Devon Business Practices

[Village]

Devon Energy reports fourth-quarter results | The Journal Record

Could you post the article here please?

[Plutonic Panda]

I'm sorry but I don't have a sub right now. I used to, but I've been trying to save money for my love to LA. Warreng has a sub so hopefully he'll post the full article.

[zookeeper]

Here's the Devon press release the story was based on Devon Energy Reports Fourth-Quarter and Full-Year 2014 Results; Provides 2015 Capital and Production Outlook | Business Wire

[liirogue]

Rumors of layoffs today at Devon.

[Pete]

They definitely let some IT people go.

I don't think it was a lot of people but hope to find out more tomorrow.

[Stickman]

One way to get rid of the older workers.

[Just the facts]

One way to get rid of the older workers.

Many years ago I worked in HR and I always knew layoffs were coming because Executive Management would ask me for a salary report sorted high to low by department with only the salary, job title, and employee ID. They determined how many people each department needed to be cut and took them off the top. They didn't care about race, age, gender, sexual orientation, or how much knowledge one had. They only cared about how much money they were saving (in the short-term).

[Rover]

Many years ago I worked in HR and I always knew layoffs were coming because Executive Management would ask me for a salary report sorted high to low by department with only the salary, job title, and employee ID. They determined how many people each department needed to be cut and took them off the top. They didn't care about race, age, gender, sexual orientation, or how much knowledge one had. They only cared about how much money they were saving (in the short-term).

Wow. That was a pretty short sighted company. Hope you didn't work there long.

I've worked for and with any number of pretty good sized companies over my career and was never asked to prioritize layoffs by wage alone. Wage became a factor in the cost/benefit analysis though. Sometimes people just get promoted and raises for longevity and inertia, but cannot be justified by return value. Those people become susceptible when more financial efficiency is required. Most companies that strictly look at the $ are probably led by accountants who tend to ONLY look at dollars and formulas.

[Just the facts]

I worked there for 3 years but decided working hard to earn more money would only move me closer to the top of the lay-off list. They went out of business about a year after I left. And yes - the key decision maker on layoffs was the CFO.

[lasomeday]

I confirmed with my buddies at Devon. They had a massive layoff in IT. They were overstaffed anyway in that department.... as well as a few others...

[bchris02]

I confirmed with my buddies at Devon. They had a massive layoff in IT. They were overstaffed anyway in that department.... as well as a few others...

How many people were let go?

[rte66man]

How many people were let go?

One person said it was 70, another said it was closer to 80. They were required to attend a meeting yesterday and were let go right after.

[ljbab728]

Devon Energy lays off employees in one department | News OK

“Devon took action Tuesday to better align the functions in one department with our company’s strategic priorities,” the company said in a statement. “We’ve made no companywide staff reductions, and our total employment has increased since the first of the year. In fact, we are also still hiring for multiple positions, as shown on the careers section of Devon’s website. As it would be inappropriate to discuss individual personnel matters, we have nothing additional to share.”

[okatty]

They reported today. Loss of 2.82 Billion. Adjusted earnings beat expectations although revenue missed. It's up in after hours.

[C_M_25]

They reported today. Loss of 2.82 Billion. Adjusted earnings beat expectations although revenue missed. It's up in after hours.

The loss you mention is just an adjustment to the entire company's worth based on all of their assets. There is a loss because they are now factoring in 2 quarters of reduced commodity prices (based on a 4 quarter running average of oil price). It isn't really a reflection of company performance. They actually had earnings of $320 million.

[gopokes88]

The loss you mention is just an adjustment to the entire company's worth based on all of their assets. There is a loss because they are now factoring in 2 quarters of reduced commodity prices (based on a 4 quarter running average of oil price). It isn't really a reflection of company performance. They actually had earnings of $320 million.

Which is why the stock is up.

[okatty]

Yes, i said that adjusted earnings beat expectations.

[C_M_25]

Well, at least they had a solid quarter. I don't see stock coming up too much from this, but if it can offset some of the recent drop, that is a good sign.

