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We just got an email from our Glorious Leader at SWN. 40% layoffs today. Going to be a really ****ty day regardless of what happens.

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That glorious leader is an Aggie.

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Is that supposed to change anything?

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No but I trust the integrity and decision making capability of an Aggie engineer over most other non-Aggies. Well and I know him.

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Devon announces layoffs..

Http://newsok.com/article/5473721

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There's the results of the town hall I heard about.

Damn, all 3 of my contacts at SWN were just let go.

One of my very good friends, a drilling engineer at SWN, just got his papers. Not even sure what to say to him.

I guess I'll open with "Want to get a drink?"

Knew things were rough at SWN but a 40% cut makes me think it's more dire than I imagined. T&P for anyone affected by that.

A 40% cut is DEEP. Are they suspending field operations or something? That's a ton of people.

T&P for those at SWN. That's going to be a deep, deep cut.
Yep, looks like layoffs are coming for us at Devon. No one knows how many, or what the goal is, but now we sit around for 2 months and wait....

Have a very good buddy at SWN, I think he's ok but with 40% who knows. That's a huge cut. Are they an acquisition target or bankruptcy risk?

40%? Holy s**t.

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T&P for those at SWN. That's going to be a deep, deep cut.
Yep, looks like layoffs are coming for us at Devon. No one knows how many, or what the goal is, but now we sit around for 2 months and wait....

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I'm ALMOST glad I got thrown out early. ( well not really but..)
One of the most damaging and corrosive features of the 80's bust was the YEARS of payoffs. cuts, closings..etc. I made it till 86 BUT you guys have no idea what it was like to spend YEARS of damn near EVERY DAY coming to work and not knowing if it was your LAST. We usually had our layoff on Thursday so IF you made it to Friday you had a fairly good chance of making it for THREE more days ! Every time the big boss closed his door or called his minions into meeting the ENTIRE facility would shut down waiting for the carnage...
It was physically and emotionally draining. In all seriousness I am aware FOR A FACT that several friends ( and almost ME) became alcoholics strictly due to the endless pressure we faced from 83 on due to years of job uncertainty. We drank EVERY night ! A lot of families suffered and several did not survive.
Sitting around waiting for 2 months is brutal....but try it for 3 years !!!!!

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T&P for those at SWN. That's going to be a deep, deep cut.
Yep, looks like layoffs are coming for us at Devon. No one knows how many, or what the goal is, but now we sit around for 2 months and wait....

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I'm ALMOST glad I got thrown out early. ( well not really but..)
One of the most damaging and corrosive features of the 80's bust was the YEARS of payoffs. cuts, closings..etc. I made it till 86 BUT you guys have no idea what it was like to spend YEARS of damn near EVERY DAY coming to work and not knowing if it was your LAST. We usually had our layoff on Thursday so IF you made it to Friday you had a fairly good chance of making it for THREE more days ! Every time the big boss closed his door or called his minions into meeting the ENTIRE facility would shut down waiting for the carnage...
It was physically and emotionally draining. In all seriousness I am aware FOR A FACT that several friends ( and almost ME) became alcoholics strictly due to the endless pressure we faced from 83 on due to years of job uncertainty. We drank EVERY night ! A lot of families suffered and several did not survive.
Sitting around waiting for 2 months is brutal....but try it for 3 years !!!!!

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I went through this in a different industry before I came to oil and gas. By the end, you almost hoped it was you just to have some closure. The worst part was it seemed like the guys who were let go early had a much easier time finding employment. The more valued you were and the longer they held onto you, the less was available when your time came.

Sucks all round.

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T&P for those at SWN. That's going to be a deep, deep cut.
Yep, looks like layoffs are coming for us at Devon. No one knows how many, or what the goal is, but now we sit around for 2 months and wait....

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I'm ALMOST glad I got thrown out early. ( well not really but..)
One of the most damaging and corrosive features of the 80's bust was the YEARS of payoffs. cuts, closings..etc. I made it till 86 BUT you guys have no idea what it was like to spend YEARS of damn near EVERY DAY coming to work and not knowing if it was your LAST. We usually had our layoff on Thursday so IF you made it to Friday you had a fairly good chance of making it for THREE more days ! Every time the big boss closed his door or called his minions into meeting the ENTIRE facility would shut down waiting for the carnage...
It was physically and emotionally draining. In all seriousness I am aware FOR A FACT that several friends ( and almost ME) became alcoholics strictly due to the endless pressure we faced from 83 on due to years of job uncertainty. We drank EVERY night ! A lot of families suffered and several did not survive.
Sitting around waiting for 2 months is brutal....but try it for 3 years !!!!!

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I went through this in a different industry before I came to oil and gas. By the end, you almost hoped it was you just to have some closure. The worst part was it seemed like the guys who were let go early had a much easier time finding employment. The more valued you were and the longer they held onto you, the less was available when your time came.

Sucks all round.

