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Started By
Message
re: West Texas oil patch seeking bailout
Posted on 3/20/20 at 10:54 pm to offshoretrash
Posted on 3/20/20 at 10:54 pm to offshoretrash
Very true. It’s ruined my life up to this point. I graduated PETE 4 years ago and have been employed only 2 years. I’m living at my parents for 8 months now. I can’t start a family or start anything because I’ve been laid off twice so the CEO can maintain his 7.7 mil salary and not a 7.6 mil salary. Oil execs deserve every bit of this. Made the decision to get out and got an $80,000 scholarship to Duke MBA. So glad I’m getting out. There literally isn’t a worse career that you can have than being a petroleum engineer in your twenties. You’re absolutely fricked if you didn’t land a gig with a major right out of school or don’t have daddy’s connections. I’d love to see the CEOs face at the last company I worked for now their stock is down 99% in 2 years and is at 20 cents a share. So many smart talented young petroleum engineers not working or making minimum wage right now.
This post was edited on 3/20/20 at 10:58 pm
7
Posted on 3/20/20 at 10:59 pm to TejasHorn
When do we draw the line on companies needing government bailouts? There are some industries that should be propped up in the interest of national security and heavily regulated and there are those that we need to allow to die. It’s cruel but it is ultimately it is a crucial decision this country is going to have to make in the next year or so.
Posted on 3/20/20 at 11:03 pm to Nigel Farage
quote:
When do we draw the line on companies needing government bailouts? There are some industries that should be propped up in the interest of national security and heavily regulated and there are those that we need to allow to die.
I agree in principle, but what do we do when government orders them to shut down? This isn't the same thing as the banks being undercapitalized in 2008.
Posted on 3/20/20 at 11:07 pm to fallguy_1978
It’s a tough question because some of these companies were caught kind of blindsided (like the air carriers) while others like Boeing were in shite to begin with and have very little sympathy right now. Honestly the decisions that are going to be made over the next 6-12 months about which companies live and die will shape our economic outlook the next 20+ years.
Interesting times to watch unfold before our eyes.
Interesting times to watch unfold before our eyes.
Posted on 3/20/20 at 11:08 pm to fallguy_1978
quote:
We can't afford to bail all of these industries out. Not even 1/4 of them. We are going to see entire sectors of the economy go bankrupt unless this shutdown is lifted in a few weeks.
Been saying this for two weeks. Rude awakening coming for a Lot of folks focusing on the wrong crisis
Posted on 3/20/20 at 11:13 pm to redstick13
quote:
I have $0 debt and drive a Toyota Corolla but will likely lose my job this year for the first time ever. That make you feel any better?
I'm not talking about you redhat13, I'm talking about your employer.
Posted on 3/20/20 at 11:18 pm to Helicopter Richard
quote:
Very true. It’s ruined my life up to this point. I graduated PETE 4 years ago and have been employed only 2 years. I’m living at my parents for 8 months now. I can’t start a family or start anything because I’ve been laid off twice so the CEO can maintain his 7.7 mil salary and not a 7.6 mil salary. Oil execs deserve every bit of this. Made the decision to get out and got an $80,000 scholarship to Duke MBA. So glad I’m getting out. There literally isn’t a worse career that you can have than being a petroleum engineer in your twenties. You’re absolutely fricked if you didn’t land a gig with a major right out of school or don’t have daddy’s connections. I’d love to see the CEOs face at the last company I worked for now their stock is down 99% in 2 years and is at 20 cents a share. So many smart talented young petroleum engineers not working or making minimum wage right now.
You're not thinking like the business owner. He has a shite ton of debt. His business, personal assets, and credit is on the line. If he loses, its for 7 years. You can live in your parents basement and work at Starbucks till it blows over. Starbucks doesn't pay enough to keep his business afloat.
Posted on 3/20/20 at 11:29 pm to Mud_Till_May
This is a public company I worked at. That debt isn’t his. It’s the companies. Only thing at stake is his salary. That’s his only stake in the company is salary/stock/bonus. Oil and gas execs have had this a long time coming. So many employees laid off with their lives turned upside down for the absolute worse while execs maintain a 5 mil year salary.
