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Frac world
Posted on 3/31/20 at 6:34 pm
Posted on 3/31/20 at 6:34 pm
Anybody else tied to shale industry and going through this chaos? I thought going through the down turn few years back was rough, but feels like this one is saying hold my beer...
8
Posted on 3/31/20 at 6:39 pm to tgdk11
Morale is as bad as I've seen it. Every rig I visit is like Death Row.
Rigs are completing pads and on rig move they are being told to head to the yard. It's brutal in Permian / Delaware Basin.
Rigs are completing pads and on rig move they are being told to head to the yard. It's brutal in Permian / Delaware Basin.
Posted on 3/31/20 at 7:29 pm to tgdk11
This go around we have two black swans to deal with...and the impacts felt are just getting started. It's likely this one will linger for 8-16 months AFTER we get through the virus / demand impacts
Posted on 3/31/20 at 7:36 pm to tgdk11
Offshore baw but we are feeling it as well. shite is not looking good out in the gulf
Posted on 3/31/20 at 8:16 pm to tgdk11
Heard EOG is going down to 1 rig in south Texas and 12 total throughout the country. Also they will be shutting in a good bit of wells.
Posted on 3/31/20 at 10:50 pm to tgdk11
Bankruptcies are going to stack up like dominos soon.
Posted on 3/31/20 at 11:02 pm to JakeMik
Had two drilling on me for a while. Down to one (Not S Texas). Things will eventually get better for the operators/service companies.
Posted on 3/31/20 at 11:12 pm to GeauxGutsy
It's never really gotten better since 16, most have just gotten by. This will be the nail in the coffin.
Been going back and forth for awhile and decided I am getting out.
I have a unique position so I am fairly safe however I am done with uncertainty. The money isn't there anymore to make it worth it and career advancement is almost impossible.
Been going back and forth for awhile and decided I am getting out.
I have a unique position so I am fairly safe however I am done with uncertainty. The money isn't there anymore to make it worth it and career advancement is almost impossible.
Posted on 3/31/20 at 11:18 pm to tgdk11
It’s really bad and it’s gonna be worse next 2-3 months. Buckle up.
Heard today Concho is shutting in a ton of wells and more will follow.
Heard today Concho is shutting in a ton of wells and more will follow.
This post was edited on 3/31/20 at 11:19 pm
Posted on 3/31/20 at 11:19 pm to GREENHEAD22
What part of the industry are you in?
Posted on 3/31/20 at 11:31 pm to GREENHEAD22
I graduated and joined the industry mid 2014, so my entire career has been under these doom and gloom conditions. Money has been decent, I work from home, but the constant stress and uncertainty has taken years off my life. It’s very hard to plan a future/family, buy a house, or even take a vacation when you’re worried you may not have a job every 3-6 months. I work as a legal consultant on regulatory compliance matters, so my job has been comparatively safe.
I’m like Greenhead in that I’d love to get out of the industry, unfortunately I don’t see a viable path out - who the hell is even gonna be hiring in the next 6 months, you know?
I’m like Greenhead in that I’d love to get out of the industry, unfortunately I don’t see a viable path out - who the hell is even gonna be hiring in the next 6 months, you know?
This post was edited on 3/31/20 at 11:32 pm
Posted on 4/1/20 at 6:33 am to molsusports
Upsream for a midsize DW GOM operator.
Posted on 4/1/20 at 6:39 am to Boring
I am in the same boat, came out in 14 as well for big blue. What started out as great money ended up in a 50% pay cut before my 2nd yr was up. I made my goal of working for an operator within 5 years of getting out of school however I am not doing exactly what I would like to be doing and now it's all about just keeping a job.
Yeah I was being optimistic and thinking I could start applying here in the next couple of weeks but this virus is really screwing that plan up.
Yeah I was being optimistic and thinking I could start applying here in the next couple of weeks but this virus is really screwing that plan up.
This post was edited on 4/1/20 at 9:37 am
Posted on 4/1/20 at 9:23 am to GREENHEAD22
quote:
GREENHEAD22
Could be the day drinking. Or perhaps your lack of proof-reading before sending documents.
Posted on 4/1/20 at 9:27 am to JasonHotWheelsStreet
quote:
This go around we have two black swans to deal with
Neither of these (covid, price war) are black swans. If you work in O&G you know that prices are being propped up by production cuts that cold be scrapped at any minute. Regarding Covid, this is the 4th (?) pandemic threat in the last 20 years...and countless people have been warning about this.
Posted on 4/1/20 at 9:29 am to JakeMik
quote:
Heard EOG is going down to 1 rig in south Texas and 12 total throughout the country. Also they will be shutting in a good bit of wells.
Everyone is looking at shutting-in fields and now force majeure shut-ins with domestic storage filling up. I know producers who have received FM letters from their oil purchasers already. PE portcos are being rolled up left and right. It is really, really bad.
Posted on 4/1/20 at 9:34 am to GeauxGutsy
Lordy that is bad. No more posting before my coffee anymore. 
Posted on 4/1/20 at 9:48 am to cwill
quote:
Everyone is looking at shutting-in fields and now force majeure shut-ins with domestic storage filling up
Yup. I know of at least 2 that got FM letters in Appalachia this week. I’ve been in since 08 and this one seems like it could be worse than the previous 2. Gonna be a tough couple months.
Posted on 4/1/20 at 10:24 am to tgdk11
Graduated 10 years ago in PETE and had an OK career, but this is looking to be it. I think my company is about to go BK. Thinking about going to a full time MBA program. The oil industry has been a bummer ever since the 2014 crash
Posted on 4/1/20 at 10:54 am to tgdk11
I’ve even i he industry since ‘12 Focused mostly on shale since then - got heavy into Middle East ballgame 18 months ago and just moved here with my family. Good place to be.
Boom and bust what can you say. My dad was in the industry for 40 years and there were a lot of lean times growing up...this is just another crash to manage.
I’ll never let my kids go into OG.
Boom and bust what can you say. My dad was in the industry for 40 years and there were a lot of lean times growing up...this is just another crash to manage.
I’ll never let my kids go into OG.
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