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Started By
Message
re: Oil suffers record plunge below $11 amid historic glut
Posted on 4/20/20 at 3:27 pm to Nado Jenkins83
Posted on 4/20/20 at 3:27 pm to Nado Jenkins83
quote:
got a call back from one an hour ago
dude nice, what role are you in? IT?
1
Posted on 4/20/20 at 3:28 pm to Boring
quote:
I assume people aren't hiring or conducting interviews?
I had an informal interview last week and we all sat at different tables. It was very weird
quote:
Also if anyone knows how regulatory compliance "skills" transfer out of O&G, I'm all ears
as in environmental?
Posted on 4/20/20 at 3:29 pm to Boring
quote:
How the hell does anyone go about getting a job right now? I assume people aren't hiring or conducting interviews?
Your odds are lower than ever.
We are now backing out on summer internships and new hires that were supposed to show up in the next couple of weeks.
Posted on 4/20/20 at 3:29 pm to Boring
can't really say or else some people on here would figure it out. i have a civil CAD background from early 20s and worked in it for a year after the last oilfield downturn.
starting an online Revit course next week also to give me more options
starting an online Revit course next week also to give me more options
This post was edited on 4/20/20 at 3:31 pm
Posted on 4/20/20 at 3:30 pm to Salmon
quote:
as in environmental?
Sort of. I advise E&P companies on what they need to do to get their wells drilled. "You're gonna be too close to this other well dummy, you need to file an affidavit to get permission before you go sticking a drillbit in the ground." shite like that.
Posted on 4/20/20 at 3:31 pm to Boring
quote:
Sort of. I advise E&P companies on what they need to do to get their wells drilled. "You're gonna be too close to this other well dummy, you need to file an affidavit to get permission before you go sticking a drillbit in the ground." shite like that.
tell that to SM Energy. they like frick that old vertical well from 1980s that has no surveys.
Posted on 4/20/20 at 3:31 pm to Klark Kent
quote:
Your odds are lower than ever.
Good to hear
, shite I might just go back to school for a nursing degree or something at this point.Posted on 4/20/20 at 3:33 pm to Boring
sure you want to be in the trenches? its suicide i hear
Posted on 4/20/20 at 3:35 pm to Nado Jenkins83
quote:
wow. i doubt i even get that. its obvious that we will not need many people in my role. canada kept 2 and has 1 rig. i bet one of those guys gets my spot. they been with the company for 10 years each and im at 18 months. maybe im selling myself short but had to argue with the demand for out services.
The selection process is pretty random. I think they look at your salary and are making their decisions off that. If someone in Denver is doing the same job as someone in Houston the person with the lower salary will be retained. It seems to outweigh who is better at their job.
For me the deciding factor was my counterpart was chosen to keep because he had no international experience while I did. Travel restrictions kick in and I can't complete my transfer overseas. First time I was screwed over for having international experience.
This post was edited on 4/20/20 at 3:52 pm
Posted on 4/20/20 at 3:35 pm to Nado Jenkins83
quote:
its suicide i hear
Ah but suicide that pays! I have a few friends who just went off to NYC for nursing contracts supposedly paying them $13,000/week with a housing stipend. Sure you gotta risk life and limb but god damn.
Posted on 4/20/20 at 3:35 pm to Boring
I don't know what to think right now
I've been consulting for 15 years and trying to get into the industry for almost the entire time and now that its looking like I'm about to get my "in", the industry is collapsing around me and I don't know if I want to assume the risk right now
goddammit
I've been consulting for 15 years and trying to get into the industry for almost the entire time and now that its looking like I'm about to get my "in", the industry is collapsing around me and I don't know if I want to assume the risk right now
goddammit
Posted on 4/20/20 at 3:37 pm to 337tigergirl
quote:
Red stick- I applied for unemployment but I have no idea if/when it will kick in. My friend that worked for nextTier got laid off in March and still hasn’t been approved.
I think it takes 2 weeks to get your payments. They back pay once it starts out. I applied 2 weeks ago and haven't received my first payment.
