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Oh I understand it just fine. I grew up in Houston and my dad's business is primarily O&G manufacturing (small business). And I absolutely will consider switching, particularly when things are "peachy" again. Just kinda glad I didn't pull the trigger right before this fall.

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That makes sense. I definitely feel for the people who are starting with a bust without any boom time beforehand to save up.

I was $31K in the downturn in '91 but it didn't matter. I was just glad to have a job. I only knew of one other female besides me that had a job but we were a small subset of the engineering department at A&M.

Plenty of money to be made during a "bust" for those who are positioned. Yes, it's a bust for companies who overpaid or overleveraged on assets.

This is a huge opportunity for some, especially if it drags out into forced divestitures.

When was the last time there was only a $2 difference between WTI and Brent?

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Make 4x as much = 180k. You know fresh grads making that much?

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I said almost 4x as much, in reality 3.78 times as much. If you've got kids making 120,000 base (the career center said some were making 150,000 but that's been called into question) who are getting 20-30k sign on bonuses and then hitting 30% bonuses they're taking home more than myself.

Don't know any engineers getting the equivalent of 18% increases every year though.

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Make 4x as much = 180k. You know fresh grads making that much?

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I said almost 4x as much, in reality 3.78 times as much. If you've got kids making 120,000 base (the career center said some were making 150,000 but that's been called into question) who are getting 20-30k sign on bonuses and then hitting 30% bonuses they're taking home more than myself.

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Yeah but sign on is a one time bonus, and I haven't met many new grad engineers pulling in 30% of their salary in cash or immediately vesting stock in most operators. If you add in long term vesting compensation (3-5 year vesting) then yeah, I could maybe see those numbers. But share prices aren't guaranteed. Hell, I just lost about 30% of the value of a lot of my stuff.

Don't get me wrong, new PETEs aren't hurting for money, but these numbers seem pretty exaggerated.

i am currently averaging right at 15% yoy

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i am currently averaging right at 15% yoyT

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That's pretty amazing, most of my "raises" came from finding a job in sales instead of management and getting promoted.


45 salary
*took new job
36+commish
40+commish
60+bonus (promotion)
70+bonus
75+bonus
90+bonus
120+bonus (promotion)
125+bonus
135+bonus

little bit worried the ole bonus ain't going to be too great this year. As a lot of you know 135k aint a ton of money when your wife has college loans, stays at home and you've got kids.

I don't see FINC dropping like it did in 2008-2009. My guess is they will do quite well with the consolidation. Most people I've talked to have been swamped with O&G companies trying to figure out the good from the bad.

Just made a small side bet on where oil would be at end of 2015 with a buddy... He took over $65 and I took under $65.

Full disclosure: Neither of us have a clue what we are really talking about. I would have taken the under at $60 probably, but he agreed to $65. Thoughts?

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I don't see FINC dropping like it did in 2008-2009. My guess is they will do quite well with the consolidation. Most people I've talked to have been swamped with O&G companies trying to figure out the good from the bad.

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IBD may do well with the consolidations, but it's going to hit internal finance people hard. There is no need to have redundant treasury, fp&a, and corp dev personnel post-combination.

Senior VP of supply chain was let go an hour ago at Halliburton...

heard some numbers on the layoffs from the other day, roughly 40 in the technology group. 5 in IT, and 5 in supply chain...

100 let go between the Landmark and Artificial Lift companies.

haven't heard about others areas yet...

something to consider is these moves might be strategic moves for the merger but are being done under the excuse of falling oil prices...

Looks like we might be dropping 1-2 frac fleets

Foam,
I'm in Halliburton IT and have been keeping up with the number of accounts being disabled the last couple days. It's quite a lot. I used to work with a couple of the Landmark guys that were let go. I'm seeing a lot of Sperry accounts disabled as well today.

142 guys got let go from the US Steel plant at Lonestar (north of Longview) yesterday. I think they almost strictly make drilling pipe.

Heard a rumor several weeks back that they were down from 500 trucks shipping/month to around 300/month.

Heard H&P has 50-60 rigs going down in the next couple months. Also seen first hand that other drilling contractors have started more and more "random" drug tests to thin the herd.

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Looks like we might be dropping 1-2 frac fleets

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Fleets or crews?

What would someone in the industry with 10 years of experience fetch?

Not sure if others agree... Engineers make great salaries out of school but it seems they hit a flat line after a few years unless they go into management. Agree? Disagree?

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What would someone in the industry with 10 years of experience fetch?

