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Message
re: Rumor Shell is closing down its New Orleans operations
Posted on 1/21/16 at 5:43 am to Havoc
Posted on 1/21/16 at 5:43 am to Havoc
quote:
Haven't most of these companies been recording bazillions in profits annually for decades now? And then a downturn hits and they start cutting. It sounds like the failure to responsibly plan for a rainy day is systemic from the top down to truck nuts.
It's an extremely capital intensive business. You make eye-popping profits, but the overwhelming part of those profits have to be reinvested back into keeping existing production up and finding new production opportunities.
0
Posted on 1/21/16 at 5:47 am to ihometiger
That was in the works before the downturn. This is just speeding it up
Now the new rumor is that chevron is bailing on Covington
Now the new rumor is that chevron is bailing on Covington
Posted on 1/21/16 at 6:05 am to ihometiger
It's true.
Posted on 1/21/16 at 6:16 am to GREENHEAD22
For one I feel some R&D is pointless. I worked for a service company that spent a ton on it and we never really changed anything at the operation level of directional drilling. Sure we made all kinds of new cool stuff. But nobody was running our SAGR tools. Waste of money there. Nice to brag you have this great technology but when it's only run a few time a year it's rather stupid to invest in it.
Or we just had shitty salesmen that couldn't convince the client to run it
Or we just had shitty salesmen that couldn't convince the client to run it
Posted on 1/21/16 at 6:18 am to Dead End
quote:
I still don't understand why people on TD hate anything oilfield related.
I don't think it's hate. It's hard for some people to feel sympathy for individuals that are over compensated based on the industry they work in when they should be aware that the over compensation is based on the volatility of the industry and not their skill level.
Posted on 1/21/16 at 6:20 am to BigPerm30
When a plant worker, lawyer, or you name the profession has to live on the rig site then you can talk. It's pretty miserable to be away from family and friends.
This post was edited on 1/21/16 at 6:20 am
Posted on 1/21/16 at 6:24 am to Nado Jenkins83
Plant operators are hated here as much or more than oil guys. Mostly due to compensation vs required skill/education
Posted on 1/21/16 at 6:24 am to WeeWee
quote:
not really i live 3mins from a nude beach and other than my morning run i havent been to the beach since sept
I've always thought living near the beach would make it lose its novelty. I guess mountains would probably become my new beach.
Posted on 1/21/16 at 6:25 am to ihometiger
I have worked in the industry for 27 years and it has never been this bad. A lot of people on the streets here in Houston too. Layoffs every week at my company.
Posted on 1/21/16 at 6:26 am to yellowfin
I figured everyone that wasn't oil and gas was a Homer Simpson ready to push the button to warn everyone of a meltdown.
My bad. Both industries are compensated due to the danger in involved. Not so much danger in office settings or a bank
My bad. Both industries are compensated due to the danger in involved. Not so much danger in office settings or a bank
Posted on 1/21/16 at 6:33 am to Dead End
quote:
I still don't understand why people on TD hate anything oilfield related.
because the OT hates trash and the oilfield is seen as trash that made it (and in booms, often in higher income brackets)
there is a bit of jealousy and self-doubt on top of the usual, generic hate
some oilfield workers going out of their way to show off their incomes during the booms doesn't help, either. the OT, being a more educated, risk-averse, and conservative group, know that it's only a matter of time before that behavior blows up in the workers' faces. when that time comes, they seize on it
Posted on 1/21/16 at 6:34 am to yellowfin
Completely bailing? I know they are scaling back but hell they just built that office. Hope that doesn't happen. Where did you hear that, I know quite a few ppl that work there and some high up and haven't heard that.
Posted on 1/21/16 at 6:35 am to BigPerm30
quote:
I don't think it's hate. It's hard for some people to feel sympathy for individuals that are over compensated based on the industry they work in when they should be aware that the over compensation is based on the volatility of the industry and not their skill level.
I see, so it's based on ignorance.
Posted on 1/21/16 at 6:37 am to GREENHEAD22
My dad that recently retired from there after 35 years
If you think about it that's a lot of overhead for the 4 platforms they plan to keep in the GOM
If you think about it that's a lot of overhead for the 4 platforms they plan to keep in the GOM
Posted on 1/21/16 at 6:38 am to SlowFlowPro
quote:
the OT, being a more educated, risk-averse, and conservative group, know that it's only a matter of time before that behavior blows up in the workers' faces. when that time comes, they seize on it
So the run-of-the-mill OTer is more educated than a petroleum engineer, geologist, mechanical engineer, electrical engineer, and an economist?
Posted on 1/21/16 at 6:41 am to eitek1
quote:
That is pretty much a perpetual rumor that has gone on for years. I'm not sure if Shell has the office space there for all the Nola folks. Some folks/positions are moving there but this was known a while back. A mass exodus to Houston doesn't make sense economically.
True, Shell pretty much says this every "near" downturn and I assume its because they're the only company left in NOLA
Posted on 1/21/16 at 6:41 am to The First Cut
quote:
So the run-of-the-mill OTer is more educated than a petroleum engineer, geologist, mechanical engineer, electrical engineer, and an economist?
The problem with that statement is that there are 50 slab hands for every one of those people
Posted on 1/21/16 at 6:42 am to The First Cut
quote:
So the run-of-the-mill OTer is more educated than a petroleum engineer, geologist, mechanical engineer, electrical engineer, and an economist?
you see people joking about truck nuts and jacked up f250s which is highly related to the "oilfield trash making oilfield cash" segment
pretty sure they'd feel bad about the engineers and other educated people, with a "well you should have saved" comment perhaps
Posted on 1/21/16 at 6:43 am to The First Cut
Upvoted
It's more jealousy if you ask me. I don't have a bachelors and was making way more than a buddy who is an electrical engineer. When we got into a conversation about everything it take to drill a well he was dumbfounded. Just like I would be at his job.
And I wasn't a PE or geologist. I took the time to learn more outside my immediate job to help me serve them better as a client
To me the run of the mill OTer comes across as a college kid spending daddy's money
It's more jealousy if you ask me. I don't have a bachelors and was making way more than a buddy who is an electrical engineer. When we got into a conversation about everything it take to drill a well he was dumbfounded. Just like I would be at his job.
And I wasn't a PE or geologist. I took the time to learn more outside my immediate job to help me serve them better as a client
To me the run of the mill OTer comes across as a college kid spending daddy's money
This post was edited on 1/21/16 at 6:45 am
Posted on 1/21/16 at 6:44 am to The First Cut
Yellowfin
There's a more than strong chance our dads know each other. He was a shell guy for 27 years. Worked some in New Orleans but that didn't last long. He wasn't the office type. He was more comfortable as the ultra deep water company man.
There's a more than strong chance our dads know each other. He was a shell guy for 27 years. Worked some in New Orleans but that didn't last long. He wasn't the office type. He was more comfortable as the ultra deep water company man.
This post was edited on 1/21/16 at 7:01 am
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