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so very true. I remember some of the guys I had to let go EARLY in 83. They ALL went out and got jobs in places like Compaq and others. By the time I got thrown out in 86 there was NOTHING left in Houston..I mean NOTHING !!! The stories about guys with advanced degrees in PetE selling shoes at Foleys were all true.

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Seen a few supply chain guys on here...do you mind giving me a brief description of what you do? What a typical day looks like?

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My role right now is on the downstream side, focused on CAPEX investments throughout our network and long term strategy around our network (potential divestments).

I've worked in production planning roles and also been a supervisor in the field for 3 years, so I've done a wide variety of things

Anyone here know much about Cobalt Energy?

I don't work in the industry but was curious if someone had any pertinent info on them as I have a small investment in them.

SWN operations Engineers just got wasted. Basically went from a company staffed for 10-12 rigs to one staffed for 2-3.

Edit for saying things that shouldn't be said due to emotions.

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We just got an email from our Glorious Leader at SWN. 40% layoffs today. Going to be a really ****ty day regardless of what happens.

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That glorious leader is an Aggie.

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That glorious leader is a big box of chodes that anyone with any operations experience hates.

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I have extensive operations experience, and I don't hate the guy. But then again, I've been behind the stage curtain.

40% sounds like they want to avoid the morale hit from multiple layoff rounds. Take one big hit and move on with no additional layoffs. That sort of reduction will be disruptive, but so will never-ending rounds of layoffs.

Either that or the company is in serious trouble.

I'm a marketer for a small E&P. Was a bulk trader in rail and barge crude. Went E&P side to reduce risk to rail crude falling apart.

Lol that worked out well.

Any clue about the status of Sperry Drilling? I know Weatherford pulled their bid out in 4Q15. Does Sperry still have work?

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Knew things were rough at SWN but a 40% cut makes me think it's more dire than I imagined. T&P for anyone affected by that.

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i wonder how many jump ship on their own after the initial fallout? Seems like that big of a cut would signal to the smart money left in the room that it best to move on.

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Negative FCF Energy companies after CAPEX (image not my own)


As has been discussed previously, there is starting to be more talk about the markings on bank loans to energy cos. A few banks are starting to write down, but this could get a lot bigger at current conditions and hedges rolling off....

http://www.wsj.com/articles/more-banks-take-hits-on-energy-loans-1452890416

Plenty of loans and debt offerings that were not forecasting $29 WTI as their worst case....

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Requoting this post.
SWN was one of the ones I remember sticking out when I saw the chart.

I feel like the Houston energy sector is going to be this tiny remnant of what is once was for a very, very long time.

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Knew things were rough at SWN but a 40% cut makes me think it's more dire than I imagined. T&P for anyone affected by that.

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i wonder how many jump ship on their own after the initial fallout? Seems like that big of a cut would signal to the smart money left in the room that it best to move on.

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But where do they go? Not many openings out there right now, and WHOLE lot of people looking.

Oil just spiked to go up ~5% on the day. What is happening??

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We just got an email from our Glorious Leader at SWN. 40% layoffs today. Going to be a really ****ty day regardless of what happens.

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That glorious leader is an Aggie.

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Is that supposed to change anything?

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No but I trust the integrity and decision making capability of an Aggie engineer over most other non-Aggies. Well and I know him.

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I don't know him and he may very well be a good guy. My comment was more along the lines of don't let that serve as blinders. I've personally been backdoored by two different Ag CEO's on major deals, one of whom sits in a founder's suite at Kyle every Saturday. Believe me, when it comes to money or someone's ass on the line, there are many who don't give a **** what ring is on your finger

Talking with coworkers about layoffs at E&Ps. So far I've heard about:

• Devon
• SWN
• BHP Billiton
• Chevron (employees must "reapply" or something, not exactly a layoff but a RIF)

Other than that I believe just about every service company has had significant layoffs in the field and sales offices.

Any others confirmed out there?

COP

Or are you just talking about this week?

Oh yes I heard about that. Happened last year right?

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Oil just spiked to go up ~5% on the day. What is happening??

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I call this, the ride to $80 my friend; I'll see you on the mountaintop. I'll be the guy riding a quad strapped in the bed of an F-350 limousine convversion.

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Talking with coworkers about layoffs at E&Ps. So far I've heard about:

• Devon
• SWN
• BHP Billiton
• Chevron (employees must "reapply" or something, not exactly a layoff but a RIF)

Other than that I believe just about every service company has had significant layoffs in the field and sales offices.

Any others confirmed out there?

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Add:
Shell/BG
BP

Maybe easier to list who isnt performing layoffs:

ExxonMobil
Total

Interesting article on Trevor Rees-Jones and some of his insight

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Oil just spiked to go up ~5% on the day. What is happening??

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slightly good news on inventory builds came out an hour ago.

$30+!!!!!!!!! WE'RE RICH!!! YEEEEEEEEEEEHAWWWWWWWWWWWWW