Our DVN stock has gone from $90/shr to $26/shr, market cap is down to $13B, debt is up! How long before we go bankrupt?
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its all a f—ing scam.
In June, there will be another review of current revenues from prices, volumes and mix. If they are not much improved, then there will be another round of reductions -this is necessary for the q2 analyst call. If anyone on this board can correctly tell what oil prices will be in a year, month, week then they are certainly too smart to be posting here.
When the dominant attitude turns to looking for a "white" knight, you have already spoken your fate to the universe" If you change for the betterment of the whole, you'll make it.
I hope you guys are right about not going belly up! When I read the analyst reports they are very negative and make it sound like we are headed to bankruptcy very soon! If we have a good offer for our shale assets and leases wouldn't this be a good time to sell to pay off debt? They may be worthless in the future anyway!
To 1nzl, I posted earlier as a former employee and the reason I still come here is because I still have friends that work at Devon. Just because we have moved on doesn't mean we don't give a damn about those people. For those of us that where in the townhall when they announced the layoffs and then had to sit through the weeks of waiting for the ax to drop we known exactly what you are feeling. It sucked. It was hell being walked to 4th floor conference room and being given a estimate on the severance and then an hour to say good bye pack and get the hell out. I imagine you are feeling a lot like I felt before being let go that final week. So no I will not go stalking another blog but I will check here every now and then to see how things are going for those that are still there. Good luck I hope things get better for you.
Former employee why do you come to this site? Your life is elsewhere. You have no idea what it is like for us still here waiting. We work hard each and every day because we must. We are told very little and this sight has been a source for good information and a lot of pluff, but we can tell the difference. Please go stalk another blog.
If oil doesn't turn around in two years there is truth to the fact Devon could go under. Devon Is preparing for the market to be down for a while. Things may get a lot worse before they get better, but this is what Devon is prepared for. There will be more layoffs, but Devon has a better chance of weathering this down turn than most.
Even a downgrade in credit rating to below investment grade won't be the end of the world. Credit rating creates a higher cost of debt, thus higher interest payments. This could start a slow spiral but more than likely won't be a problem in the short term. Plenty of investors will still gamble on oil's rebound, and Devon comparatively has decent assets. Remember the debt holders have first dibs on the assets. Believing Devon is on a road to chapter 7 bankruptcy (liquidation), is merely hall talk without any financial substance.
As a former Devon employee I decided to come look at this site to see what the word might be in the street. I have not visited this site for about a month but I find it funny to see the trolls still want to bring everyone down. Devon in my mind is not headed for bankruptcy and the stock will be fine. If you read most of the recent articles about Devon you will see they are one of the top prospects for oil stocks right now. Devon will be fine and they are not headed to bankruptcy. You guys that are still there keep doing a good job I want my stock back in the 60's soon.
There is a lot of interest in our shale leases and assets by several companies! We should sale our shale leases and assets while they are at a premium before
fraccing is banned! At least we could survive a while longer.
Another down grade or two in devon's credit rating will make it difficult for us to continue borrowing to stay viable.
Market cap/stock price has little to do with bankruptcy. Its the ability to pay the interest on existing debt. Devon doesn't look like it is in dire straights despite popular opinion on this board. Recent stock and bond issues show investors still believe in the company, and are willing to supply Devon with the liquidity it needs to meet its debt interest payments.
We are headed exactly to the same state as Linn Energy. This time next year our stock will be worth less than $5.
Linn Energy is another story.
When the banks want to pick our bones they will stop lending money! If our rating drops one more time that will be sooner than we think.
That is what Linn Energy is telling their employees and stock holders!
I don't think Devon will go bankrupt.