WOW!
Houston..we have a problem....
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Last: 7 days ago by Sims
quote:I think Fuelfix has this wrong. It is not 11k more...it is 2k more up from 9k previous.
SLB laying off another 11k
link
quote:from the article
SLB laying off another 11k
link
"The firm, which is the world's biggest oil field services provider, said its first-quarter revenues fell to $10.2 billion, down 9 percent from the same January-March period last year. The figure was off by 19 percent compared to the fourth quarter of 2014, a sign that the oil crunch hit sales harder in the new year."
Oil Service results will be brutal for awhile.
Fast Money and other news sites saying 11,000 more as well
quote:
Fast Money and other news sites saying 11,000 more as well
Wow. I stand corrected. Just saw the lesser numbers few other places.
On NPR they said 1100.
CNBC just reported 11,000 layoffs at Slumberger too and said the stock was up 3% in after hours trading
Wow! Devastating! Prayers go out to anyone with SLB.
Anyone keeping a total count of # of layoffs associated with the downturn? I remember reading an article a few weeks ago on Forbes that estimated around 75,000.
Anyone keeping a total count of # of layoffs associated with the downturn? I remember reading an article a few weeks ago on Forbes that estimated around 75,000.
quote:
The nine-month oil slump has cost the energy industry more than 120,000 jobs so far, according to oil field staffing firm Swift Worldwide Resources
My company is looking for a PM to work with our oil and gas manufacturing clients. We focus on technology surrounding process efficiency in purchasing, receiving and quality.
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Email me if you are interested.
nickv at agileupstream dot com
Extensive experience with manufacturing ERP systems would be a major plus.
Email me if you are interested.
nickv at agileupstream dot com
quote:quote:
Fast Money and other news sites saying 11,000 more as well
Wow. I stand corrected. Just saw the lesser numbers few other places.
edit: Rigzone edited their article to say 11k additional rather than total as of now
Just to close the loop on SLB job cuts... The 11k cut are incremental to the previous 9k
Any idea on the number of cuts at COP? I heard up to 1,500
quote:
Just to close the loop on SLB job cuts... The 11k cut are incremental to the previous 9k
Please clarify.
That means 20k total.
Here's a link:
http://oilpro.com/post/12239/schlumberger-headcount-reductions-now-total-staggering-20000-work
Here's a link:
http://oilpro.com/post/12239/schlumberger-headcount-reductions-now-total-staggering-20000-work
Whose wife is this?
Spent more on the sticker than the car.
How spoiled indeed.
How spoiled indeed.
Probably someone that is currently unemployed. I've never seen a professional O&G worker who's wife had something like that.
quote:
Looks to me like oil is going to trade around $50 for awhile, then rise towards $60 by the end of the year. My prior prediction in January had oil bottoming in the low 30's, but I don't see it going below $40 now. And any selloff in the next 30 days due to seasonal factors will be temporary in my opinion.
So far my prediction from 5 weeks ago is holding true. A lot of experts were predicting oil to go to $30 this month. Looks to me like oil has found a floor in the $40s. And will probably trade more in the $50s then the $40s the rest of this year. I think we could see consistent pricing in the $60s before the end of this year. Might be low $60s, but that would be better than $50s.
quote:
Wow! Devastating! Prayers go out to anyone with SLB.
Anyone keeping a total count of # of layoffs associated with the downturn? I remember reading an article a few weeks ago on Forbes that estimated around 75,000.
100K jobs lost
quote:
Whose wife is this?
A Jeep Liberty is spoiled? If I gave my wife one of those she'd be insulted.
That's like the 1st car you would buy your 16 year old daughter
I've got a cousin who works in the warehouse at jet lube and claims to be in "o&g",
I sell organoclay, but not for O&G use. That's a different department. can I say I work in O&G though?
Just read that article.
That dude literally works half the year. The other half fishing... Including hazard pay and overtime, they bring in $100K.
No wonder these people are cut so fast.
quote:
Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as "14 on, 14 off:" two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass and crappie
That dude literally works half the year. The other half fishing... Including hazard pay and overtime, they bring in $100K.
No wonder these people are cut so fast.
quote:
Just read that article.
quote:
Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as "14 on, 14 off:" two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass and crappie
That dude literally works half the year. The other half fishing... Including hazard pay and overtime, they bring in $100K.
No wonder these people are cut so fast.
And those working a standard work week work 25% of the year, by hours. That includes a few over the standard 40. Strictly 40 hrs with vacation is about 21%. So I'm not sure I understand your point.
14/14 or 7/7 is also 25% of the year by hours, so it's not really 1/2 the year either.
quote:
Just read that article.
quote:
Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as "14 on, 14 off:" two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass and crappie
That dude literally works half the year. The other half fishing... Including hazard pay and overtime, they bring in $100K.
No wonder these people are cut so fast.
Most of them also don't get to go home. They often work odd hours while they're on. I'm not saying their job is significantly tougher than others, but it's not something many people want to do, and it (normally) takes years of manual labor to get to the company man level. Most people don't last that long.
Point is this: Six figures at 80 less workdays a year than a standard schedule w/o taking into account time-off.
On an hourly basis, you actually work more than a standard work year when on a even rotation (14/14, 28/28, etc). On an even rotation you work about 2,200 hours per year. Normal work year is 2,080 hours less vacation and holidays.
quote:
Just read that article.
quote:
Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as "14 on, 14 off:" two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass and crappie
That dude literally works half the year. The other half fishing... Including hazard pay and overtime, they bring in $100K.
No wonder these people are cut so fast.
That dude also probably works a lot 16 hour days. You don't just shut down work on a well because it's 5 o'clock. There are a lot of extended hours in the oilfield.
You can really tell who has some field experience on here.
Not to mention holidays, missing kids birthdays, family events, etc. The guys in the field drive the industry.
Part of the problem with the last company that I worked for was that the corporate types didn't understand the sacrifices that the field personnel endured to ensure that the corporate types had a paycheck.
Not to mention we don't generally shutdown for weather unless it is severe. I have worked when it was -27 F and also when it was 115.
Most of the guys in the field definitely earn it.
Part of the problem with the last company that I worked for was that the corporate types didn't understand the sacrifices that the field personnel endured to ensure that the corporate types had a paycheck.
Not to mention we don't generally shutdown for weather unless it is severe. I have worked when it was -27 F and also when it was 115.
Most of the guys in the field definitely earn it.
quote:
it's not something many people want to do, and it (normally) takes years of manual labor to get to the company man level. Most people don't last that long
An experienced worker that does this is hard to replace and has a pretty valuable skill. Hence, they are paid well. I think that's great. I don't particularly want to do that so I'm glad they do.
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