- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Schlumberger cuts another 11,000 jobs in wake of oil crash
Posted on 4/16/15 at 8:23 pm to Oates Mustache
Posted on 4/16/15 at 8:23 pm to Oates Mustache
quote:
From what I know so far, downstream has been ok, relatively speaking.
In my company, downstream is less affected but upstream and midstream has definitely been affected.
1
Posted on 4/16/15 at 8:25 pm to CatsGoneWild
quote:
Thanks guys for trying to explain it. I still don't get it tho. I'm sure we are burning the same amount of gas or more in out cars. I don't get it how we can have a supply when people aren't drilling it when we need it just as bad
This has been the sharpest increase in American oil production history.
Posted on 4/16/15 at 8:29 pm to JasonL79
I don't know if it's the common sense answer or not, but someone has to refine the stuff, so downstream will always be less affected.
Posted on 4/16/15 at 8:39 pm to Oates Mustache
Exploration is way down and production is down, but if the shits still flowing midstream and downstream will still be relatively busy.
Posted on 4/16/15 at 8:42 pm to Oates Mustache
quote:
I don't know if it's the common sense answer or not, but someone has to refine the stuff, so downstream will always be less affected.
There's no decline in demand so downstream is insulated from low crude prices resulting from high supply.
Posted on 4/16/15 at 8:44 pm to TimRiggins
quote:
Are they possibly pushing older employees out the door?
No, Someone I know was just let go last week and he's only a couple of years out of college.
Posted on 4/16/15 at 8:47 pm to TimRiggins
I was just laid-off from their E&P Wireline division in OKC. Said to hell with SLB and came back home to Louisiana.
What I witnessed was a LOT more new hires going first. SLB WANTS to keep their senior leaders if possible because starting over (when the price comes back up) with no knowledge-base would ultimately be WAY more costly for them.
What I witnessed was a LOT more new hires going first. SLB WANTS to keep their senior leaders if possible because starting over (when the price comes back up) with no knowledge-base would ultimately be WAY more costly for them.
Posted on 4/16/15 at 8:50 pm to goldshellback
Capitalism. Tell the oil guys Azerbaijan has openings
Posted on 4/16/15 at 8:56 pm to Sleazy E
quote:
Not good. Can't remember the last time it was this bad
You weren't around in the mid- to late 80s then, when Lafayette was in danger of becoming a ghost town. That's only a slight exaggeration.
LC
Posted on 4/16/15 at 9:08 pm to JEAUXBLEAUX
quote:
Capitalism
Consistently and without exception beats the holy shite out of the alternatives.
Posted on 4/16/15 at 9:12 pm to LongueCarabine
quote:
That's only a slight exaggeration.
Very slight. The drop in oil prices was much higher in terms of percentage. It is going to be a rough patch in SWLA, companies that are managed well will survive. Those that aren't..... later.
Posted on 4/16/15 at 9:18 pm to Street Hawk
I went to walmart yesterday and all the truck nuts were marked as clearance. They must not be selling.
Posted on 4/16/15 at 9:19 pm to glassman
CVX is next on deck with layoffs. Should occur within a few weeks.
Posted on 4/16/15 at 9:24 pm to redwingtiger
quote:
Posted by redwingtiger
Hope I can make it through this one as well
My segment has already let go 11 out of our 35
Are you in Drilling & Measurements?
Any idea how Wireline is faring in these though times? I have some friends that were in that division in Sugar Land.
Posted on 4/16/15 at 10:29 pm to Street Hawk
I'm in bits and have no idea regarding wireline. This is a shite show
Posted on 4/16/15 at 10:39 pm to The First Cut
quote:
I just find it sad that anyone would take joy in someone else's misery.
It's the OT man, that's all we do.
Posted on 4/16/15 at 10:42 pm to Street Hawk
man, the idea that a company even has 11,000 employees to start with is mind boggling to me...
Posted on 4/16/15 at 10:52 pm to jlu03
quote:
CVX is next on deck with layoffs. Should occur within a few weeks.
Will this be the first of the big corporations that layoff?
Posted on 4/17/15 at 12:34 am to Street Hawk
I feel their pain. My entire division at AMD was cut today.
Posted on 4/17/15 at 2:14 am to CatsGoneWild
I don't work in the industry so maybe I can explain it in common man language.
The drilling/exploration side of the oil industry (upstream?) employs a ton of people who are out in bum frick drilling into the ground looking for accessible oil reserves. This process is expensive as shite (and financially risky) so when oil is below a certain amount it isn't worth the investment for companies and they layoff most of this crew. They stop "expanding" and just sit tight with their wells that are already producing, which is enough to meet current demand.
The production side (midstream?) is where those pumpjacks go up and down all day pumping oil up from the places that the drillers successfully found oil that was accessible. I think this also includes transporting the oil & gas from the field to the refineries through pipelines and trucks/rail. For this part of the process the major expense (drilling) is already sunk so any well that is flowing is money on the table. Now if the price of oil drops low enough, you will see cutbacks at this stage because the revenue from a barrel does not cover the expense of transporting the oil and servicing the wells/pipeline.
The refineries (downstream?) are where the crude oil gets turned into products like gasoline, diesel, heating oil, etc. I really don't know anything about this step. It sounds like these guys are the last to get hit when the price of oil crashes.
Each step has different expenses, risks, and break even points so there may be layoffs in one area but not another.
Hope that helps. I've had a few bourbons so that is my excuse if none of that makes sense.
The drilling/exploration side of the oil industry (upstream?) employs a ton of people who are out in bum frick drilling into the ground looking for accessible oil reserves. This process is expensive as shite (and financially risky) so when oil is below a certain amount it isn't worth the investment for companies and they layoff most of this crew. They stop "expanding" and just sit tight with their wells that are already producing, which is enough to meet current demand.
The production side (midstream?) is where those pumpjacks go up and down all day pumping oil up from the places that the drillers successfully found oil that was accessible. I think this also includes transporting the oil & gas from the field to the refineries through pipelines and trucks/rail. For this part of the process the major expense (drilling) is already sunk so any well that is flowing is money on the table. Now if the price of oil drops low enough, you will see cutbacks at this stage because the revenue from a barrel does not cover the expense of transporting the oil and servicing the wells/pipeline.
The refineries (downstream?) are where the crude oil gets turned into products like gasoline, diesel, heating oil, etc. I really don't know anything about this step. It sounds like these guys are the last to get hit when the price of oil crashes.
Each step has different expenses, risks, and break even points so there may be layoffs in one area but not another.
Hope that helps. I've had a few bourbons so that is my excuse if none of that makes sense.
Page 3 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News