Posted on 4/20/20 at 3:38 pm to lostinbr
Little different depending on if you are trading paper or physical. I missed rolling a few paper contracts as a seller with the CME once, and got notice I needed to physically deliver the commodity to Chicago (nowhere near my area) or pay to buy that contract in. Boss wasn't real happy about that one lol.
I've been a buyer from a plant for physical that had major financial struggles and could not execute what I had bought from them for months. They refused to settle so it went through a long arbitration process, and no one won but the lawyers. Regardless of who is the buyer or seller, whichever side cannot execute or tries to walk on the contract will be held liable for the difference in market prices between when it was contracted and when it is settled. Not sure if that answers anything you answered, I don't think funds would be treated any differently
ETA: Any commodity contract will spell out very clearly the conditions for who owns the counter-party risk in certain situations. There are situations where a processor can declare force majeure, like if the govt mandates they produce for war time efforts, a major hurricane decimates the plant, etc. But force majeure doesn't cover huge swings in the market, or pandemics
I've been a buyer from a plant for physical that had major financial struggles and could not execute what I had bought from them for months. They refused to settle so it went through a long arbitration process, and no one won but the lawyers. Regardless of who is the buyer or seller, whichever side cannot execute or tries to walk on the contract will be held liable for the difference in market prices between when it was contracted and when it is settled. Not sure if that answers anything you answered, I don't think funds would be treated any differently
ETA: Any commodity contract will spell out very clearly the conditions for who owns the counter-party risk in certain situations. There are situations where a processor can declare force majeure, like if the govt mandates they produce for war time efforts, a major hurricane decimates the plant, etc. But force majeure doesn't cover huge swings in the market, or pandemics
This post was edited on 4/20/20 at 3:46 pm
Posted on 4/20/20 at 3:39 pm to Salmon
quote:
I've been consulting for 15 years and trying to get into the industry for almost the entire time and now that its looking like I'm about to get my "in", the industry is collapsing around me and I don't know if I want to assume the risk right now
Yeah man, that's real shitty timing. I feel for ya. Honestly, I'd advise against it. I've been in for 6 years and have worked every single day with the threat of layoff looming overhead. It's a horrible way to live/work feeling like you can't plan for anything (buying a house, having kids, even getting a dog) because you think you might get canned on Monday morning and have to pack up and move for a job. At one time, the instability was offset by the money but since 2015 or so, salaries have been pretty stagnant and have made the industry much less attractive IMO.
I would gladly take 66% of what I make now in exchange for some stability and ability to lay my head down at night knowing for sure I would be employed when I woke up the next morning.
Posted on 4/20/20 at 3:40 pm to notiger1997
quote:Why would they still be open any way. Not saying that as a smart arse, but damn. That seems like a no brainer.
Expect to see offshore production facilities start shutting in this week.
Posted on 4/20/20 at 3:43 pm to 337tigergirl
quote:
I just got laid off. This is horrible and there will be many more layoffs coming.
Sorry to hear that. I got the axe myself about a week and a half ago. Keep that head up, we are all in this together.
Posted on 4/20/20 at 3:45 pm to RummelTiger
quote:
Trying to climb out of the hole.
It is going to be worth its weight in nuclear waste soon
Posted on 4/20/20 at 3:48 pm to Major Dutch Schaefer
how does one go about acquiring and storing crude oil?
This post was edited on 4/20/20 at 3:49 pm
Posted on 4/20/20 at 3:49 pm to Boring
quote:
How the hell does anyone go about getting a job right now? I assume people aren't hiring or conducting interviews?
Look outside of O&G, there's nothing available there. I posted my CV on a few places and have received a surprisingly decent amount of contact from other industries.
This post was edited on 4/20/20 at 3:54 pm
Posted on 4/20/20 at 3:49 pm to DVinBR
quote:
how does one go about acquiring and storing crude oil?
you can’t. too many regulations for the storage of oil over x amount of gallons.
if the epa or tceq found someone storing oil in let’s say a swimming pool they would be fined into oblivion
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