They will be evaluating their layoffs every quarter, probably for the next 12 to 24 months. Mandatory furloughs may be next in the next quarter or more layoffs. It's just that bad. If not for the furloughs, there would have been more layoffs this quarter. So it is a grim environment. You should plan accordingly as a family with that kind of uncertainty.
Additionally, in a pulled to the side conversation I had with a my bosses bosses boss here in Houston, he warned me to know that things were very uncertain and nowhere through shaking out. He said that land based drilling is toast, they expect 50% of their land based clients to go under in the next 1 to 2 years, and even when prices come back, clients are ticked off and will be in no hurry to increase out put, buy rigs, use services, etc. Also, many of the competition is doing work for less then it costs to stay alive, so their days are limited with a business model like that. He said it was as if they had gone from making $750 million in one quarter, to $5 million, so the company was dealing with that kind of fiscal environment. It will be a difficult next 24 months, that is for sure. Some land based players are defaulting on their bond payments before they even make their first one. When you hear about acquisitions (like Spectrum), you have to understand that that money comes from a different source in the company, not from running operations coming in monthly and is earmarked in the month to month budget for building cost, electricity, and labor, etc.
On a side note, when / if prices do come up in the future on oil, there could be a huge increase in the oil price when things improve, as many clients are cutting up their retired rigs for scrap and taking them out of service permanently. There is likely to be a huge shortage of equipment and a huge lag time if anyone orders it. You could see prices really get crazy in the oil market. Many clients are ticked off and and intend to really sink it to the consumer when the game goes back into gear. There is a lot of angry people in the oil business who felt blindsides by their political contacts.