Thoughts on today's events?
10 replies (most recent on top)
With the new announcement of PDCE buying SRC, is this what was behind the layoffs? Seems as though the employees affected may have been lied to on why they were let go, workforce reduction but then buy another company and take on all of their debt/employees as well. Any thoughts on this?
It sounds like they are trying to sell out. At 30 dollars a share I can see why the shareholders are not to happy with what is going on. If they sold out the shareholders would get their money!!!!!! There will be more layoffs to come. It is the mentality now in the oil field. Hopefully the people that make it through the poor management decisions will get a good retention bonus to stay!!!! And maybe they will take care of the management get some people in there that actually care about running a successful business rather than taking care of their buddys!!!!! Noble went through the same thing now it is back to the way it used to be where they at least act like they care about their employees and it's not a buddy system anymore.... PDC should have learned from their personal but are making all the same mistakes WHY because they hired people from Noble at the last down turn. All the people in charge are from Noble. I thought PDC was smarter than that. If the rumors are true all these guys that have been living it up there at the expense of others will have a rude awakening!!!!! Real management see through the nonsense that goes on there. So right now if they are a yes man or just a buddy then you are probably safe for now as long as the buddies at the top don't get let go. Which usually happens with a buy out......... and by the way Anadarko is still riding at 70 dollars a share think the share holders don't see that. Aren't you glad you reelected the board member???????? I wish good luck to all the guys there that make that company run.... I know the management team do t care about you guys ( Not even a little bit) all they care about is themselves and their buddies. If you're not part of the I. Crowd there I would be watching your back cause the bus is coming g down the road.
There were about 50 across all offices. Poorly handled, they let employees go that were the only ones knowledgeable on certain software, in effect crippling entire departments. They have a reserves department with not one certified PE, lead by someone who refused to present at the latest bank meeting. As long as you’re a yes man, you’re safe. The culture has been toxic long before activists came into play. This won’t be the only round of layoffs to come, they are implementing new software that will significantly reduce the need for the number of employees in the accounting fields. Current employees should update resumes and be on the lookout for future endeavors.
This company has created a toxic environment for the rest who didn’t get laid off. Instead of cutting the senior management team salaries and bonuses and reduce the salaries of the employees by a small percentage, they decided to let go of 10% of their workforce because of horrible management decisions that led up to this financial instability. It’s funny how the management team was begging their employees to vote for them in the shareholders’ election and then less than a month after, they fired those hardworking people. Shame on you PDC!
Why not fire the persons responsible for acquiring the none-producing acreage acquired in the Delaware in Texas? Why spend millions of dollars on developing a software that PDC will never benefit from?
Also, some people who were laid off, only got laid off because of personal conflicts with their managers and not their performance. They were essential to the team and now they’re gone. PDC, get ready to pay millions of dollars in extra costs to fix this mess you just got yourself in.
PDC has shot itself in the foot and things are definitely going downhill from here. Shame on you Bart. Shame on all of the managers especially those working in the DJ asset.
People in all four offices got laid off; Denver, Bridgeport, Midland and Evans.
People from IT, Production, Planning and Development, Land and other departments got laid off. I heard that close to 50 or so people.
Consultants with a business model that requires more work, at any cost + slower than expected market + activist investor spending 2 months telling every other investor that PDC spends too much on people = layoffs
Had the activist won, the cuts would have been far deeper (unnecessarily so), but there is no way after all of that that it wasn't going to happen.
All of this is IMOA. Still an excellent company with longevity and better work environment than most others. Nothing makes these things easy.
10% of workforce
Not sure how I haven't noticed today...what groups are getting hit?
I heard 100
Why and how many so far???