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Message
re: Halliburton just have a round of layoffs I’m guessing?
Posted on 5/6/20 at 12:13 pm to jcaz
Posted on 5/6/20 at 12:13 pm to jcaz
quote:
My dad and BIL just got cut. My grandpa might be next. I wonder if their executives have taken a penny in pay cut yet.
In my company, which is also laying off, the executives have all taken big pay cuts. In the last downturn many of the executives lost their jobs, too.
0
Posted on 5/6/20 at 12:15 pm to tgrbaitn08
quote:
they dont stack equipment up like that for a temporary time period.
That's exactly what they do. In 2015 they stacked equipment in that exact way. In 2017 that equipment started getting back to work, and by 2019 they were blowing and going. This has happened in every oilfield downcycle since I've been in the business in the 1980's.
Posted on 5/6/20 at 12:16 pm to Penrod
I think he’s meaning they don’t stack equipment like that if they anticipate using it in 3-6 months
Posted on 5/6/20 at 12:18 pm to Penrod
quote:
That's exactly what they do. In 2015 they stacked equipment in that exact way. In 2017 that equipment started getting back to work, and by 2019 they were blowing and going. This has happened in every oilfield downcycle since I've been in the business in the 1980's.
you missed the whole point...you're trying too hard to not understand what I said
Posted on 5/6/20 at 12:19 pm to redstick13
MI Swaco is SLB not HAL.
But yes SLB drives every company they buy into the ground. Look at Pathfinder.
But yes SLB drives every company they buy into the ground. Look at Pathfinder.
Posted on 5/6/20 at 12:21 pm to Oilfieldbiology
quote:
I think he’s meaning they don’t stack equipment like that if they anticipate using it in 3-6 months
Well, the oilfield is definitely going to be quiet for the next 12 months at least. But it will be back, which is what I posted.
Posted on 5/6/20 at 12:22 pm to redstick13
You think HAL is going to shut down thier whole DS line in the US? Or did you mean SLB?
Posted on 5/6/20 at 12:23 pm to Penrod
The guy you were replying to was replying to another guy who was saying things are going to pick up in the next few months and that stacking equipment like that for a few months was normal.
Not for 2 years
Not for 2 years
Posted on 5/6/20 at 12:38 pm to GREENHEAD22
quote:
You think HAL is going to shut down thier whole DS line in the US? Or did you mean SLB?
HAL not SLB. SLB moved to a mostly tool rental model already. HAL's market share in the US was really low before this bust happened so it may not be worth it to stay operating in the US now. They were still developing their iCruise tool which they were anticipating would pick them up US market share but I don't believe there will be much of an RSS market in the near future. Their hot hole MWD tool's reliability wasn't very good and they were losing Haynesville market share to Weatherford at a rapid pace. HAL was already closing down offices across the US in Q1.
Posted on 5/6/20 at 12:40 pm to redstick13
Damn, loosing market to Weatherford, they have fallen on hard times.
So who is the top dog these days for MWD and DD?
So who is the top dog these days for MWD and DD?
Posted on 5/6/20 at 12:42 pm to GREENHEAD22
quote:
But yes SLB drives every company they buy into the ground. Look at Pathfinder.
Yea Pathfinder was a good company before SLB bought them. I think HAL is worse than SLB when it comes to running a company into the ground. Look at what HAL did with Sperry. They went years without investing anything into technology after that acquisition. Sperry had some of the best technology in the industry at the time HAL bought them. I can't name you one of their DS technologies that is considered the best now.
Posted on 5/6/20 at 12:42 pm to Oilfieldbiology
quote:
The guy you were replying to was replying to another guy who was saying things are going to pick up in the next few months and that stacking equipment like that for a few months was normal.
Not for 2 years
Idk what that Penrod is talking about...my point was...they dont stack oilfield equipment whether it's boats, rigs, trucks, tanks..etc if things were only going to be shut down for a few months.
they cold stack shite because they have no idea when it's coming back...the only thing they know it's not coming back anytime soon
Posted on 5/6/20 at 12:46 pm to GREENHEAD22
quote:
So who is the top dog these days for MWD and DD?
Of the big 3 I would say BHI is the best overall. They have really good motors and AutoTrak is the best RSS tool on the market. They have every LWD technology in their catalog and their MWD tools are pretty reliable.
As for the mom and pops I can't really say. QES, Pro, Leam, Premier, Gordon all seem to do well. I know there are others that I'm leaving out but there are so many of them these days. I'll be curious to see how many of those mom and pops survive this.
ETA - Scientific doesn't really fit into either of those categories but they have really invested in technology lately and they have some of the best motors on the market. If their German engineers ever stop trying to over complicate the Halo tool it should be a good tool. It's an AutoTrak clone.
This post was edited on 5/6/20 at 12:48 pm
Posted on 5/6/20 at 12:48 pm to tgrbaitn08
quote:
they cold stack shite because they have no idea when it's coming back...the only thing they know it's not coming back anytime soon
In the case of shale oil we can probably include a never to that. We are going back to the 90's market where majors operate overseas and offshore, although deepwater for them now. Whatever is left of the small mom and pop independents will be about all that is left onshore with conventional wells and maybe some shale oil in Texas is held by majors as a price hedge. Shale oil was failing already at $55 oil so at prices likely sub $45 for as long as the strip shows it's dead.
Posted on 5/6/20 at 12:50 pm to tgrbaitn08
quote:
cold stack
You're right. When companies start cold stacking equipment it's really serious. It cost them a ton of money to bring equipment out of cold stack. I bet HAL writes off a lot of those assets.
Posted on 5/6/20 at 12:51 pm to TigerDog83
quote:
In the case of shale oil we can probably include a never to that. We are going back to the 90's market where majors operate overseas and offshore, although deepwater for them now. Whatever is left of the small mom and pop independents will be about all that is left onshore with conventional wells and maybe some shale oil in Texas is held by majors as a price hedge. Shale oil was failing already at $55 oil so at prices likely sub $45 for as long as the strip shows it's dead.
I agree with all of this.
Posted on 5/6/20 at 12:53 pm to redstick13
quote:
When companies start cold stacking equipment it's really serious. It cost them a ton of money to bring equipment out of cold stack. I bet HAL writes off a lot of those assets.
Look at all the major boat companies that started cold stacking their boats at the end of 2014....
It cost millions to bring them back into service after being stacked for 2-5 years
Posted on 5/6/20 at 12:53 pm to GREENHEAD22
quote:
Damn, loosing market to Weatherford, they have fallen on hard times.
Well to be fair Weatherford's high temp MWD tools are the best on the market. They routinely drill wells in the Haynesville at 400F with excellent reliability. No other tool on the market can do that.
Posted on 5/6/20 at 12:56 pm to tgrbaitn08
quote:
It cost millions to bring them back into service after being stacked for 2-5 years
How many 5th and 6th generation floaters got sent to the scrapyard because they were worth more as scrap?
This post was edited on 5/6/20 at 12:58 pm
Posted on 5/6/20 at 12:58 pm to redstick13
quote:
How many 4th and 5th generation floaters got sent to the scrapyard because they were worth more as scrap?
shite SEACOR just scrapped 4 AHTS vessels last year that were only 20 years old....
once the price of scrap goes back up....you're going to see a shite ton of equipment getting cut up.
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