Thread regarding Schlumberger Ltd. layoffs

North Dakota slowdown

Frac crews laying down up here. Fracking with SLB For Whiting and Petro hunt. Expect things to get much worse by the looks of it.

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Post ID: @OP+10JAS3Ck

5 replies (most recent on top)

Rig count doesn't matter if they aren't completing (fracking) the wells. Read the quarterly reports from from the oil companies and the fracking companies as this isn't a secret. Remember these quarterly reports are written in a positive way to sugar coat things. Keep an eye on the sand miners as well and the sand price index. Pioneer had it's first layoff in like 30 years and that ain't no frac company. Whiting cut 33% of its workforce.

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Post ID: @7tyc+10JAS3Ck

Are they laying off engineers too or just the operators?

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Post ID: @2dta+10JAS3Ck

The rig count in north dakota is over 60, which is where it was in 2018 so i dont see why theyd be laying down.

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Post ID: @2nzq+10JAS3Ck

Not just North Dakota. Expect a slowdown in Q4, continuing into first half of next year. For Schlum that means that people (our best asset!) will get plenty of time off to enjoy their Thanksgiving, Christmas, and Valentine's Day holidays without the need to worry about making a trip to the bank to deposit their paycheck.

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Post ID: @1xez+10JAS3Ck

It is coming, repo man will be busy.

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Post ID: @xrv+10JAS3Ck

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