XOM and CVX
Houston..we have a problem....
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Last: 7 days ago by Sims
And COP
Curious what your source is on this? Currently at BP but haven't been hearing anything as soon as August. More like early 2016.
Meetings with 2 separate exploration groups in the last week suggest COP is expecting an imminent layoff again corporate wide by year-end
quote:
Meetings with 2 separate exploration groups in the last week suggest COP is expecting an imminent layoff again corporate wide by year-end
October is what I was told.
Received this in my inbox today. Has a very good chart displaying %production hedged vs. debt/asset value of NA companies, highlighting the companies currently at-risk. Some other useful info as well. It's a pdf so someone would have to upload the chart to post it.
Also lists the current sellers in NA and elsewhere.
LINK HERE
Also lists the current sellers in NA and elsewhere.
LINK HERE
The CEO had said to expect another layoff by year end back in February. I speculate they were hoping oil would recover a little more than it has.
quote:Good article from the NY Times explaining the logistics issues with Gorgon and LNG in Australia and Asia. See article Herequote:Biggest problem with Gorgon is that it's in the middle of nowhere and a class A nature reserve. Need an extra bolt for commissioning? It's going to take a month to get there due to transport and extreme quarantine. Now multiply that across a project as big as Gorgon and you understand. There is nothing inherently complex about an LNG plant - it's just VERY large. I also agree about the demand for LNG. The project wouldn't have been approved without the economics being very viable - short term and long term.
Are there and problems with Gorgon besides being way over budget?
With more LNG projects planned and coming online in Asia Pacific, at what point does that market fall with oversupply?
I work for a division of EMR & we are involved from the measurement & automation side & just announced we will be having involuntary layoffs coming within our division. We thought we would be okay after offering early retiremement but orders haven't picked up at all and we are taking a beating. Between low oil prices & the strengthening of the US dollar the entire Process Management business is being hit pretty hard.
Oil traded back down to 55s yesterday. I don't think many companies can hold out much longer
quote:my dad used to work for a large EMR rep. company based out of Houston.
I work for a division of EMR & we are involved from the measurement & automation side & just announced we will be having involuntary layoffs coming within our division. We thought we would be okay after offering early retiremement but orders haven't picked up at all and we are taking a beating. Between low oil prices & the strengthening of the US dollar the entire Process Management business is being hit pretty hard.
Shell is cutting 10 to 20% across their upstream americas . Rumor it's happening in the next week or so
quote:
Shell is cutting 10 to 20% across their upstream americas . Rumor it's happening in the next week or so
Interesting. Other divisions have announced similar (I.e. Norway and Malaysia), but not deepwater projects. Just can't imagine we won't go through something similar, and don't understand why our management insist otherwise.
all of the management townhalls over the last two weeks have indicated cuts are coming. what they haven't said yet are numbers.
I heard from family that NOV is going to have 2-3 more rounds of layoffs this year. They offered early retirement and they have had a few rounds of layoffs already this year.
quote:quote:my dad used to work for a large EMR rep. company based out of Houston.
I work for a division of EMR & we are involved from the measurement & automation side & just announced we will be having involuntary layoffs coming within our division. We thought we would be okay after offering early retiremement but orders haven't picked up at all and we are taking a beating. Between low oil prices & the strengthening of the US dollar the entire Process Management business is being hit pretty hard.
Puffer?
Yes, just retired after 40 years.
quote:
all of the management townhalls over the last two weeks have indicated cuts are coming. what they haven't said yet are numbers.
Totally believe that is what management on UA side is saying. That is distinctly different than what P&T is has been saying. I just don't understand the difference in the two positions.
Majors may lay more off before independents. So much for the "majors are safer" argument.
While we really need higher prices, there has been no real indication of a lay off where I work... And if anything I feel like we might be a bit understaffed... And I know we've hedged ourselves above the threshold where our business is in jeopardy.
I'm surprised the majors are leaning towards layoffs when we've had no indication... Just a hiring freeze.
I'm surprised the majors are leaning towards layoffs when we've had no indication... Just a hiring freeze.
It's going to get real bad I believe. The dollar is gonna get stronger and Iranian oil is about to enter the market. I don't think these companies were prepared for sustained low oil prices.
54s printing on WTI. We're gonna get new lows on APC, EOG, PXD, etc
The Iranian oil is coming. Despite the tough rhetoric, it is becoming more evident that Tehran badly wants a deal. It is hard to see oil staying over $50 when Iranian oil hits the market in 2016.
I don't think that Iran returning to the legal market will have a very big impact.Their oil is already being sold thru local and clandestine markets and since oil is totally fungible their barrels are already accounted for in the price structure. The Iranian fields are in pretty sad shape and over the long run a healthy injection of modern infrastructure and development will allow for increased Iranian oil BUT at these low process there isn't a lot of incentive for the majors to go into Iran and develop. Kind of a chicken and egg dilemma for the short run.
quote:the majors can absorb the short term better obviously, but a lot of our optimism was based on prices being back up to 75/80 by the end of the year from everything i recall seeing early on. obviously that isn't panning out as hoped.
