Jeez. Feels like I just entered the WayBack machine (Mr. Peabody and Sherman from the Rocky and Bullwinkle Show, circa 1960's). I was newly married, three kids from previous blessed union, new home in Lafayette, La., and THUD! The bottom fell out of crude oil. My (new) wife was working with Phillips, in Lafayette, and I was with an independent, which promptly went bust. Six months of job seeking. In a city that thrived on the energy sector, all of which was in turmoil. Finally, an interview with Chevron in New Orleans. They had just merged with Gulf, and I was hired, along with my wife. They paid for our move to California, and a 30 year (new) career, began. The point is: All of this has happened, before,... and it was just as bad, just as deep, with just as much pain and suffering. We had to walk away from our home in Lafayette, then file Chapter 11, but in time we overcame all of that (luckily, we were in California at the time, were able to buy another home, and real estate ALWAYS does nothing but appreciate, there, and each move with Chevron improved our financial situation). It all works out. Life's never "fair", rarely "smooth", and certainly, not ever "easy". My heart goes out to those of you having to go through all of this, but it IS the nature of oil/gas jobs and careers,... you'd better be tough, and resilient. You'll all get through it, regardless of how you might feel, now. And, in ten years, you'll look back, knowing that you made it. This kind of crap just helps "clear your head", makes you either "swim", or "sink",... it's your call. To quote another great "philosopher",... "Try? There is no "try", try NOT! There is only "DO"! You'll be fine. Perhaps not without a little pain, but you'll be fine. Viya con Dios, compadres.
10 replies (most recent on top)
Do not purchase a house. Save the amount that would be your house payment and property taxes. In two years when the housing market bottoms out and if you are still employed then you will have a better down payment. Also your money and invest it wisely.
Oil prices are well below the assumption for 2015 and 2016. That alone says there are going to be additional cost cuts (i.e., employee reductions) to get the costs below revenue. Unless your boss sits at the top, you cannot depend on his or her assurances that you will not be laid off. Sit tight and wait. The housing deals won't be getting any worse, and likely better as newly-jobless realize a new job is not easy to find. Your only other concern is interest rates, and since Obama is worthless when it comes to policies that do anything other than stifle the economy, the fed doesn't have much ability to raise interest rates without risking a recession. Be patient and wait.
First question: Are layoffs over" NO. This is an ongoing question with all oil related companies. The try to hold on to employees in hope for a turn around. I think this will last for at least 3 years. It also depends on how long you expect to stay in that area. If it's prone to the oil industry, wait until 2017.
2nd question: Buy or not to buy? If you insist on buying, wait until the end of the 1st qtr 2016. Folks currently getting layed off will be leaving (wherever you are?) Better pricing.
3rd comment: Unless your boss is a biggie, don't bet your savings on him/her making the decision.
Last post says "No chance of financing a home after without 1 year employment so now is the time, layoff or no layoff," and while I'm only the relative of a COP worker, my first thought on that advice is: Yes, but where is this house located if you do get laid off in next round or later? Do you have other possible work, in another field, or a Plan B (more college?) to implement while living in your new house? If the answer is Yes, then that last poster's advice can work. Can you stay and live where the house is for x number of years successfully? With steady work to pay the mortgage?
$500 million cash flow negative per month. The boss is not responsible for the success or failure of the company. Decisions on layoffs are well above your boss. No chance of financing a home after without 1 year employment so now is the time, layoff or no layoff.
Take a look at the most recent quarterly report. The company is bleeding money right now.
No your boss won't let go an important fellow like you. Go ahead and get that 30 year mortgage. You might even find a good deal in the Katy area from some of the ex- coworkers.
Yes I've heard there might be more cuts ahead as well. Does HR really have inside information? How is that?
According to a friend in HR get ready for more after the first of the year. Ryan and his buddies are not done yet.