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Old 03-28-2020, 04:02 PM   #5381
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https://www.cbc.ca/news/politics/tru...ness-1.5512151
75% wage subsidies for small/medium size businesses. Not sure of the criteria, as this will be hashed out on Monday. Seems promising to many companies like my own. Crossing my fingers for Monday.
I hope they drop the CCPC part of it. Almost my entire company would be saved with a 75% wage subsidy, but all 25 or so of us are probably screwed because of foreign ownership. So we will all likely be on EI by April 15th.
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Old 04-01-2020, 06:01 PM   #5382
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Not Alberta specific. But Whiting Petroleum in the US just filed for bankruptcy. 30MMbbl production. First of many I imagine.
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Old 04-01-2020, 06:12 PM   #5383
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Not Alberta specific. But Whiting Petroleum in the US just filed for bankruptcy. 30MMbbl production. First of many I imagine.
Not before paying out millions in bonuses to executives. Pretty disgusting

https://twitter.com/ericnuttall/stat...826546176?s=19
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Old 04-01-2020, 06:21 PM   #5384
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Not Alberta specific. But Whiting Petroleum in the US just filed for bankruptcy. 30MMbbl production. First of many I imagine.
Read somewhere that the ceo/cfo gave themselves like $15M in bonuses and then filed for chapter 11.

edit: beaten
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Old 04-01-2020, 07:37 PM   #5385
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Not before paying out millions in bonuses to executives. Pretty disgusting

https://twitter.com/ericnuttall/stat...826546176?s=19
Not quite the same thing, but Anadarko's executives boosted their pay and, I believe, change of control payouts just a few days before Anadarko announced a takeover by Chevron (which ended up being OXY). Either way, the execs made out like bandits.
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Old 04-01-2020, 07:53 PM   #5386
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I hope they drop the CCPC part of it. Almost my entire company would be saved with a 75% wage subsidy, but all 25 or so of us are probably screwed because of foreign ownership. So we will all likely be on EI by April 15th.
I think they have? Last announcement basically said all employers.
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Old 04-01-2020, 08:55 PM   #5387
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Not quite the same thing, but Anadarko's executives boosted their pay and, I believe, change of control payouts just a few days before Anadarko announced a takeover by Chevron (which ended up being OXY). Either way, the execs made out like bandits.
I think Whiting's CEO was an ex Anadarko exec.......
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Old 04-02-2020, 12:14 AM   #5388
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That kind of activity by executive staff should be illegal but I have no idea how it could feasibly be implemented. Man... pretty gross.
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Old 04-02-2020, 08:45 AM   #5389
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That kind of activity by executive staff should be illegal but I have no idea how it could feasibly be implemented. Man... pretty gross.
I blame the board moreseo than the executive team. I imagine there will be repercussions for the directors.
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Old 04-02-2020, 08:46 AM   #5390
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I think Whiting's CEO was an ex Anadarko exec.......
RIP that guy's next company. Modern day robber baron.
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Old 04-02-2020, 09:50 AM   #5391
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Not before paying out millions in bonuses to executives. Pretty disgusting
I was reading that and noticed the CFO's name was Correne Loeffler, which is very close to Kelly Loeffler the Georgian Republican, who dumped a bunch of stock before right after the US govt briefings on corona virus, and bought some stock in a vpn provider. I think she may be under investigation.

But, anyways, back to Correne Loeffler, she was just hired in Aug. 2019.
Nice gig for a few months work
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Old 04-02-2020, 10:18 AM   #5392
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Was talking to one of our VP's and they stated we will likely not be eligible for the 75% subsidy as it will be difficult to prove Covid 19 was the reason for our revenue plunge. We're into spring breakup and activity drops to almost nothing this time of year and low oil prices have torpedoed most capital plans for 2020 so not much chance there will be a recovery in drilling activity on both sides of the border.

We'll try and argue Covid 19 is part of the reason for low oil prices and thus the low activity projections but are not optimistic that will fly. Even if it does we have already had significant layoffs and are implementing wage rollbacks. Those will not be reversed.
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Old 04-02-2020, 10:20 AM   #5393
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Was talking to one of our VP's and they stated we will likely not be eligible for the 75% subsidy as it will be difficult to prove Covid 19 was the reason for our revenue plunge. We're into spring breakup and activity drops to almost nothing this time of year and low oil prices have torpedoed most capital plans for 2020 so not much chance there will be a recovery in drilling activity on both sides of the border.

We'll try and argue Covid 19 is part of the reason for low oil prices and thus the low activity projections but are not optimistic that will fly. Even if it does we have already had significant layoffs and are implementing wage rollbacks. Those will not be reversed.
Covid is guaranteed a large chunk of your revenue plunge irregardless of operational issues or otherwise. Most companies who are applying for the EDC and BDC $12.5M loans are being asked to provide March 2019 vs March 2020 financials. That should normalize your spring break-up predicament as both time frames should have experienced it.
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Old 04-02-2020, 10:31 AM   #5394
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Covid is guaranteed a large chunk of your revenue plunge irregardless of operational issues or otherwise. Most companies who are applying for the EDC and BDC $12.5M loans are being asked to provide March 2019 vs March 2020 financials. That should normalize your spring break-up predicament as both time frames should have experienced it.
Yeah, what it says is you have to show a 30% decline from each month's financials using 2019 as a baseline.

My company acquired our business in Calgary in September so we're waiting to see how we can show our revenue decline. The Government website says there'll be flexibility and you can use a reasonable benchmark but really, it's all in the details.

We won't know for sure until Parliament is recalled and the legislation is put through so it's all a waiting game.
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Old 04-02-2020, 10:32 AM   #5395
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Covid is guaranteed a large chunk of your revenue plunge irregardless of operational issues or otherwise. Most companies who are applying for the EDC and BDC $12.5M loans are being asked to provide March 2019 vs March 2020 financials. That should normalize your spring break-up predicament as both time frames should have experienced it.
I'm not sure a service company will be able to show a drop in March from 2019 to 2020 of 30% though. I know we won't be able to. But the next 3-6 months are going to be absolute hell.
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Old 04-02-2020, 10:34 AM   #5396
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I'm not sure a service company will be able to show a drop in March from 2019 to 2020 of 30% though. I know we won't be able to. But the next 3-6 months are going to be absolute hell.
Oh most will be able to show it. This is the worst I have ever seen in fracturing
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Old 04-02-2020, 10:40 AM   #5397
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Oh most will be able to show it. This is the worst I have ever seen in fracturing
I think Weitz' point is that March is traditionally a very slow month, even in normal times, so there isn't much decline to demonstrate when only looking at March YoY...
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Old 04-02-2020, 11:32 AM   #5398
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I'm not sure a service company will be able to show a drop in March from 2019 to 2020 of 30% though. I know we won't be able to. But the next 3-6 months are going to be absolute hell.
Exactly. March 2020 will look almost exactly like March 2019 for us. Same with April because activity always drops off at breakup. It's after that that all bets are off.
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Old 04-02-2020, 07:48 PM   #5399
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We shut down an entire oil sands asset today and laid off 15% of the company.
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Old 04-02-2020, 07:52 PM   #5400
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Does your company rhyme with Bonovous? I heard through the rumour mill they were laying off no idea if true or magnitude.
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