I'm honest with myself, I don't expect to achieve anything being the small fry that I am.
But it was fun to vent my frustration:
"Vince/Jeff/Shea/Scott, I hope you're doing well.
Merry Christmas to you and your families.
I apologize for my frustration, but what is Devon doing for shareholders?
The management team is completely inept and incompetent. Shares are at a low, and the dividend is paltry, and that's being kind.
Instead of building shiny new office buildings, why don't you focus on shareholder value? Increase the dividend at least, while this dog flounders at a 52-week low.
You can spin it anyway you like, "we're excited about our new opportunities", etc., but the proof is in the pudding.
Your share price is punished because of your incompetence, you have missed earnings and production goals over and over again.
I have been a long-time shareholder, but at least other energy companies reward their shareholders through dividend increases (Conoco Phillips, Chevron and Occidental, for example), and not empty rhetoric."
Here is their reply, which to be fair, was very kind of them as they could have just told me to go kick rocks:
"As employees and shareholder's of Devon, we share in your frustration as well. Operating in a cyclical business such as oil and gas can at times lead to difficult years and 2012 has certainly been a challenging year for the company. Regardless of the current year's results, Devon remains uniquely positioned to deliver attractive long-term results with several world class projects balanced between oil and gas and a mangement team dedicated to prudently growing cash flow per share. If you would like to discuss your concerns in more detail or listen to more detailed responses to your questions feel free to call me. My contact information is listed below.
Your message is dead-on! I sent a similar note to Larry Nichols, but don't expect a response.
Can't figure out what is going on in that shiny tower? Quality E&P staff flooding out the door, some by choice, others booted out. The current management is infested with cronyism and nepotism.
Time to replace the "upper crust". Stockholders deserve better. Come'on Directors, step up
I think it's impressive that Devon sent a response to you. As a shareholder myself, I agree with their view of volatility in the oil & gas business and Devon's unique position to deliver on assets long-term. I only bought recently ($54/share), and would expect the price to stabilize above $50 and move higher into 2013.
I believe it's a cop-out, an excuse to blame the poor share price performance on "volatility" and the cyclical business - after all, why is EOG at a 52-week HIGH while Devon is at a 52-week LOW? Don't they both operate in the same industries?