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Started By
Message
re: Schlumberger cuts another 11,000 jobs in wake of oil crash
Posted on 4/17/15 at 5:28 am to AZTarheeel
Posted on 4/17/15 at 5:28 am to AZTarheeel
quote:
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.
Production costs in the US are higher than many other parts of the world. Some can produce $40 crude and still make a profit. Those producing in the US by fracking cannot, they lose money at current market prices.
Midstream is pipeline and distribution, pump jacks are upstream.
Refiners are downstream and aren't hit when oil prices are low because they buy crude. The cost of their feedstock is much lower today than a year ago. They make a very small margin for refined products regardless of crude prices. When crude prices are up, the prices for refined products is up. The inverse is true as well.
0
Posted on 4/17/15 at 5:39 am to CatsGoneWild
quote:
Money is money. Some money is better than no money.
It's not money when you are losing it and there are not many places in the world that can make money at current prices
Posted on 4/17/15 at 5:46 am to meeple
quote:
Will this be the first of the big corporations that layoff?
Unlikely. Pretty sure this is their second cut.
Posted on 4/17/15 at 6:55 am to The First Cut
Will upvoting help the economy? I don't think so. Pretty sure it doesn't matter in real life how many upvote this thread. Actually I'm 100% confident that it won't.
Posted on 4/17/15 at 7:08 am to 337Tigah
(no message)
This post was edited on 4/17/15 at 7:10 am
Posted on 4/17/15 at 7:17 am to TimRiggins
I already hocked the F250 and now I have to put the bass boat in hock too this sucks.
This post was edited on 4/17/15 at 7:17 am
Posted on 4/17/15 at 7:41 am to Street Hawk
I surprised Jim Rockford didn't start this thread.
Posted on 4/17/15 at 8:09 am to TimRiggins
Because they can hire the grads at about half the price of someone who has been there 20 yrs
Posted on 4/17/15 at 8:18 am to Street Hawk
Oil crash? Really? More like oil where it should be.
Posted on 4/17/15 at 9:35 am to AZTarheeel
There is still a fair amount of activity in the gulf. The deepwater wells being drilled now won't come online for several years, so there are some companies that are going to take advantage of cheap contracts and poke as many holes in the ground as they can and have some nice revenue when oil recovers.
Posted on 4/17/15 at 10:16 am to Street Hawk
How in the hell does this have 16 upvotes?
Posted on 4/17/15 at 10:18 am to GonePecan
Bc ppl suck
Posted on 4/17/15 at 10:20 am to Froman
quote:
Oil crash? Really? More like oil where it should be.
You do know that gas prices haven't kept pace with the rate of inflation, correct?
Posted on 4/17/15 at 11:34 am to DownshiftAndFloorIt
quote:
but if the shits still flowing midstream and downstream will still be relatively busy
Midstream is being hit also. We have over $10 billion in projects on hold because of low oil prices and there has been some layoffs, early retirements, and reshuffling people from mid-stream into downstream.
Posted on 4/17/15 at 11:41 am to Thib-a-doe Tiger
quote:
You do know that gas prices haven't kept pace with the rate of inflation, correct?
The dumbasses that upvote the oilfield layoffs are completely ignorant to the global game being played. The Saudis are starving out the US fracking industry to slow US production. Once that happens prices will spike to levels not yet seen and we again become dependent on Middle Eastern oil.
This post was edited on 4/17/15 at 11:44 am
Posted on 4/17/15 at 11:46 am to GonePecan
quote:
How in the hell does this have 16 upvotes?
Miserable people. They love others misfortune because it makes them feel a little better about their own shitty lives.
Posted on 4/17/15 at 11:48 am to Street Hawk
*Candlelight vigil*
Posted on 4/17/15 at 11:48 am to The First Cut
With OPEC announcing increased production at these prices, if there was any doubt that they were out to crush US shale there isn't anymore.
I still don't understand how the US producers are claiming they can keep up production and perhaps increase it with everyone cutting their drilling program by 40%. I haven't seen anyone that is producing that efficiently.
Good luck to all those getting laid off, looking for a job when all you have done for the last ten years is O&G is tough.
I still don't understand how the US producers are claiming they can keep up production and perhaps increase it with everyone cutting their drilling program by 40%. I haven't seen anyone that is producing that efficiently.
Good luck to all those getting laid off, looking for a job when all you have done for the last ten years is O&G is tough.
Posted on 4/17/15 at 11:51 am to Street Hawk
After reading their Q1 earnings report, it sounds like they already let the people go in Q1.
Posted on 4/17/15 at 12:30 pm to Street Hawk
I'm in wireline for a company based outta the UK. The GoM is busy as hell for us
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