Oilfield laying off?

[Mexican_Hippie]

I know some of the big name oil companies are postponing large capital projects.

I know that impacts oilfield services growth but not sure how that impacts folks currently in the field.

 

[RACER X]

75000 protected jobs lost i Houston alone

Cut my OT , straight 40s

 

[ray22]

Slumberger announced that they will be laying off some 7000 employees worldwide. Baker Hughes is being bought by Halliburton. Certain aspects of the oilfield will stay busy. Some will work steady a few months. Like sunspots the oilfield goes in cycles. 12-18 months and it will be booming again.

 

[Texas42]

Stinks for eveeryone here. All I can say is that I'm REALLY happy we didn't buy a house when we moved here. I'm looking at moving in the next 6 months. They did just increase my monthly rate by $200, but I'm not out half the $$ on an overpriced home.

 

[kyletxria1911a1]

Stinks for eveeryone here. All I can say is that I'm REALLY happy we didn't buy a house when we moved here. I'm looking at moving in the next 6 months. They did just increase my monthly rate by $200, but I'm not out half the $$ on an overpriced home.

good on the house. Sorry bout the work

 

[Mexican_Hippie]

Saudi King dead and speculation on the overseas market already. Let's see where this goes.

 

[XinTX]

Our company has postponed merit increases until further notice. A few layoffs, but most of those were seasonal and going to happen anyway. They postponed the raises to avoid layoffs.

But I'd wager Houston real estate takes a hit. The last big oil bust in Houston, you could buy homes for about 15 - 20 cents on the dollar. If you could show you had a job, they would approve your mortgage on the spot and close the same day. I knew one guy who bought 5. Cost him a bit in taxes and upkeep. But now he has a decent rental fleet with homes in decent (but now older) neighborhoods.

Fortunately, our only debt is our mortgage, and we're paying as hard as we can to get that paid off.

 

[RACER X]

I know of quite a few people laid off or on notice. May be unrelated St Lukes hospital just laid off 100+ here locally and supposedly thousands across the country.

^while house prices took a hit, it wasn't that bad, at least not in the decent parts of town. Other then foreclosures, I can't see a 100k Just selling fur even $20k other then slums

 

[Stukaman]

Well the Saudi King is now burning in hell good riddance. The news I saw this morning said they Saudis weren't going to cut production anybody know anything else?

 

[vmax]

Well the Saudi King is now burning in hell good riddance. The news I saw this morning said they Saudis weren't going to cut production anybody know anything else?

his death sure put a spike in crude prices yesterday

 

[karlac]

Oil Drillers ?Going to Die? in 2Q on Crude Price Swoon - Bloomberg

Comment section more interesting than the article.

 

[abntxn]

Well damn, I've had two of my old Soldiers telling me I need to look into this after retiring (April). They were talking about safety and recruiting though.

 

[gcarrillo004]

so far about 900 in my company and more to come

 

[itchin]

I thought crude is now going up? They're laying off anyway?

 

[Vaquero]

I thought crude is now going up? They're laying off anyway?

Going up? Yes.
However, companies do things at 90.00 per barrel that they wont do at 50.00.
Big blip. Slow recovery. I figure it'll be a couple of years before it's back to 2014 levels.

 

[Davetex]

WTI is at 48.24 today. Up from 44.50 last week.

 

[ray22]

I thought crude is now going up? They're laying off anyway?

Most plants are gearing up to start summer blends of fuel. Every time they switch there's a spike in price. But as stated, it will take 18-24 months for things to come back up to normal level. This, like the weather is cyclical.

 

[Texas42]

Many of my friends are not being laid off but no more over time.

Better er than being without a job.

 

[subseashooter]

No layoffs with my company, but there is a hiring freeze and customers are pushing projects out to wait and see.

Still manufacturing XTs and shipping equipment...I think that they are still building in anticipation for when things get a bit more normal and they can put the pedal to the metal again when they can justify it to their investors.

 

[Captain]

I just got laid off last week