Repsol cutting jobs.

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Repsol cutting jobs.

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This week?

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To my knowledge Hess/BHP haven't had any...yet...

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BHP had some cuts a year ago while my wife was working there. However, I'm not sure what the current state of affairs are. They had a hard time retaining people back in 2014. I think my wife said they hired over 500 employees in 2014 but their headcount remained flat (just backfilling).

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Word is BHP cuts are coming this quarter

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BHP cuts are coming in the next couple of weeks.

I think a data point that not many people have touched on is that the banks were very generous with their price decks during the fall re-determination period. Typically we are 10-20% below strip and most were 10-20% above or at the strip. I know a lot of company's push their fall BB back to Nov/Dec hoping for a rally but that just killed them. I know the spring BB that are coming up will be ugly just looking at the strip today and rolling off practically all the remaining large hedge positions. I am not sure how many of these guys haven't just cut 50% of the G&A already.

I'm in Midland. I know some public company and PE backed E&P folks in Austin though.

Interesting times for producers/banks. Short half-life wells coupled with hedges rolling off will be a treat for everyone involved. The debt placed on high decline assets requiring continued debt/equity financing as part of negative FCF spending is a tough ball of wax.

Gotcha. Your description earlier fit an Aggie I know of that kicked off a startup last summer here in Austin.

You talking about rigup?

No they're an E&P.

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I think a data point that not many people have touched on is that the banks were very generous with their price decks during the fall re-determination period. Typically we are 10-20% below strip and most were 10-20% above or at the strip. I know a lot of company's push their fall BB back to Nov/Dec hoping for a rally but that just killed them. I know the spring BB that are coming up will be ugly just looking at the strip today and rolling off practically all the remaining large hedge positions. I am not sure how many of these guys haven't just cut 50% of the G&A already.

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Thats what we mean by 'kicking the can down the road.'

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Repsol cutting jobs.

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What are you hearing about this - The Woodlands based employees, or globally?

E-mail sent.

FCX is marketing nearly all of its US assets. Onshore and offshore.

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Repsol cutting jobs.

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What are you hearing about this - The Woodlands based employees, or globally?

Repsol bought out Talisman last year and held their EF properties which they were developing. Last month it was announced that Statoil was purchasing the operating interest of a JV they had with Repsol/Tal in the EF. Most of the Repsol/Tal guys who had anything to do with the EF will probably be let go as they no longer have any operational input. I have heard quite a few in their group are just waiting for the day.

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It's been talked about quite a bit.

The Woodlands

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FCX is marketing nearly all of its US assets. Onshore and offshore.

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Any word on interested parties? And is their ultra-deep exploratory stuff included in that package?

Chevron covington office announcing a round of layoffs.

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FCX is marketing nearly all of its US assets. Onshore and offshore.

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Any word on interested parties? And is their ultra-deep exploratory stuff included in that package?

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Yes. From what I know everything is up for grabs. Investment Bank is putting together the data room.

Wow. The UD was Jim Bob's pet for a long while. I guess with him out of the picture they'd be glad to be rid of that money pit.

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No they're an E&P.

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You talking about Ameredev?

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Chevron covington office announcing a round of layoffs.

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thought CVX was going to flat close that office.

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Chevron covington office announcing a round of layoffs.

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thought CVX was going to flat close that office.

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I believe that's the plan but that won't happen this year.

Whelp, we just found out that there will be "significant" cost reductions coming. If anyone knows of some supply chain jobs, in or outside of oil & Gas, lemme know.

Where are you at, if you don't mind me asking?

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Chevron covington office announcing a round of layoffs.

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thought CVX was going to flat close that office.

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I heard yesterday moves to new cvx midland building w be delayed until cuts are made.
I think it is Lafayette that is closing buildings.

CVX closing in Lafayette is going to really hurt them. CVX has been there longer than I can think. Same if Shell got out of Nola, but they have a golden key right now. Lafayette is a mini Midland/Houston of sorts, more services than operators but still....

Wife works at Enlink and they are having an all employee call at 8:30am this morning. Everyone is fearing the worst.

Natural gas transportation company based in Tulsa

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Wife works at Enlink and they are having an all employee call at 8:30am this morning. Everyone is fearing the worst.

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Midstream companies should be ok since they are bill based on contracts and throughput unless their producers are going bankrupt. Even then I don't see then shutting in wells.

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Wife works at Enlink and they are having an all employee call at 8:30am this morning. Everyone is fearing the worst.

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Midstream companies should be ok since they are bill based on contracts and throughput unless their producers are going bankrupt. Even then I don't see then shutting in wells.

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there's going to be midstream companies that don't make it. too many producers are going to founder. and producers should definitely be shutting in.

Gotcha. I work supply chain at Halliburton and know there's a couple other folks on this thread that do the same for Halliburton or one of our peers. Couldn't remember if you were one.

Praying for everyone. Y'all hang in there

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Wife works at Enlink and they are having an all employee call at 8:30am this morning. Everyone is fearing the worst.

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Midstream companies should be ok since they are bill based on contracts and throughput unless their producers are going bankrupt. Even then I don't see then shutting in wells.

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yeah that was the mantra for midstream companies a year ago and just about all have seen their stock values drop by more than 50%. Everyone is being affected at this point whether it's real tangible impacts or just market overreaction by association.

Which bank?