Well folks nice knowing you all. Time to face reality.... $37 oil cannot be drilled in the western world. Prepeare for largest layoffs in oil corporate history i think. Any offshore drilling operations are even worse due to higher costs. Doom and gloom, Hal BHI mess, oil price, and fracking , China slowdown, and OPEC not budging ( cant blame them) All the best folks , a lot of suffering is on the horizon. Good luck, you are going to need it in the years to come. Out of work for thousands and thousands and not much prospect of a future in the short term on a pickup.
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This man speaks the truth. NO ONE in North America can make money on a new project at these prices. If they hold, virtually all CAPEX will be cut.
Said Mr Optimistic
God bless us all
I am the one who posted about 86/87 and take no offense at being told maybe my time is up. It very well could be. But the younger people need to take note. My parents could work the same job their entire careers until retirement. But wouldn't it be nice to at least have the possibility to work until 60 or 62 without fear. Most people are not prepared to retire at 50 but that is where this industry is at the moment. So for the young ones who do survive, your time will come. Either save a ton of money or be prepared for an alternative career your last 15 years because in the not too distance future some manager will be looking over a payroll spreadsheet with your name on it deciding who to cut.
Good post for a change. I myself have seen many of the people have worked with for over 15 years made redundant and paid off.Some have taken up alternative employment and some are still in trouble. This has not been a good time for all. We all sit in wait for "when it is our turn" I have never seen such a low moral nor a good long term outlook in all of my years in the industry. $37 oil is a figure which will further drastically exploration, maintenance and production without question. I fear the worst is yet to come over the new year when planning for the summer begins. Good luck folks we are all going to need it.
I do not mean to be mean, @EQcoGUA-1hzw in 86 you were much younger, now almost 30 years later, you are expensive to the company, hope for the best but be ready for the worst.
Good luck to all
I survived 1986/87 and I can't really say if today is worse or not. I know my company lost nearly 50% of its employees if that provides any perspective. So is 2015/16 really worse or is it that now we have the internet so can access so much information? In 1987 we didn't hear very much about what was going on in the industry as a whole. We just kept our heads low in our cubicles and quietly did our jobs while watching friends being walked out hoping we would not be next. I do think oil will eventually come back for a renaissance for a decade or so before renewables drive the last nails in its coffin. It is not an industry I want my children to work in.
Heard that there will be a massive layoff sometime between now and the end of January. and yes we have drilled ourselves out of business.
A sensible post for a change... indeed troubling times. I think everyone was hoping the Saudi's would capitulate at last weeks OPEC Meeting, but the member states have absolutely no trust in each other ..and if Iranian sanctions are lifted next year that will be another spanner in the works, although the main impact of LNG exports will be delayed 2017 (the last nail in the coffin for US shale gas). HAL/BHI are going to suffer badly. Even if the deal is approved the new organization will be viewed as a risk by most operators who will stick with, or switch to SLB ..who will charge top dollar but are a known quantity. I wonder if the BHI/HAL leadership play chess or bridge ..if not I recommend they learn...
Folks. We have drilled ourselves out of business. Good luck to each and everyone
Mystic Nitro will save us !!!
Do not want to admit it but you are right ! Time to prepare. Hal are now going to shed thousands more to stay afloat within corporate and decimate the BHI workforce. Troubling times ahead. I cannot lie or stay positive anymore as per the facts. Good luck. Good posting for a change. :)