Heard that 75% of work force will move to West Virgina or laid off. After 1st of year.
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Bank called the 5.6 billion note on the CHK acquisition. SWN will not be operating in any region.
I put a lot of faith in the phrase, "Believe half of what you see, and none of what you hear".
I think the last 2 commenters about nailed it. There will be a lot of the typical upper management BS and spin going on. End of the day a lot of people will be out of a job between SWN and its vendors. They Wil try to spin it as a due to the downward turn in oil and gas prices instead of what it is piss poor management making piss poor decisions. The company is out of balance as far as management vs hourly workers. As has been stated it is a contiual kissing match amount departments and those in charge as to who is running the show. The coperate offices are suppose to be in Houston Tx, but those in the Conway offices are continually trying to run everything. From an hourly perspective the pay is good for the area if you live in Arkansas, but the truth of the matter is it is one of the poorest excuses of management running a company I have ever seen. At this point in the downward spiral going on most can say they have seen it coming. Most are expecting the company to be bought out or go bankrupt in the near future. Either way it has left a bad enough taste in a lot of peoples mouths that they are ready for it to end. People in the Fayetteville area are ready for SWN to vacate the primisses. They are a major disappointment to those working for them. Southwestern Energy is a shining example of the wrong way to do things and run a business. They know nothing about doing the right thing. They only know how to spin rhetoric while padding their perspective pockets.
Good post.... The purchase of the wv assets from Chesapeake was a terrible buy. Chesapeake was trying to find a sucker to take it and here came SWN. To spend what they did, when the market was in a downturn is ridiculous. Arkansas has and will continue to be Swn's best asset and they are just tossing us aside.
The last well in Arkansas is being drilled now. It will more than likely be capped instead off fractured and sent to production. With that in mind layoffs will more than likely happen before January 1st or shortly after. Operations will cease in AR and PA with numerous layoffs. Why not WV? That is fairly simply. The company leveraged themselves 5.4 billion to purchase those assets. The board is not willing to admit that that was a huge error on their part. So the production workers will suffer for it. The WV allocation has been the nail in the company's coffin. It began the downward spiral of the stock and loss of confidence in investors eyes. From that point it has been one bad decision after another. So now they are putting all their eggs in one basket and it would be the wrong basket. AR has proven itself and carried the company and is being tossed asside for a pipe dream. Rumor also has it that the company is in the process of being aquired.
Would have*
Guy makes a good point, but don't look for very much useful information off this site. Wish SWN would of never purchased the wv asset.
Hearing layoffs to hit Arkansas, Houston and Northeastern Pa, any truth to this or just rumor? If so why isn't wv getting hit? They are the reason SWN is going down
I'm assuming you're talking about from Conway/Damascus