Any rumblings of some sort of merger bonus going to take place? Should be the least they can do for such a painful drawn out merger process.
21 replies (most recent on top)
@218 sure but this is called the layoff. If you don’t have inside info why are you wasting your life here?
City talk, Nelly listen, Nelly talk, City listen.
I’d argue DVN is still a dumpster fire
@1yj You don't have to be an insider to see facts for what they are. Pre-Muncrief, DVN was a dumpster fire. DVN's market cap was over $20B 10+ years ago. Pre-COVID they managed to erode that down to $7B, and by the time they merged with WPX, it was down to $3.4B. Granted, WTI and HH were in the sh----r at the time, but by comparison, XEC had a high of $13B ~10 years ago and was around $5B in 2021 when DVN and WPX merged.
@1w0 weird you comment on a company you don’t actually work for or have inside knowledge of.
Devon is well known for poor management and continued and future layoffs are coming… why do you think they continue to merg/buy or whatever they do and the stock price til suffers..
@x0 unless you’re very specific to O&G you might be amazed that jobs in other sectors pay just as well now. Kinda crazy. Remote work in Okc is a big thing as well seeing as our cost of living is less companies are saving thousands employing Oklahomans remotely. So unless your job was cupping Clays ba--s there is opportunities for you.
@w3 difference being wpx was accommodating during and after the merger. Coterra drew a hard line in the sand and is still dragging their feet. We may be one company but it is still very much operating on two systems for the rest of the year. Financials will be rough until Coterra execs leave. They’re lucky they even had a company and hadn’t filed bankruptcy yet. Of course what do you expect with a cfo whose had just as many job changes as a Gen Z. Tom’s not much better with his ridiculous micro managing. Mix all that with self absorbed clay and we’ve got the weakest c suite group in O&G. Definitely going to be acquired after we divest, this group can’t take us anywhere.
@h9 in charge is completely in respect to the group you’re in. Clay, the execs, and the board knew Coterra was a bad deal but did it anyways. I have to assume you’re in accounting.
@x0 My money says they will wind up at Love's giving HJ's, BJ's and ZJ's (if you have to ask, you can't afford it).
@za There is no such thing as a merger of equals in these days. There is always an acquiring company and one being acquired. In the WPX/DVN it was 57% Devon and 43% WPX with DVN getting 7 BOD seats to 5 for WPX. Nichols & Co had wanted Muncrief for quite some time as Hagar was not a good CEO. Muncrief brought COO Gaspar, General Counsel, several VP's. In the CTRA merger it was 54% DVN and 46% CTRA with DVN getting 6 BOD seats and CTRA 5.
Correct, WPX brought most of the C Suite because DVN leadership was ineffective. I’d chalk that up more to the DVN culture than the leadership however. It’s the same reason CTRA leadership is now in charge.
Baradur does things to people. Probably why they moved the HQ out of Mordor
@cz Where will OKC DVN people jump ship to work? OKC O&G market is like the lot lizards at Love's on I-35 by Winstar- dry and sickly.
@rk Was it a merger 5 years ago when WPX was delisted when they merged with DVN? If memory serves, WPX brought most of their C-suite with them, right?
We are really still calling this a merger? Who was delisted from the NYSE? I’ll wait…
@jw They need to cut at least 350-450 even before any divestitures. Bloated
severance was not generous on the Devon side
Don’t be fooled, it might be Devon on the door, but it’s Coterra in control.
@cz I’m very much employed, thanks. What name is on the signs? Devon. Coterra is gone! Unfortunately, the Coterra mentality will take a while to fade. But Devon is in charge. Please, have the day you deserve.
@cr it’s a merger, and if you’re not employed severance was very generous. If you’re a troll find something better to do. Big question Clay cognizant enough to realize that people dislike him even more than before. If there is no bonus people will be jumping ship quickly. I would assume there will be based on cotera execs hating Devon execs and it’s bled through all the levels below. I’m also not holding out as a lot of decisions have been made with absolutely zero forethought or infrastructure to back them up. I’m mildly amazed cotera was a 20 billion company the way they were managed.
@OP not a merger. It was a purchase. Devon bought Coterra. Bonus?! Be happy you’re still employed…