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Message
re: Oil field layoffs are really hitting SLa
Posted on 9/26/15 at 6:13 am to member12
Posted on 9/26/15 at 6:13 am to member12
quote:
hope oil and gas prices climb a bit soon.
I don't. As a banker, that's like me saying I hope interest rates rise on all of you for my personal job security.
I've lived and survived 3 company layoffs in banking over the last 5 years due to the market crash. I made it through each one but was sweating nervous. Welcome oil guys, it's not fun.
This post was edited on 9/26/15 at 6:15 am
1
Posted on 9/26/15 at 6:21 am to Rhino5
Banking doesn't contribute to the nation's GDP, nor is it a significant revenue source for the state, like petroleum is. It's apples to oranges. However, when ANY industry suffers there is a ripple effect on the economy.
Posted on 9/26/15 at 6:27 am to The First Cut
Banks are the largest organizations in the world and allow most people to own a house and car in America. Not sure where you're going with this.
Posted on 9/26/15 at 6:32 am to Rhino5
Banking is an essential function in our economy, but for anyone to say that 10s of 1000s of people out of work doesn't impact them seriously lacks economic sense. If nothing else, there is opportunity costs of lost opportunities that go unseen. But there are many tangible costs that students will see in further budget cuts and working people will see cuts to services. No one is isolated when industries fail. I don't work in banking, but I recognize the banking collapse of several years ago impacted me.
Posted on 9/26/15 at 6:38 am to The First Cut
I agree. O&G companies will merge, consolidate and be back.
This post was edited on 9/26/15 at 6:40 am
Posted on 9/26/15 at 6:55 am to Rhino5
We going to see a period of consolidation, but there are greater effects. What industry outsiders don't understand is that when you drill a well and it produces, say 20,000 bpd of oil, it doesn't remain at that capacity for long. The well quickly draws down and requires work over - capital investment. O&G firms have already, rightfully so, pulled in their capital spending. In this very short period of declining pricing we've already seen a significant drop is US production. Demand grows annually, and further production drops will eventually make consumers very mad at what see at the pump. And it's not the fault of oil companies.
Posted on 9/26/15 at 7:00 am to Sparkplug#1
quote:
As long as property values don't go down in my area, it has zero effect on me.
If you live anywhere in the gulf south this is looming on the horizon. The high crude prices and employment boom insulated the region from the worst of the financial crises fallout. But it is going to hit twice as hard in some areas now.
All the small town bankers that thought they were geniuses lending to can't miss projects are about to take a haircut.
Couple that with a lots of housing inventory hitting the market at once due to defaults and and it is a recipe for disaster.
Anyone who lives in the gulf south is going to be effected, even medical care pro's are going to feel the sting. Lots of folks loosing insurance and avoiding unessential visits, Ace hardware is going to sell less, etc. No one is going to escape the loss of billions of GDP in the poorest region of the country.
Keep whistling past the graveyard about the 20 bucks you saved in gas this week.
Posted on 9/26/15 at 7:14 am to Rhino5
I was born and raised in Louisiana and put in 18 years in the rental tool side of the oilfield for 3 different companies. All ended in layoffs. I've been up here in Massachusetts for about 13 yrs. now and have 9 yrs. with my current employer. Every year our business increases and we set sales and performance records. The company likes my work and they value my talents enough to send me all over to evaluate and train others, my most recent trip was to Montreal. I enjoy the feeling of security I have in this job that I never had while working in the "patch". I feel for all those losing jobs because with all the large mergers and buyouts there may not be any second or third chances for some. I wish those of you that have been laid off the best of luck in finding new employment.
This post was edited on 9/26/15 at 7:25 am
Posted on 9/26/15 at 7:26 am to The First Cut
Drop in U.S. production? For the past 4-5 years the production has been huge here and in Canada.
Maybe the industry miscalculated the effects of that production increase. Or failed to understand the world economies.
