Any phone call or request for meeting can be from HR about to drop the hammer. Expect to be laid off, regardless of what anyone tells you. No worries though, in a few months, oil will "mysteriously" jump (to the shock of speculators) and service companies will be begging you to come back. It will suddenly be a team sport again......until oil drops again. It's a short term game where the coaches panic and overreact at every negative play. The good coaches will be ready to win because they didn't dump the roster. Everyone else will be struggling to make the playoffs with subpar rookies.
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It's not a pure export, it's a swap of US light crude for heavy crude.
.....and layoffs gush when major MCP are unmitigated cash flow disasters.
The feds are implementing an emergency 100,000 barrel export to ease the free fall of WTI prices. It is likely not to help much. An independent report suggested that the Shale boom will not start easing supply for 6 months as wells continue to pump quantities greater than anticipated. Supply curves are heading North. Most oil market experts say 2-3 quarters of below 45 WTI is needed to correct a major problem in price deflation. Everything is being done to keep the prices above 45. This is a much more complex market than anticipated. We shall see how this affects the world economies.
This post is also at the Baker Hughes Layoff forum.
On June 18th Nymex was 61.5. Today it is 41.7 and ticking down. Almost 30% down in 2 months and all the factors are unmistakably pushing it down further. It is pretty obvious drastic measures will have to be taken as profits disappear. I cannot see how dividend will be continued even after a 30% cut in headcount.