Thread regarding Chevron Corp. layoffs

The best times came to a beginning for "the person hired in 1986" (posting below) several years back when I retired. Thanks for the concern though, friend, Good luck to all of you!!! There is life after O & G, I assure you.

Thank you, all, for the trip down memory lane. Am now retired, after 40 years in "da bidness". Started out in Bakersfield with some independents, got a big break in the late 70's, transferred to Lafayette, La., then,... 1985. Abandon ship. Hired on with Chevron, in New Orleans (my wife, too), transferred to the Bay Area and had a good career, in upstream and, finally, in chemicals. Seems like my entire career was one of mergers, layoffs, bankruptcies,... but wouldn't have done anything, any differently. Today, the dynamics are a lot different than in '85, and, in my opinion, the OPEC nations are hurting too badly to allow these prices to go on, much longer. U.S. fracking remains a wild-card, but I'm guessing OPEC will simply have to deal with it,... Iran needs oil prices in the +$100/bbl range in order to fund their country,... the Saudis are burning through their (cash) reserves at a rate which will bankrupt them, as soon as 2018, and the Russians,... believe the Russian military landed in Syria, precisely for the purpose of "arranging" for crude prices to rise. Best of luck to all,... if history is any indication, things will improve.

Congratulations, 1pbp. I too am a 2nd generation oil field worker. I've been overseas and US stateside and enjoyed the whole experience. I retired in late 2015. We are both the last of the Mohicans, as very few from here out will ever see 30+ years in this industry. I wish you a happy retirement. My retirement is my reward after so many good years.

I am second generation oil field. I first went offshore in 1972 for J. Ray McDermott, worked for a oilfield service company until 1985 when I hired out to Chevron. I have seen the world and have no regrets. It is the end of the road for me as I have stated an expression of interest. Just going thru the process now.

I left the industry. Spent half in and half out. If you look at the market it's not as bad as it was in the 80' s. Market was over supplied by 20 million a day. This market is at 2 million a day. The wild card is/are the unconventional plays. As soon as price turns up you can get a shale well done in the snap of a finger ( and many wells fraced but not produced, and it takes only 3 days of flowback to get them rocking). U.S was at 9.7 million at peak....decline rate is much much slower than anticipated by all. Currently at 9.2 million a day. Rig counts will be in the 300's down from 1,600. It won't take decades to stabilize but several years is reasonable. And stabilize to what? 50 a barrel?

@FK6Zvnm-1qvo Futures are often wrong. They were 100+ when oil was over 100

@1nsg, thank you! I'm an old guy who will be retiring for good in the next few years, and I've seen big changes over the past 3 1/2 decades. I started out drafting mud logs with rapidograph pens and living at remote drill rigs with no running water. I have friends like you who have made a good living in the oil business and I admire people such as yourself who have done the same. It's a great career if you can make it happen. Best wishes on your continued success. Groundwater hydrology has been good to me, since I just went a different direction because of the circumstances way back in 1986.

Sadly, human resources (personnel) will be adjusted in relation to present prices. If there is any doubt - ask someone/ coworker who has 30 years with the company. They have seen the staff reductions in the mid 1980s when oil prices dipped to $13/bbl.

@1ylv, you are a fine person. Don't pay any mind to the jerks. They are either too young to appreciate the history you and I experienced our careers or else they are nobodys hating their pitiful life and on the brink of being punted out of the company. Best regards.

Good times coming to an end for the person hired in 1986. You are a prime candidate to lay off.

I actually started as a mud logger in 1979, went to graduate school in the early 1980s, wrote a thesis on petroleum geology, had a few good years, then 1986 came along. I made up my mind to forget oil and gas, and try something else. The oil business in Texas was completely dead back then. I found that environmental and groundwater work was perfect for me. Everything depends on one's personal situation, I think. Just to be clear, I have sympathy for young geologists who are suffering during the current downturn. I hope they find work and do well. Only a complete jerk would enjoy other peoples' suffering.

I was hired shortly after the 1986 downturn as well. Have been raking in the dough, providing an invaluable service to the industry and society, and living large ever since. You were saying?

What a bummer! If you get into the industry at the wrong time, it could ruin your life.

Very classy post, thank you. After my experience, I decided to never return. You've made a living in oil and gas, so a hat tip to you. It just didn't work out for me...I guess it was bad timing.

The oil industry was not "way down" for too long after the 1986 downturn. I was employed by Chevron USA (Production Company) in early 1991. Oil dipped again in 1998-99, for only 12-16 months, but recovered nicely by 2000. In any case, congrats on your success in your new career industry after oil and gas.

I posted the comment about 1986 layoffs. I knew people who waited years for a decent oil job after that. Not me, brother. I moved to the environmental/groundwater field and haven't missed a paycheck in 29 years, and had great benefits the entire time. The oil industry was way down between 1986 and 2005. Besides, West Texas isn't my idea of Nirvana.

Just look at the futures. Oil is projected to be below $40 for 10 years.

What other industries don't go through tough times, you ask? Here's a few....

1) The IRS business (taxing industry)

2) The Funeral business (death industry)

3) The Hair business (barber and hair stylist industry)

4) The Liquor business (boose industry)

5) The Women business (pussy industry)

I'm sure there's a few more industries, but I'm getting bored already.

Not sure why you say leave, other than the medical industry what other industry doesn't go through tough times?

I lost my oil job in the Great Oil Layoffs of 1986, when oil tanked from $35 to $10 in about a month. I was a geologist for a large independent, which was acquired by another company. I was one of the final three geologists left, but my luck ran out. I left the oil industry forever, and I suggest others do the same. This time looks at least as bad.

The next stop on this death spiral is $25, then down to $20. I'd think the train stops at Station $18.