Devon Business Practices

[Rover]

The conspiracy is called capitalism. O&G companies actually make money for their millions of shareholders by providing oil and gas to the marketplace to fill demand. Only the naive or ignorant should be surprised that they prefer to promote their product use.

To think anyone, even our local O&G companies is sitting around trying to manipulate the mass trans market is laughable and believable only by zealots. I assure you, they are not yet worried about a few streetcars taking away their vast market. As long as we have cheap gas there will be demand. They are more worried about the glut of energy than they are trains. Their job is to find and supply energy at a profit to their shareholders.

[Just the facts]

Peace out Rover: Another thread I can stop posting in.

[Rover]

If it means less talk of conspiracy theories and grandstanding then that is great. If it means loss of actual insight into what is really relevant on the threads, than I am sad. There are great perspectives that need to be shared from all viewpoints.

[Bellaboo]

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.

I don't know enough about it either, but these are 11,000 to 12,000 ft horizontals. Not sure what's going on.

[gopokes88]

?
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.

But oil prices are a global market. You more or less said there's a conspiracy to stifle mass transit by O&G to boost prices and therefore boost their profits.

The massive flaw in that logic is that OKC could have the best public transit in the world and it would have 0 effect whatsoever on oil prices. So why even risk it?

[Rover]

If I pour a pot of boiling water in the ocean it doesn't raise the water temperature.

[mimino]

No wonder our country is so polarized. Out of all of my original post, you guys jumped straight on that one line... It was meant more as a joke. Zealot, really? Is that all you got, Rover?
Just like earthquakes were not connected to our E&P activities last year, and Mary didn't get talking points from Devon lol But I digress. Keep the name-calling going.

[Rover]

No wonder our country is so polarized. Out of all of my original post, you guys jumped straight on that one line... It was meant more as a joke. Zealot, really? Is that all you got, Rover?
Just like earthquakes were not connected to our E&P activities last year, and Mary didn't get talking points from Devon lol But I digress. Keep the name-calling going.

Zealot: a person who is fanatical and uncompromising in pursuit of their religious, political, or other ideals.

Yes, I stand by the term. And it wasn't aimed at you. It was aimed at those who think cars are going away and that oil companies succeed because they are part of a huge conspiracy against mass trans. I always wonder about people who read a general statement and assume it is about them. Hmmmm.

[adaniel]

Have heard from multiple people that DVN is still letting people go even after their IT housecleaning earlier this year. As in 3-5 people a week as to not rock the boat.

[Just the facts]

CNBC just said that oil is now cheaper than water - and we pour water on the ground it is so cheap.

[Pete]

OKCTalk - Devon to construct $6.6 million Core Analysis Lab

[Plutonic Panda]

Devon Energy reduces spending, cuts about 200 employees in Canada | News OK

[LandThieves]

It looks like there's a significant acquisition in the works.

[okatty]

Devon - Felix deal in works

Oil News: Devon Energy Corp is Reportedly Brewing Up a Multi-Billion Deal -- The Motley Fool

[Pete]

^

$2 billion acquisition is not a small amount.

Devon current market cap is around $19B.

[baralheia]

Any confirmation to rumors that Devon is planning layoffs today? https://www.thelayoff.com/t/FxzJT9R

[gopokes88]

Any confirmation to rumors that Devon is planning layoffs today? https://www.thelayoff.com/t/FxzJT9R

We'll find out pretty soon. I've heard from lots that it is true

[Pete]

Employees being told layoffs are coming and most will be done by the end of the first quarter.

Not releasing numbers at this time.

[gopokes88]

Employees being told layoffs are coming and most will be done by the end of the first quarter.

Not releasing numbers at this time.

That's smart, gives employees time to start looking and jump ship if they want.

[adaniel]

I am thinking this is related to the rumor I heard that they are looking at getting out of the Permian basin entirely.

[HangryHippo]

I am thinking this is related to the rumor I heard that they are looking at getting out of the Permian basin entirely.

What's the reasoning behind this? Isn't this a pretty productive area?

[PhiAlpha]

I am thinking this is related to the rumor I heard that they are looking at getting out of the Permian basin entirely.

They were having some difficulties there, especially in dealing with the BLM on the New Mexico side of the Permian. However that's still one of the hottest areas in the country right now, so that rumor seems difficult to believe.

[PhiAlpha]

Well here is some concrete proof that something is going to happen regarding employees...

Devon Energy plans layoffs | News OK

[baralheia]

Currently unsubstantiated rumors from TheLayoff.com are that the total number laid off will be close to 1,400 - nearly one quarter of the company. If that rumor plays out, along with other rumored layoffs, this could get pretty rough for OKC.

[Pete]

^

They did not mention numbers at all today so I suspect that is just a number someone threw out without really having legit info.