Posted on 3/20/20 at 11:37 pm to Helicopter Richard
quote:
This is a public company I worked at. That debt isn’t his. It’s the companies. Only thing at stake is his salary. That’s his only stake in the company is salary/stock/bonus.
The CEO still works on behalf of the investors. Its not free money. Also if its a publicly traded company that means he is also a stock holder. That means if the company crashes and burns so does he. If he wasn't doing a good job they would fire him. They run a billion dollar oil company of course their worth 5 million a year. Dont kid yourself.
Posted on 3/20/20 at 11:45 pm to TejasHorn
I’ve made it through so many layoffs the last 9 years I don’t even care anymore.
Posted on 3/20/20 at 11:50 pm to Mud_Till_May
You have no idea what company I worked for and are making very broad generalizations. Completely sidetracked my main point that these execs are making multimillion dollars. Instead of taking a pay cut of half a mil or forfeit their bonus on top of their very comfortable 7 million dollar a year lifestyle, they decide to cut 5 employees whose lives will be completely destroyed by it. I truly think there’s a spot in hell for these kinds of people. I’ve been a part of too much getting fricked over in oil and gas. I’m never going back
This post was edited on 3/21/20 at 12:05 am
Posted on 3/20/20 at 11:57 pm to redstick13
We’ll bounce back
frick the Wall Street types that are profiting off this crap though.
frick the Wall Street types that are profiting off this crap though.
Posted on 3/21/20 at 12:01 am to ellishughtiger
quote:
We’ll bounce back
My fear is missing an epic boom but I don’t see it happening. It will bounce back but to what level I don’t know.
Posted on 3/21/20 at 12:03 am to TigerNlc
The US shale plays will hit a semi-reset button as the knowledge that made America energy independent leave the industry.
Posted on 3/21/20 at 12:05 am to ellishughtiger
people will start taking the economic side more seriously when unemployment records start getting broken really quick next week.
Posted on 3/21/20 at 12:08 am to Klark Kent
quote:
people will start taking the economic side more seriously when unemployment records start getting broken really quick next week.
It’s going to be insane.
Posted on 3/21/20 at 12:12 am to Mud_Till_May
quote:
The CEO still works on behalf of the investors. Its not free money. Also if its a publicly traded company that means he is also a stock holder. That means if the company crashes and burns so does he. If he wasn't doing a good job they would fire him. They run a billion dollar oil company of course their worth 5 million a year. Dont kid yourself.
You're completely missing his point, but it's too late for this shite.
Posted on 3/21/20 at 12:32 am to Helicopter Richard
quote:
Very true. It’s ruined my life up to this point. I graduated PETE 4 years ago and have been employed only 2 years. I’m living at my parents for 8 months now. I can’t start a family or start anything because I’ve been laid off twice so the CEO can maintain his 7.7 mil salary and not a 7.6 mil salary. Oil execs deserve every bit of this. Made the decision to get out and got an $80,000 scholarship to Duke MBA. So glad I’m getting out. There literally isn’t a worse career that you can have than being a petroleum engineer in your twenties. You’re absolutely fricked if you didn’t land a gig with a major right out of school or don’t have daddy’s connections. I’d love to see the CEOs face at the last company I worked for now their stock is down 99% in 2 years and is at 20 cents a share. So many smart talented young petroleum engineers not working or making minimum wage right now.
Sounds like you just needed someone guide you...it isn't big oil's fault your grades sucked, you just had shitty advice.
You want a stable job...get in the midstream sector.
You want a job that makes money...find out what it takes to become a trader, either with a major or a commodities firm.
Posted on 3/21/20 at 4:36 am to TejasHorn
quote:
Texas regulators are considering curtailing oil production
The Texas Rialroad Commissioners are not considering curtailing oil production.
Posted on 3/21/20 at 5:07 am to Mud_Till_May
Replace railroads with airlines
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