First, sorry to all those that are being let go. Curious what you’re planning to do career wise?
Can anyone comment how fast they are able to find jobs? Are you leaving Houston? Leave O&G entirely? Go to another giant? Start your own company?
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The industry is dying. Brain drain is just the latest symptom. How did CNBC Cramer put it "new T-b-cco": https://www.cnbc.com/2020/01/31/cramer-sees-oil-stocks-in-the-death-knell-phase-says-new-t-b-cco.html
The industry has been through massive layoffs before. 1986 was far worse in XOM and in the industry. IT is a boom bust business. 1997-1998 was bad also. Companies have managed the boom bust cycle by having contractors that can be let go, but it ALWAYS hits low performers. If you are in the bottom 20%, you are at risk for PIP. Bottom 8% cut this year. Then the next bottom 8% next year. When industry recovers, then it will be bottom 3 to 5% FOREVER.
Seeing as every major company is laying off, you think people laid off working O&G will find another job in O&G for another company that is also struggling?
I think the answers to this will vary based on experience. Newer hires can potentially pivot to a new industry a little more easily, as they can go back to school or pick up and move with few hassles (no family/kids). However, less experience makes it harder to get hired elsewhere, especially if they try to stay within oil and gas. Experienced hires will clear job posting requirements more easily and have a larger network to draw from, but moving may be more difficult, limiting options.