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Message
Baker Hughes to layoff 7000
Posted on 1/20/15 at 10:07 am
Posted on 1/20/15 at 10:07 am
LINK
quote:gahhhhh this sucks.
Baker Hughes said Tuesday it will lay off 7,000 mostly in the first quarter of 2015, amid a crude oil price slump and drilling slowdown it expects to worsen in the next quarter.
7
Posted on 1/20/15 at 10:18 am to The Egg
Seems like all the service companies are doing this now
Posted on 1/20/15 at 11:04 am to TheIndulger
I hope this turns around soon.
Posted on 1/20/15 at 11:15 am to Buga_Scores
Our son works for NOMAC and are still drilling...sure hope his rig stays in operation
Posted on 1/20/15 at 11:16 am to The Egg
That's 7,000 families who are facing a scary future. Terrible.
Posted on 1/20/15 at 11:16 am to LSURussian
Could be less
Posted on 1/20/15 at 11:29 am to jimbeam
It could be but I'm afraid it's going to be more before oil prices turn around.
This past weekend I read one report which forecast WTI will bottom out in the $20's this summer.
This past weekend I read one report which forecast WTI will bottom out in the $20's this summer.
Posted on 1/20/15 at 11:29 am to The Egg
Wonder what Jody's thoughts are on the matter.
Posted on 1/20/15 at 11:41 am to LSURussian
I'm in the oil industry so I know this is going to suck for quite a few but we have been living the good life the past 6-8 years or so. Oil at $100/bbl is just easy money. It was a gold rush. That's why the minimum wage was effectively $20/hr in some areas. The oil service sector was getting fat off the high demand for their service as well. Those with clear heads knew the bubble was going to burst, it was just a matter of when and how bad. It came much later than I expected and much worse. But'll reach a bottom. We'll return to mid-2000 type job numbers in the sector. We won't starve and lower energy prices will allow for other sectors to thrive. It was a great opportunity to make some money but we have to be ready for lower prices. It's inevitable when you have a "gold rush" occurring.
Posted on 1/20/15 at 11:51 am to C
Good post. I hope a lot of people in the industry saved those bonuses or used them to pay down debt.
As these plants start coming on, hopefully some people will be able to transfer over.
As these plants start coming on, hopefully some people will be able to transfer over.
Posted on 1/20/15 at 11:57 am to The Egg
Posted on 1/20/15 at 12:08 pm to castorinho
Houston to Nola area going to feel it
Posted on 1/20/15 at 12:08 pm to castorinho
No real surprise hear. Service companies can easily layoff 5-10% of their workforce which will be high priced contractors and field personnel. Always the first cut.
Posted on 1/20/15 at 12:10 pm to The Egg
Think any of these layoffs due to oil prices coincidentally align with people that Halliburton were going to lay off due to overlap between them and BH?
Posted on 1/20/15 at 12:12 pm to tiger perry
quote:If anyone here is a gambler, there might be some money to be made shorting some south Louisiana and southeast Texas banks and maybe even Iberia Bank.
Houston to Nola area going to feel it
Posted on 1/20/15 at 12:15 pm to The Egg
I don't feel sorry for the oil companies. When gas is $4 a gallon we have to put up with the "oilfield trash/oilfield cash" dumbasses. Hope they saved up some of that money and didn't spend it all on F250's and truck nutz.
The industry I work in has slumps as well, but we aren't crying about it. I'm loving the heck out of sub $2 gas.
The industry I work in has slumps as well, but we aren't crying about it. I'm loving the heck out of sub $2 gas.
Posted on 1/20/15 at 12:15 pm to LSURussian
Sounds like a good plan
Posted on 1/20/15 at 12:20 pm to slinger1317
Don't feel sorry for the oil companies. Feel sorry for the thousands of families that likely just lost their largest source of income and might be in for some hard times ahead. Or don't. I don't really care.
Posted on 1/20/15 at 12:29 pm to bpfergu
quote:
Think any of these layoffs due to oil prices coincidentally align with people that Halliburton were going to lay off due to overlap between them and BH?
No, because the crossover is going to be more professional positions. I guarantee this was mostly contractors, field personnel, and non revenue generating folks.
Posted on 1/20/15 at 12:33 pm to barry
I have a buddy that started as an operator assistant in May for HAL. Figured he may get the axe, but he's still holding on
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