Kaybob and West Clearwater although I suspect anything in Deep Basin is on the table. East Clearwater apparently has no decent offers. Probably have to sell the whole junk pile to get the debt under control.
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They're not going to lay off Clearwater staff before the properties are sold.
Heard next week is the target date for Clearwater layoffs.
CVE wanted 100% of FCCL so bad they were willing to take on all of the c-ap COP didn't want.
So why did they buy any of it?
It was confirmed today that all of Clearwater will be on the block ~40000 BOE/d.
atey
Who didn't drill any wells in the last 10 years? You personally? You might want to try harder.
It's not our fault Conoco s---ed Cenovus into buying us after not having drilled a well in 10 years.
Highest operating costs and lowest netbacks in the entire peer group. That Deep Basin is a real winner alright.
Nothing new to see here folks... move along
Need to let go 30 contractors and employees to pay for new VP bonus.
Alpo continues bringing over his cronies from TCPL. Just what we needed, another downstream dimwit to run an upstream oil & gas company!
New position. Another TransCanada transplant.
Is this a replacement VP?
It’s the one and only consistent thing about this place, the top guys look after themselves. Reduce our bonuses, benefits etc. more people gone. But we get another VP. Seems fair. Oh and we get cubicles in the new building don’t forget.
Just what we need another VP!!
Another VP, well done! This is starting to look very familiar. I guess that's why the "lets go Union" rumblings are starting up again around FCCL sites
The good news is there’s a new VP. The bad news is several hundred worker bees will be tossed out of the hive.
So what’s the good news?
Well, they only got 50 cents on the dollar for Pipestone which was by far the best DB asset they had, so it's only down hill from here folks.
Next Deep Basin asset package comes on the market in a week or two and the Pipestone package should close in mid-September. Roughly half of DB production going on the block.
It appears good news is coming by the end of September . Let the games begin .
Deep Basin in its entirety made $78M over three months in Q2. Net of investment it made $52M on a declining asset. Your numbers seem off and yes, compared to oil sands and refining it’s margins are a rounding error.
Junk? Clearwater make 9-12 million in profits each month
Pay attention to how many staff are moved to DB for “development opportunities”....It’s gonna be little zzz’s dumping ground
Deal is expected to close in Q3 so layoffs will probably happen the week after.
Layoff date?
With how they are moving people around in Clearwater we have already sold some more assets.
What do you think happens?
Most field staff go with the asset. For office staff it’ll depend who the acquirer is but they aren’t likely to take everyone like Cenovus did.
And then what happens to all the staff?