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Posted on 3/21/20 at 5:14 am to Helicopter Richard
I’m sure the CEO of Chesapeake is doing just fine, he’s making millions a year. He’d probably liked to have seen your face when he laid you off
Posted on 3/21/20 at 5:30 am to Helicopter Richard
quote:how many times are you going to post this exact same thing. You sure do whine a lot. Pull yourself together man
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.
Posted on 3/21/20 at 6:31 am to TejasHorn
NO, they need to go under. Those zombie companies are what's hurting the oil industry.
Posted on 3/21/20 at 6:51 am to Helicopter Richard
quote:
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.
This is simply bullshite. You choose to live with your folks. You choose not to start a family. You choose not to “start anything”. I don’t necessarily blame you for your choices, but please don’t act like it’s being forced upon you.
And that CEO with the $7.7M salary doesn’t owe you shite. You sound like you’ve been listening to AOC or Bernie podcasts.
You chose a profession that is apparently volatile and it’s not working in your favor. That’s life.
quote:
So many smart talented young petroleum engineers not working or making minimum wage right now.
Should’ve learned to code. Amiright?
Posted on 3/21/20 at 6:58 am to Boring
Preach it brother (from someone else in the business). Favorable treatment for imports from non-OPEC countries by US based companies.
Posted on 3/21/20 at 7:00 am to Icansee4miles
I feel like 95+% of people in the thread think this is due to coronavirus as opposed to Saudi Arabia making oil so cheap it’s pretty much unprofitable everywhere.
Posted on 3/21/20 at 7:23 am to Volvagia
It’s due to both. Coronavirus as eroded product demand (Jet and Mogas consumption) which leads to unfavorable run signals. It’s hard to say how much of it is Saudi vs corona but it is both
Posted on 3/21/20 at 7:26 am to Mud_Till_May
quote:
The oil industry wasn't crying uncle when gas was $4.00 a gallon. You should have saved some of that money and paid down your debt.
Man you fricks are stupid
Posted on 3/21/20 at 7:31 am to Helicopter Richard
quote:
There literally isn’t a worse career that you can have than being a petroleum engineer in your twenties.
It just didn't happen in the past 4 years. It's always been a volatile field. My brother got a Petroleum engineering and Chemical engineering degree from Texas A&M. He is a parent attorney now. Go figure.
Posted on 3/21/20 at 7:33 am to cave canem
quote:
We are about two weeks away from everybody on earth cutting back oil production due to lack of storage.
Except Saudi apparently
Posted on 3/21/20 at 7:35 am to Volvagia
quote:
feel like 95+% of people in the thread think this is due to coronavirus as opposed to Saudi Arabia making oil so cheap it’s pretty much unprofitable everywhere.
No I think most are well aware of what the Saudis (and Russia) are doing. What 95% of us are wondering is why everyone is pearl clutching over the Kung Flu when the real devastation is what’s happening to the economy.
I’m also wondering how those same people can be so willing to let it happen and seemingly enable it.
Posted on 3/21/20 at 7:40 am to Rize
quote:
My dad retired from BP and went into consulting,
Wise move. Consulting is where it’s at.
I worked directly for O&G, chemical companies for over a decade and 2 years ago I started working for a large consulting firm. Not only do we do O&G but every other kind of energy source and chemicals.
There’s a ton of expansions, new sites being built since Trump cut regulations when he took office. Granted, our LPG projects will slow down a little from the price of crude being so low but we’re still flush with work. I think around September, October we’ll see Crude back around $30. Some are saying it will be like this for a while but I don’t believe it.
I’m very blessed to have the job I have and I’m grateful I made the move to consulting at a youngish age (35). God has been awesome to my family and I.
Posted on 3/21/20 at 7:51 am to Helicopter Richard
quote:
. 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.
WTF dude. Your life is ruined?? You are in your 20’s and on scholarship to Duke. Pull yourself together
Posted on 3/21/20 at 8:21 am to TulaneUVA
quote:
It’s due to both. Coronavirus as eroded product demand (Jet and Mogas consumption) which leads to unfavorable run signals. It’s hard to say how much of it is Saudi vs corona but it is both
You might be overestimating how much net driving has been reduced nation wide, especially prior to the Cali shutter.
Also, whatever effects corona might have are academic. When Saudi dropped the price initially this field was already unprofitable.
This post was edited on 3/21/20 at 8:23 am
Posted on 3/21/20 at 8:26 am to tigerinthebueche
quote:
No I think most are well aware of what the Saudis (and Russia) are doing.
So you are well aware that the initial price drop by the Saudi alone was enough to make the field unprofitable. Aka before even the first major domestic shutdowns.
And yet you want to beat the drum that this was caused by a reduction of demand by Corona?
And you accuse of OTHERS of pearl clutching?
This post was edited on 3/21/20 at 8:27 am
Posted on 3/21/20 at 8:29 am to GREENHEAD22
I have owned and operated Oil wells in Louisiana and Mississippi for 20 + Years. You are 100% correct as the Shale drillers business model has never been viable. They have used private equity funding and sold stock to drill wells as fast as they could. The truth is Russia and the KSA grew tired of propping prices up and losing market share. It is sad that so many workers are now losing their jobs because of it. Private equity and the investors that bought stock based on the bullshite story that the shale drillers were telling now are left holding the bag. I am afraid if prices stay below $ 40.00 a bbl for a few months you will see most of the privately owned operators in our state go bankrupt.
Posted on 3/21/20 at 8:45 am to TejasHorn
Brah whatever the frick this federal government needs to do to turn the screws on the saudis. That’s what needs to happen
This post was edited on 3/21/20 at 8:48 am
Posted on 3/21/20 at 5:21 pm to tigerinthebueche
I didn’t choose to move home. I was laid off which means no more money. Rent is due when you live on your own. With no more money you can’t pay rent. I tried staying by myself for 4 months, but the money was running out, and you start to feel batshit crazy when you’re unemployed cooked up in your apartment all alone for 4 months. The only option is to move home. When you move 400 miles home, whatever girl you’re talking with most likely won’t continue talking to you especially because you’re most likely not going back to that city. None of it was really a choice.
This post was edited on 3/21/20 at 5:24 pm
Posted on 3/21/20 at 5:22 pm to Pelican fan99
Second time to post this. It’ll be the last though.
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