It seems like we have had a lot of negative news about OKC energy companies. It is good to see one still healthy in this environment. We'll see how it holds out though...

[Bellaboo]

I have an interest in 3 wells (Devon) up in western Payne county. If I'm in the area I'll stop by and look at the production meters on those wells, at least the ones that are not gated. I've noticed that they have upon occasion had them all shut off, which includes other wells that have been drilled from the same pads into different sections. They seem to only have them off for a few days at a time. Not sure if they are slowing hydrocarbon production due to commodity price or salt water production due to earthquakes ?

[mimino]

Anyone knows when their hedges run out? If the prices are still depressed then, we're all in for a showdown. It will then become survival of the fittest in this environment. Painful as it sounds, both from operating and human perspective (there will be job losses), it will be a big opportunity to invest when prices do recover. Teslas and what-not are not going to stage a mass production of electric/hydrogen, etc. cars. They will be choked in the cradle by forces at the top, unless it is profitable to them. Of course, I would love to be wrong on this.
It just kinda hit me why OK still doesn't have public transportation. That would put a large dent into their pockets.

[C_M_25]

Anyone knows when their hedges run out? If the prices are still depressed then, we're all in for a showdown. It will then become survival of the fittest in this environment. Painful as it sounds, both from operating and human perspective (there will be job losses), it will be a big opportunity to invest when prices do recover. Teslas and what-not are not going to stage a mass production of electric/hydrogen, etc. cars. They will be choked in the cradle by forces at the top, unless it is profitable to them. Of course, I would love to be wrong on this.
It just kinda hit me why OK still doesn't have public transportation. That would put a large dent into their pockets.

I'm not sure when their hedges run out. I wouldn't be surprised if they don't run out soon. In any case, no company will have hedge protection in 2016. It will be painful if prices don't come up a bit, but Devon is in the best position to weather the storm in OKC.

It is a scary time. I'm already budgeting/planning for the possibility that I lose my job next year. Scary to think about...

[mugofbeer]

I have an interest in 3 wells (Devon) up in western Payne county. If I'm in the area I'll stop by and look at the production meters on those wells, at least the ones that are not gated. I've noticed that they have upon occasion had them all shut off, which includes other wells that have been drilled from the same pads into different sections. They seem to only have them off for a few days at a time. Not sure if they are slowing hydrocarbon production due to commodity price or salt water production due to earthquakes ?

I am certainly no expert and they may be slowing production but i thought it was normal to shut them down periodically to let pressures build up again underground.

[gopokes88]

Anyone knows when their hedges run out? If the prices are still depressed then, we're all in for a showdown. It will then become survival of the fittest in this environment. Painful as it sounds, both from operating and human perspective (there will be job losses), it will be a big opportunity to invest when prices do recover. Teslas and what-not are not going to stage a mass production of electric/hydrogen, etc. cars. They will be choked in the cradle by forces at the top, unless it is profitable to them. Of course, I would love to be wrong on this.
It just kinda hit me why OK still doesn't have public transportation. That would put a large dent into their pockets.

Did you really just imply the global market for oil prices rests on okc's public transportation policies and therefore the big bad oil companies have therefore tried to stop them?

[mimino]

Did you really just imply the global market for oil prices rests on okc's public transportation policies and therefore the big bad oil companies have therefore tried to stop them?

?
I was talking about the lack or non-existence of public transport here and *possibility* of our State's big bad E&Ps influence on our servants (reps), not global markets.

[Just the facts]

?
I was talking about the lack or non-existence of public transport here and *possibility* of our State's big bad E&Ps influence on our servants (reps), not global markets.

Is there a conspiracy by local companies to sabotage local mass transit efforts? Who knows, maybe. One thing for sure though, they aren't helping the effort. I doubt it is an actual overt action though, and more likely just generally not being aware of the direction the rest of the country is moving in. I get the sense that OKC corporate leaders are still watching reruns of Dallas (circa 1982).