When reading articles regarding this oil price collapse it really comes down to simple economics working against the industry now.
It sucks for the workers and sucks for the local economies, so a swift change in strategies is needed now.
Maybe the industry miscalculated the effects of that production increase. Or failed to understand the world economies.
When reading articles regarding this oil price collapse it really comes down to simple economics working against the industry now.
It sucks for the workers and sucks for the local economies, so a swift change in strategies is needed now.
Posted on 9/26/15 at 7:39 am to Taurus
You can also blame a lot of it on oil company greed. Every year you hear them boast of record profits all the while forcing the companies that service them to give upwards of 75-80 percent discounts to get and keep their business. When they don't like the prices they get for oil or gas, they quit drilling until the prices go back up. Then force everyone to give larger discounts to get what remaining work there is. The service companies don't have the reserves that the oil companies have so they lay off. Big oil needs to suck it up, make a little less profit, and keep the US working.
Posted on 9/26/15 at 8:03 am to EastCoastCajun
How long have you lived in America, comrade? 
Posted on 9/26/15 at 8:14 am to N2cars
I guess that was a little much.Posted on 9/26/15 at 8:16 am to EastCoastCajun
quote:
You can also blame a lot of it on oil company greed. Every year you hear them boast of record profits all the while forcing the companies that service them to give upwards of 75-80 percent discounts to get and keep their business. When they don't like the prices they get for oil or gas, they quit drilling until the prices go back up. Then force everyone to give larger discounts to get what remaining work there is. The service companies don't have the reserves that the oil companies have so they lay off. Big oil needs to suck it up,
Record profits off of volume, not margin. There's a difference
Posted on 9/26/15 at 8:20 am to cave canem
quote:
If you live anywhere in the gulf south this is looming on the horizon.
Lake Charles will be the exception to this. There is so much LNG expansion going on that you can build a house out of pallets right now and it would sell.
Posted on 9/26/15 at 8:26 am to JJBTiger2012
I'll pay $3 a gallon for gas all day long if it keeps the economy going. That's just a no brainer.
Posted on 9/26/15 at 8:30 am to stout
quote:
Lake Charles will be the exception to this. There is so much LNG expansion going on that you can build a house out of pallets right now and it would sell.
We will see if that bears out long term, lower feedstock prices internationally are not going to help that LC boom long term IMHO.
Posted on 9/26/15 at 8:33 am to EastCoastCajun
Any Big Oil Boardroom:
CEO, "We need to cut dividends 10% to help our suppliers!"
Board: Pitches CEO through window...
CEO, "We need to cut dividends 10% to help our suppliers!"
Board: Pitches CEO through window...
Posted on 9/26/15 at 8:35 am to cave canem
quote:
are not going to help that LC boom long term IMHO.
A ton of the projects have already started with the exception of Sasol putting one part of it's expansion on hold and many of them will run through 2020 at least. We have at least 5 years of lot's of good paying construction jobs to carry the area through while things rebound. LC will be a lot better off than any other Gulf Coast region is all I am saying.
Posted on 9/26/15 at 8:41 am to stout
quote:
A ton of the projects have already started with the exception of Sasol putting one part of it's expansion on hold and many of them will run through 2020 at least. We have at least 5 years of lot's of good paying construction jobs to carry the area through while things rebound. LC will be a lot better off than any other Gulf Coast region is all I am saying.
I hope you are correct, I would hold off on the new truck nutz though. J/K
Posted on 9/26/15 at 8:44 am to BigPerm30
quote:
It's the ebb and flow of that particular industry. When times are good they pay probably a 50% premium to these employees for the jobs they actually do. They should be saving the premium for hard times instead of purchasing jacked up trucks and $600 ice chests.
It sounds harsh but this is the truth. The O&G industries pay a premium for their employees. It's also an industry that ebbs and flows, and those who are employed there know this. Plan for it. It's not always 'the good old times'.
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