Thread regarding Cenovus Energy layoffs

Has Deep Basin been sold?

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Post ID: @OP+ZDFcHWM

6 replies (most recent on top)

The only way to make Deep Basin viable is to spin off the company into a small independent. Too much overhead/process and competition for capital to be viable in a big company. There’s a long list of projects with far superior PIR’s/ IRR’s and not much free cash flow to fund them. They’d be lucky to be drilling by 2023.

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Post ID: @3trq+ZDFcHWM

They’ve been letting a few go at a time quietly from what I can see. Odd person just not there anymore when you go to email them. But don’t worry our exec compensation is still good enough for them to get on the top paid execs in Calgary list. There were about 5 of them on the list at $2.5M plus. Reduced our bonuses while they keep getting rewarded nicely.

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Post ID: @3aye+ZDFcHWM

Some of been let go there is no doubt. But lots were re deployed in the company and work was created for them. Walking out the door and walking down the hall are two totally different things. If you want to see lean compare your structure to the other peers in the Deep B region. Once you are comparable, the. You can tell me how lean you are

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Post ID: @2wmm+ZDFcHWM

The f--- are you talking about? Deep Basin has almost half the people it did two years ago with more or less the same land mass/production.

Make no mistake, Deep Basin is as lean as it can get.

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Post ID: @2pfn+ZDFcHWM

And yet we keep them fully staffed.....

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Post ID: @1xln+ZDFcHWM

They’re last in line for funding and no one wants to buy their assets. Maybe they’ll get a rig to drill with in a year or two.

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Post ID: @1rcq+ZDFcHWM

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