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Posted on 5/6/20 at 9:34 am to captainahab
quote:
At what point does the worker opt for stability vs $$? One would think that with two big rounds of layoffs in six years (2014 and 2020), people would say “no” next time they come calling and needing workers.
I think you will see many leave and not return this time. That's what happened after the big bust in the 1980's and this bust is as bad or worse than that one. The other busts between these two were not nearly as bad.
Posted on 5/6/20 at 9:47 am to jimbeam
quote:
enjoyed my time at Big Red” on LinkedIn
That’s code for: “She had soulless eyes like a doll but could suck the chrome off of truck nuts!”
This post was edited on 5/6/20 at 9:51 am
Posted on 5/6/20 at 9:48 am to captainahab
quote:
At what point does the worker opt for stability vs $$?
I get that this kind of roller coaster ride is tough, but O&G just pays so much more than other jobs, especially in La.
And this get's even more real when you talk about uneducated workers with little skills. They can't make crap working at a warehouse or Walmart, but can do well in O&G.
Posted on 5/6/20 at 9:52 am to notiger1997
quote:
I get that this kind of roller coaster ride is tough, but O&G just pays so much more than other jobs, especially in La.
And this get's even more real when you talk about uneducated workers with little skills. They can't make crap working at a warehouse or Walmart, but can do well in O&G.
I'm not so sure the wages will ever return to previous levels. O&G will look substantially different coming out of this bust.
Posted on 5/6/20 at 9:53 am to supatigah
quote:
SLB is projecting 25% in RIF of their NAM head count and 10% worldwide
And what I've heard is 15-20% payroll cut across the board of the remaining.
Posted on 5/6/20 at 9:59 am to redstick13
quote:
I'm not so sure the wages will ever return to previous levels. O&G will look substantially different coming out of this bust.
Same was said after 2014. It's not good by any means. And I happen to be an engineer working directly on major projects, so I've been isolated from some bad cuts in the industry. I've seen some friendly faces fall to it in the past and over the last few weeks. But I've also seen them come back in time, and I've seen my pay increase relatively well since 2014. Not as good as it could have been, but I can't complain. I'd rather not see booms and busts. This is certainly a bust that's as bad as any has ever been and it makes me uncertain about the near future even if I do still have a job. But I'm not panicking as if I've lost my livelihood forever because the industry will never be the same.
Posted on 5/6/20 at 10:01 am to captainahab
quote:When you don't have an education, your options are limited. For those who are laid off and have career options, I would think that they would attempt to find a career in a more stable field.
At what point does the worker opt for stability vs $$? One would think that with two big rounds of layoffs in six years (2014 and 2020), people would say “no” next time they come calling and needing workers.
I have a friend with an MBA who was laid off recently. He had been looking for a job in a different field for the past year or so, but everything would've been a ~20% paycut. I think this layoff will push him toward a different career path.
Posted on 5/6/20 at 10:02 am to redstick13
It still hasn't come back from the last downturn. 14-16. Hell I was just getting back to where I was in 15 and took a 12% cut starting this month.
I am done, going to try my hand at industrial sales once this Covid shite is finished.
I am done, going to try my hand at industrial sales once this Covid shite is finished.
Posted on 5/6/20 at 10:09 am to GoldenGuy
Entire industry is projected to shed about 30% headcount before Aug 1.
Most all services firms will go bankrupt or fold outside of NOV, Hall, SLB and possibly BHI.
The end result in the long run will be fewer partners for operators but the services businesses will be more profitable.
Most all services firms will go bankrupt or fold outside of NOV, Hall, SLB and possibly BHI.
The end result in the long run will be fewer partners for operators but the services businesses will be more profitable.
Posted on 5/6/20 at 10:14 am to Tiger Ryno
quote:
Most all services firms will go bankrupt or fold outside of NOV, Hall, SLB and possibly BHI.
I think BHI will survive before NOV or at least some portions of NOV. Gyrodata sold their DS business to Intrepid already. They only retained their gyro business. I expect HAL to shut down their DS business here in the US. They didn't have a very big market share when things were good.
This post was edited on 5/6/20 at 10:15 am
Posted on 5/6/20 at 10:19 am to redstick13
quote:
They didn't have a very big market share when things were good.
because they destroyed MI Swaco
Posted on 5/6/20 at 10:22 am to redstick13
DS business? Like in the refineries?
This post was edited on 5/6/20 at 10:23 am
Posted on 5/6/20 at 10:28 am to Oilfieldbiology
Drilling Services product lines.
Posted on 5/6/20 at 10:38 am to supatigah
quote:
because they destroyed MI Swaco
They also made the decision to not replace their aging frac fleet. As the equipment became unusable they were just writing it off.
Posted on 5/6/20 at 10:40 am to Tiger Ryno
quote:
Entire industry is projected to shed about 30% headcount before Aug 1.
Any thoughts about the majors and upstream cuts in this region (Gulf of Mexico)?
I know a lot of contractors have been let go already, but haven't heard much of company staff layoffs yet.
Posted on 5/6/20 at 10:45 am to notiger1997
There is still activity in the Gulf as onshore has become unprofitable for most. Upstream companies that have hedged crude like Hess(I know they aren't a major) will be OK for the remainder of 2020 but likely will be extremely conservative.
Capital budgets are being slashed and companies will try to preserve as much cash and reduce expense until the picture gets more clear about what the recover will look like. Estimates range from 8 months to 18 months from what I've read in various places.
Capital budgets are being slashed and companies will try to preserve as much cash and reduce expense until the picture gets more clear about what the recover will look like. Estimates range from 8 months to 18 months from what I've read in various places.
Posted on 5/6/20 at 10:45 am to notiger1997
quote:
Any thoughts about the majors and upstream cuts in this region (Gulf of Mexico)?
I know a lot of contractors have been let go already, but haven't heard much of company staff layoffs yet.
Almost all of the land based operators are already laying off in their upstream divisions. Some are shutting down upstream entirely. I know that BHI slashed their GOM staff recently.
This post was edited on 5/6/20 at 10:58 am
Posted on 5/6/20 at 10:47 am to Tiger Ryno
So far the one I’m familiar with has not cut salaries yet, but did say no bonus or pay increases
Posted on 5/6/20 at 11:04 am to notiger1997
Yes that is a common theme across nearly all industries eight now
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