More new lows as the night trade opens. Jan crude new low of 64.78.
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Yeah. No chance Chevron is laying people off yet. I am talking about operators specifically. Service companies will have to lay off well before the operators would be my guess. Anyone heard of operators laying people off?
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Most have no concept how bad it will get in Houstin in 2016. Many families will go from close to $200k in dual income to unemployment overnight.
quote:I wouldn't jump into a service company right now. But I'm relatively risk-adverse.
Literally just got a job offer for a fracking/oilfield services company.... Finance role. It's a pay raise, but this thread makes me think I'd be absolutely crazy to accept. One yr old daughter at home.
Decisions decisions....
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Literally just got a job offer for a fracking/oilfield services company.... Finance role. It's a pay raise, but this thread makes me think I'd be absolutely crazy to accept. One yr old daughter at home.
Decisions decisions....
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Literally just got a job offer for a fracking/oilfield services company.... Finance role. It's a pay raise, but this thread makes me think I'd be absolutely crazy to accept. One yr old daughter at home.
Decisions decisions....
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Most oil companies did not lay people off the last time oil spiked down. Doubt they will do it this time either. January is awfully close to be laying people off IMO. Maybe CVX is much different than I perceive but I perceive them to be stronger than most. If oil prices stay below $70 for 6+ months, I think companies will start laying people off. Who knows.
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Most oil companies did not lay people off the last time oil spiked down. Doubt they will do it this time either. January is awfully close to be laying people off IMO. Maybe CVX is much different than I perceive but I perceive them to be stronger than most. If oil prices stay below $70 for 6+ months, I think companies will start laying people off. Who knows.
Exactly.
quote:If we have another cold winter, that could help NG pick back up. But there is so much production being choked back or on the sidelines since it's HBP'd that over supply could happen again quickly.
who do yo work for?
I am hoping that a strong natural gas price helps us weather the storm.
quote:You young guys need to listen to Original AG 76's advice. I started in the oil biz in 1980 and lived through the oil sector collapse of the mid 1980s. Some of his earlier posts about working for several years not knowing if that was your last week hit home as that is exactly what I experienced as well. It was so uncertain, that my wife and I put off having kids for several years. I was transferred during the downturn and wisely rented instead of bought in the new city. Meanwhile, I fielded calls from classmates from A&M as well as other contacts in the industry after they were laid off and were looking for work. It was so depressing I finally changed careers in the late 1980s and never looked back.
You guys seem to be soley talking about operators and the big guys but remember that there are probably more folks working in the equipment manufacturing and the service sector than for the actual operators. Hell of a lot less glamorous, lower pay, crappy benefits , few of the " perks" that the average "ChevronShellEnsco" type gets........... . These are the folks that will be feeling it first. The majors cut their E&P budgetsby say 10% and that translates to a direct loss of business for many manufacturers. A 10% cut may be an entire project that some manufacturing facility or yard has geared up for and ....instant layoff.
I've been through this too damn times, I could write the book. I am saying FOR A FACT that the discussions and planning has already started. The "force multiplier" effect of these cuts is HUGE in areas like Houston. Projct XYZ gets shelved...only a 5% cut for MegaOil but it kills 40% of little Whoopalloy Valve's business which kills 25% of Acme Coatings business which kills 10% of Spectacular Paints business....on and on and suddenly you have a few thousand fewer jobs in NW Houston. It just feeds on itself. I hope to HELL that I may be premature on this since this will be my LAST rodeo, NO WAY I survive another one of these things....
quote:What advice? All I see is "the sky is about to fall, so..."
You young guys need to listen to Original AG 76's advice.
quote:quote:What advice? All I see is "the sky is about to fall, so..."
You young guys need to listen to Original AG 76's advice.
quote:Well this for one:quote:What advice? All I see is "the sky is about to fall, so..."
You young guys need to listen to Original AG 76's advice.
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This BOOM has been going on too damn long and has to end at some time. ALL of my fellow old timers are saying the same thing and , sadly, virtually 100% of the younger guys are completely in denial. Our corp genii are in the same mode as they were in 82 ( those 82 guys are al dead or long retired ). We have been there before and can smell it on the horizon.
This will be the last hurrah for most of us vets of the "BUST" , its still gonna take a couple of years to develop but in 2-3 years we will be right at retirement age and will be the first to go. I hope I'm wrong and the boom lasts another decade like all the corp prognosticators say BUT.....
quote:Not your fault. Someone else was saying you were giving advice.
Please excuse me Martin. I thought this was a discussion. I'm not in the advise business nearly sharing some very painful experiences.
quote:Good idea. What is your plan B? What industry do oil & gas engineers go to?
Don't take on new personal debt. start looking at a plan B. In my personal case, I started taking MBA classes at night while still employed in the oil business so that I had more options if I got whacked.
quote:Martin, yes that was me that was saying that OriginalAg was giving advice. He was giving advice on how to put the current downturn in perspective. Not what to do about it.quote:Not your fault. Someone else was saying you were giving advice.
Please excuse me Martin. I thought this was a discussion. I'm not in the advise business nearly sharing some very painful experiences.
quote:Good idea. What is your plan B? What industry do oil & gas engineers go to?
Don't take on new personal debt. start looking at a plan B. In my personal case, I started taking MBA classes at night while still employed in the oil business so that I had more options if I got whacked.