Not sure if others agree... Engineers make great salaries out of school but it seems they hit a flat line after a few years unless they go into management. Agree? Disagree?

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Disagree, at least at my company. Technical track and management track are the same pay grades. A technical advisor makes the same (essentially, I'm sure you can negotiate) as a VP.

anyone going long on oil hoping to make some on the bounce back?

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What would someone in the industry with 10 years of experience fetch?

Not sure if others agree... Engineers make great salaries out of school but it seems they hit a flat line after a few years unless they go into management. Agree? Disagree?

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Disagree, at least at my company. Technical track and management track are the same pay grades. A technical advisor makes the same (essentially, I'm sure you can negotiate) as a VP.

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we recently implemented a similar philosophy to keep more technically minded people doing technical work. instead of everyone wanting to get into mgmt.

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anyone going long on oil hoping to make some on the bounce back?

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Not yet.

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Senior VP of supply chain was let go an hour ago at Halliburton...

heard some numbers on the layoffs from the other day, roughly 40 in the technology group. 5 in IT, and 5 in supply chain...

100 let go between the Landmark and Artificial Lift companies.

haven't heard about others areas yet...

something to consider is these moves might be strategic moves for the merger but are being done under the excuse of falling oil prices...

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I would bet these are merger moves. I know what I've heard is the total cobined workforce targeted is expected to be at 120,000 globally, which would equate to about a 20,000 reduction in employees globally with the two firms combined (they have about 140,000 total combined right now).

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I would bet these are merger moves. I know what I've heard is the total cobined workforce targeted is expected to be at 120,000 globally, which would equate to about a 20,000 reduction in employees globally with the two firms combined (they have about 140,000 total combined right now).

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Does this really make sense? Reductions due to redundancies from a merger are usually splashed all over the place to show how smart some bean counters are and the market rewards them.

I have heard the same.

Don't want to say too much on here, but the number of people being let go at Halliburton, even per day, is much, much higher than what foamcows mentioned.

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I would bet these are merger moves. I know what I've heard is the total cobined workforce targeted is expected to be at 120,000 globally, which would equate to about a 20,000 reduction in employees globally with the two firms combined (they have about 140,000 total combined right now).

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Does this really make sense? Reductions due to redundancies from a merger are usually splashed all over the place to show how smart some bean counters are and the market rewards them.

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Well, wouldn't layoffs from five different divisions/departments be "all over"?

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I would bet these are merger moves. I know what I've heard is the total cobined workforce targeted is expected to be at 120,000 globally, which would equate to about a 20,000 reduction in employees globally with the two firms combined (they have about 140,000 total combined right now).

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Does this really make sense? Reductions due to redundancies from a merger are usually splashed all over the place to show how smart some bean counters are and the market rewards them.

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Well, wouldn't layoffs from five different divisions/departments be "all over"?

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When he says "splashed all over" I'm pretty sure he means well publicized to help further sell the deal to Wall Street.

That's what I get for reading that after a 5 hour drive......

Wouldn't it be a bit early for merger related lay-offs?

This thing was just announced 6 weeks ago and has a long time to go until it closes.

I've been through a major O&G merger integration that was announced in November - it closed in September of the next year and there weren't any merger related layoffs until much closer to that date.

Got a Halliburton neighbor who is pretty high up in HR and he said that there are very very few ( he didn't know of any) layoffs due to a "yet to be approved" merger.

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Got a Halliburton neighbor who is pretty high up in HR and he said that there are very very few ( he didn't know of any) layoffs due to a "yet to be approved" merger.

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Yea, it's still gotta get through anti-trust and is not expected to close until Q3 or Q4.

I think the Baker rig count numbers are inaccurate or lagging based on what I'm hearing from drilling contractors. Savanna alone has laid down more than 40 rigs and 1 company can't make up 1/3rd of the rigs laid down. Our drilling contractor has laid down 5 of 14 rigs. I'm hearing similar numbers from other small contractors.

I had lunch with the CFO of one of the mini-majors discussed in the oil stocks thread the other day and he said their year over year decline on all of their production, not just new wells, was 38% last year. Their new Permian Basin horizontal declines are closer to 80% (production) decline in the first year. He thinks, and I agree, that supply will drop much faster than forecast.

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Don't want to say too much on here, but the number of people being let go at Halliburton, even per day, is much, much higher than what foamcows mentioned.

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kind of scary to hear... I am here today... each day is money in the bank...

Definitely cancelling any vacations this year and avoiding any large purchases until this settles down a bit.