unemployment is such a minor bump in the road, like you think it is, then why can't others wish for Whiting to fail? After all, according to you, the hundreds of future unemployed should just 'be thankful for the time that (we) had.'
We are angry that Whiting management lied regarding 'no layoffs.'
We are angry that Whiting management mismanaged the company and massively exaggerated reserves.
We are angry that management gave themselves massive bonuses while laying off those who make much less than they do.
We are angry that Holly hired his buddies to do nothing and collect massive paychecks.
If Whiting was managed properly, not a single one of us would have lost their jobs.
If Whiting was managed properly, our stock would still be worth full value.
Sorry dude, but God does not always have something better for us. I am strong in the faith, and I am not foolish to believe that God will always make our lives easier. In fact, those closest to Jesus and to God very often ended up suffering greatly and even losing their lives for it.
Considering the naivete, I am not surprised of the favoritism shown by management.
Let me first start off by giving you some background so you don’t think I am HR or a “puppet.” I have been in the industry for a long time and have worked for multiple operators. I have a healthy respect for authority but will speak my mind with respect. I am not upper management and ultimately I do not care that some of you will not accept any of what I am about to say. I do however hope that to others it provides a bit of a different perspective.
I love working at Whiting. Even now. There have been hard decisions that had to be made and there may be more difficult decisions. I have the opportunity to work on an amazing team that supports and challenges each other. I see Whiting values displayed in the leadership of my org and am very proud to work at Whiting. I have hope for our future and will do all I can to help this company succeed. If there are more layoffs, and I am caught up in it; I will be thankful for the time that I had and believe that God has something even better for me on the horizon.
I am sorry that some of you that post on here have lost your jobs but I think it is sad and petty that you like to “watch it burn” or “hope the ship sinks.” Why aren’t you happy for the time you had and the income you were rewarded with. And if it was that bad, why didn’t you leave a long time ago. Honestly with some of the attitudes I see on here it is no wonder Whiting reached this point. Attitude reflects leadership and some of yours stink! You demand loyalty from your employer but offer no loyalty in return. What about the friends that you have that still work here, and even if they were not friends; they are still people! I do. It wish any ill on those that disparage Whiting, I actually hope the best for you and hope you find the job of your dreams!
I encourage you to look beyond your own suffering and see a cup that is half full. View your time at Whiting as a stepping stone instead of a black hole. Be thankful for what you have and lift others up. Be kind, be considerate, and be respectful.
I hindsight I am now glad I got laid off after Holly first arrived. Allowed me to get into another O&G position before the COVID crash. I also realize now how toxic Whiting was and likely still is. I'm honestly enjoying watching this sh*tshow burn to the ground.
But at this point expect layoffs to be a regular occurrence, perhaps twice a year or so.
Whiting will likely merge with some other failed company.
We are bleeding and management will do what it takes to save their assets before ours.
Wow didn’t know they were thinking about it already, I feel sorry for the soldiers still there. They are trapped and the company knows it, jobs are scarce. They can take their puppets and make them do whatever they want. I haven’t heard a lot about the last one, sh–ty severance. Payouts for remaining employees but not sure. Who knows what they will do. I feel sorry for some employees but not all of them, and don’t give a sh– about the company.
Holy c-ap you don’t think they have another one coming do you? Those poor soldiers can’t handle another one. I haven’t really heard all the scuttle butt on the last one. Heard some stuff that the severance wasn’t worth a hell of beans. Heard some rumors of everyone is taking a pay cut, but you know how rumors go. Sorry for some of the employees, don’t give a sh– about the company.