re: How many here make their living in the oil field?

i am...I had to lay off four people here in my office last week

These are not oil field cash folk, just middle class $50,000 a year guys with families that I had to let go.

me and other managers have to take a 10% pay cut to stay aboard

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How does it make you feel that Schlumberger's CEO was paid $18MM last year while the company laid off 25k people?

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A lot better than it does when I think of people who get welfare or other entitlements for not doing shite.

Or when I think of Leo Dicaprio getting millions for making a movie

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quote:downstream Not so fast my friend. LINK You want to see a true litmus test for an oil crash, watch refining. Refining is finally starting to see the effects of this downturn, with several companies laying off contractors and squeezing their budgets. To me, this is very concerning in regards to a true incoming crash. Keep watching refining, because if they can't make money, no one does.

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I'm in refining projects and we have not been hit nearly like upstream. Still have a lot of projects ongoing and planned for next 5 years.

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 Capt.Pelican

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3/4 of my fellow Mariners have been laid off at my company.


I have a lead on a couole Captains job with a master of towing with red flag exp. If you know anyone that may be interested.

<<<<<< td@gmail

I graduate from TMA in 2018 so hopefully it turns around by then. Really don't want to go blue water

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I don't know who you work for, but just about every major refiner has had their margins squeezed, worth some even starting to see losses.

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I'm on the major project side so we don't get too involved in the operations side.

I'm sure there is some margin squeezing going on but we still have a lot of projects planned. That could change if it gets worse on the refining end I'm sure but I haven't heard anything on that from my end yet.

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How does it make you feel that Schlumberger's CEO was paid $18MM last year while the company laid off 25k people?

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What should he do, take a 10 million dollar pay cut and lay off 24,900 instead of 25,000?

Best of luck to you guys in that industry! Tough times indeed.

No trolling but what would you say is the single biggest contributor to the crisis in the industry? Crude prices?

This isn't hitting the refineries b/c of the price per barrel it's more tied to having excess inventories due to a mild winter. NG companies saw the same thing a couple of years ago.

The article also references the big oil conglomerates whose profits typically come from the upstream side of the business. The point of the article is the excess inventory is another blow to the majors bottomline since the refineries are their "safety" net.

The independent refiners such as Marathon or Valero, aren't tied to the upstream side of the business are doing quite well right now b/c the frac spread. They are able to buy up a surplus of cheap domestically produced crude and sell at global price for refined products. Now that export ban on crude has been lifted this advantage for local refineries will slowly go away.

Refineries have always operated on pretty thin margins. The politicians and the media have us believe that the record profits are posted by oil companies were b/c we are being gouged at the pumps when in actuality during these times the refineries margins are getting squeezed and the profits are coming from the upstream side of the business.