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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 12:32 pm to 8thyearsenior
Posted on 4/17/15 at 12:32 pm to 8thyearsenior
Found out this week everyone in the office, except the owners, is getting a 5% cut in pay.
1
Posted on 4/17/15 at 12:40 pm to The First Cut
.
and oh the screaming from the very people who revel in the bad times for domestic O&G.
quote:
Once that happens prices will spike to levels not yet seen and we again become dependent on Middle Eastern oil.
and oh the screaming from the very people who revel in the bad times for domestic O&G.
Posted on 4/17/15 at 1:15 pm to The First Cut
quote:
the saudis
I think the U.S. is to blame for this one. When you start easily producing oil in exponentially increasing amounts, the price will eventually fall.
Posted on 4/17/15 at 1:26 pm to TheIndulger
quote:
I think the U.S. is to blame for this one. When you start easily producing oil in exponentially increasing amounts, the price will eventually fall.
Yes, the US producers have substantially increased production (see my earlier post with chart). However, the Saudis can produce at prices ~$40 while shale players need at least $75/barrel to be profitable. The Saudis know this, are threatened by the US's increased production, and are trying to derail the growth.
Posted on 4/17/15 at 1:27 pm to GonePecan
quote:
Found out this week everyone in the office, except the owners, is getting a 5% cut in pay.
15% for us. I had to inform my reports today. But at least I'm not giving more of my people pink slips again, yet.
Posted on 4/17/15 at 1:28 pm to TheIndulger
In order to maintain a grip on market share by pushing U.S. shale producers out of the market, Saudi Arabia (and OPEC) is willing to use up its spare capacity. That could lead to a price spike.
Time
Time
quote:
The signs of success are already showing – the U.S. is set to lose 57,000 barrels per day in production in May, and rig counts are still falling.
This post was edited on 4/17/15 at 1:31 pm
Posted on 4/17/15 at 1:32 pm to GreatLakesTiger24
quote:
*Candlelight vigil*
Guessing you have never had to personally lay off large amounts of people with families and short term prospects of supporting them. Are you currently in a position to have zero income for two years of unemployment?
Posted on 4/17/15 at 1:32 pm to The First Cut
quote:
I just find it sad that anyone would take joy in someone else's misery.
Hang around this board much?
Posted on 4/17/15 at 1:34 pm to The First Cut
The price spike will make the situation worse.
Posted on 4/17/15 at 3:00 pm to redstick13
I know people who do mwd for pathfinder/SLB. They've already cut so many of them that I used to work with and the ones still there got 25% pay cuts both salary and day rate. Tough times and looks like it's getting worse, even though oil's creeping up again.
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