All, the WSJ had an informative article today on the generation gap that will occur with the ongoing layoffs, shortly an entire generation of oil field workers will be packaged out or laid off. The article states that 105,000 positions have been cut or roughly 20% from March to June 2020. Already the younger generation of workers those 20-35 years old have or are developing a distrust of the industry. Those that are now 19 years have little interest in joining the ranks of oil and getting a degree in that field. The article speaks to historical practices of laying off or packing the older employees as haunting them for years when the industry returns to normal. Last time this occurred many of the highly trained workers decided not to return to the commodity based oil and gas employment. The skillsets learned and used in the Patch are very useful in other industries.
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Excellent comments on a career in the oil industry, I believe Pioneer has 40-60 years of reserve drillable prospects in Permian, and more based on a higher cost per BBL. Appears that Wall Street wants drilling funds generated from Cash Flow not more bank loans based on reserves and a per BBL reserve value. Banks are getting scared about getting stuck with oily assets on their books and having to do a write-off. In the old days it was "PEAK OIL" how much oil can Mother Earth yield. Now the word is "PEAK USAGE" the supply side that is declining. No doubt oil will be around 40-60 years to power internal combustion engines, lubricants, and feedstock, but over time it will slowly be replaced by alternative fuel sources. Read the WSJ Blackrock Invest. will only invest in companies that are reducing their carbon footprint, BP is moving into alternatives, all are tracking carbon footprints, GHG emissions and climate change financial impacts on their SEC 10K statement. Wall Street and investors will be the vehicle to move away from oil, it won't come from regulators or governments. It will come from Tesla and companies like that. But, I would feel secure if I was in college becoming a Petroleum Engineer or geologist, or Environmental Manager that a career would last for 40-50 years, but there is an end in sight, IT'S COMING. Just realize that you will need to weather the commodity downturns, the lay-offs, but the pay and benefits are tremendous. And you get to work with some of the hardest working and most interesting and creative people in the world. I am 3rd generation oilfield
I thought we were going to be driving electric cars powered by pixie dust and unicorn farts in the future so no need for oil and gas.
Agreed, very difficult to not have second thoughts about making a career out of oil and gas. On the other hand, if you do survive, and oil does pick back up, there's a good chance you will become a highly prized commodity. Best of luck to everyone.