Majors may lay more off before independents. So much for the "majors are safer" argument.
quote:
The Iranian oil is coming. Despite the tough rhetoric, it is becoming more evident that Tehran badly wants a deal. It is hard to see oil staying over $50 when Iranian oil hits the market in 2016.
If this were true, wouldn't be reflected in today's price?
I just could not see where prices would reach $75-80. Not enough demand to overtake current supply levels.
quote:
I just could not see where prices would reach $75-80. Not enough demand to overtake current supply levels.
Agreed. For some reason most people keep ignoring the demand side of this issue and have from the beginning. As I said a year ago, China is s false economy just waiting for the reality of markets and bubbles to catch up. The central planners can only mask and lie for so long until the LAWS of the market catch them. Europe is failing. Other than the Germans and a few spots in the east and remnants of the UK the entire continent is becoming a giant museum. Their only industry will be tourists , giant govt supported consortiums and shops. Go visit there and find small and medium PRIVATE businesses started by entrepreneurs!
Simy put ..... There is still too damn much crude chasing fewer and fewer customers. Nothing on the horizon can possibly address the demand side donor will take a HUGE adjustment on the supply side to return to equilibrium.
And that ain't good for the home teams Army!
Houston...... We STILL have a problem!
give it more time - still believe stimulus effect of lower oil prices should increase global oil demand and economic growth.
assuming the republicans win the oval office in 2016, which is the pattern after a two term incumbent, Iran will be sanctioned again by 2017.
assuming the republicans win the oval office in 2016, which is the pattern after a two term incumbent, Iran will be sanctioned again by 2017.
I read today that US oil demand is up 800,000 bpd in the last yr, Last I saw Chinese demand was still growing, just not a the pace it has been growing over the past 5-10 yrs. The next quarter will show dropping US Production from the previous quarter and the rig count appears to have bottomed. Also, Iran and Brazil have cut their 5 yr production estimate. Iran because the International companies that are looking at Iranian rights are telling them their projections were unrealistically aggressive and Brazil because of project postponements.
All the news is not bad, I still think we exit the yr at $ 65-70/bbl and average $70 next yr. Also I expect nat gas prices to climb some next yr. Not a lot but maybe we see $3.50/mcf.
All the news is not bad, I still think we exit the yr at $ 65-70/bbl and average $70 next yr. Also I expect nat gas prices to climb some next yr. Not a lot but maybe we see $3.50/mcf.
quote:
I read today that US oil demand is up 800,000 bpd in the last yr, Last I saw Chinese demand was still growing, just not a the pace it has been growing over the past 5-10 yrs. The next quarter will show dropping US Production from the previous quarter and the rig count appears to have bottomed. Also, Iran and Brazil have cut their 5 yr production estimate. Iran because the International companies that are looking at Iranian rights are telling them their projections were unrealistically aggressive and Brazil because of project postponements.
All the news is not bad, I still think we exit the yr at $ 65-70/bbl and average $70 next yr. Also I expect nat gas prices to climb some next yr. Not a lot but maybe we see $3.50/mcf.
Tell the truth about Brazil!!! They are in trouble cause half of Petrobras is under investigation or in jail for corruption. Of course they are NOT serious about the corruption part, it's a foundation of Latin business culture. They just have to clear out this set of thieves in order to make way for a new set of thieves.
Based on the Pemex experience of the 80's it will take 5-10 years for Petribras to recover and start the extortion racket again!
Well, I didn't say why the Brazilian projects were postponed but I thinks it's in part because of crude prices and the impact on project economics and in part because of the ... ahem... business environment there. What really matters to Houston is the crude won't be going to market as soon as projected.
quote:I work in UAD Nola. I worked in P&T for 3 1/2 years prior to joining UAD. I have been hearing chatter about layoffs since the first of the year in UAD prior to the recent townhall meetings. My P&T contacts are saying no upcoming layoffs that they have laid off some 30 people earlier this year. Most of these were projects that were wrapping up as well as the big Canadian job that the scope was significantly reduced. All of their layoffs have been contract labor, with the reduction of the Canadian job where the shell staff was moved to other projects making them top heavy now.quote:
all of the management townhalls over the last two weeks have indicated cuts are coming. what they haven't said yet are numbers.
Totally believe that is what management on UA side is saying. That is distinctly different than what P&T is has been saying. I just don't understand the difference in the two position
Down 7.7% daaaaaaamn
Work in UAU and what's been communicated to us is that lay offs are indeed coming. The target groups are contractors/consultants, people nearing retirement and low performers. Communication with line managers to begin in July and end beginning of August.
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