Things in the energy sector will be getting worse by this fall when many refiners start entering their scheduled maintenance season. This will tend to increase U.S. Crude stockpiles in an already oil glut, pushing the oil of oil downward even more. The turnaround is still not close. Hang in there for more pain and deeper cuts through layoffs.
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Anonymous141507,
What independent? I need to get out of here once dust settles. V
I am 63 and retired from Chevron in 2009 to take a position with a phenomenal independent. I just retired from there. Time to give the young guys their turn. Talking to 42 years of contacts in every part of oil and gas we all feel this will be worse than 1986. My Chevron friends are convinced of that by such poor leadership. Chevron is is a bad bind with no old oil patch leaders left in that organization. I know most of the leadership there and Chevron picked the politically correct (yes men not nice men) instead of doers. Can you name a doer there? I left because it took 3 months, 7 meetings and an MOC to change the toilet paper roll dispensers. You want that culture building billion dollar MCP's. This will be way worse for Chevron than the other majors.
In 1985 the bottom started to fall out. by 1986 their were supply boats stacked up for miles. rigs cutting up for scrap! It will be worse this time....
This fall will be ugly, all of us know that. But, this is not our first rodeo y'all...