Read that Baker Hughes and Haliburton are laying off a lot of people,,also got an email from a frac sand hauler in Texas telling me that frac sand hauling has slowed and a lot of drivers are bailing out after sitting for several days or more, boom or bust has happened in the oil fields before and until oil prices stabilize for several months and start to go up again there will continue to be more slow downs for everyone in the oil fields,
Some projects will continue for the next few months but start ups for new fracking as well as drilling will be put on hold for a while..
If you are still working, work all you can and cut your spending.
Oil Field Slowing?
Discussion in 'Oilfield Trucking Forum' started by 315wheelbase, Jan 21, 2015.
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
I pulled 115 hours last week , but I am worried about what's coming. We know things are about to slow down in a hurry, and I have been on here looking into going over the road due to it. I like my company, I like the work, but I don't want to be caught unprepared either if I find myself laid off.
Chinatown Thanks this. -
New York (AFP) - Oilfield services company Baker Hughes said Tuesday it would cut 7,000 jobs in the coming months in response to a sharp downturn in exploration activities following the oil price crash.
One of the three top oilfield services firms, Baker Hughes said the cuts, amounting to about 11 percent of its worldwide staff, would come mostly in the first quarter of this year.
The move will cost the company upfront about $160-$185 million in severance charges, but aims to cut costs over the medium term as the overall industry contracts in response to the more than 50 percent fall in oil prices in the past seven months.
Baker Hughes is also reducing capital expenditures by 20 percent.
"This industry can't simply hope and wait for oil to climb back over $100 a barrel. Instead we must adapt to a new reality of sustained lower commodity prices," Martin Hughes, the chairman and chief executive, told analysts in a conference call.
Last week oil services industry leader Schlumberger said it would cut 9,000 jobs, about 7.5 percent of its global workforce, due to plunging oil prices that have forced petroleum companies to cut drilling budgets.
And last month Halliburton, the number-two oil services provider, said it would lay off 1,000 people, 1.25 percent of its work force, to deal with the market changes. -
Im a water hauler,and as long as the oil is being pumped,I have a yob.
-
Slowing, I think its just relaxing.
-
Go look at the last few pages of this thread? Slowing??? It's heading for the morgue.
http://www.thetruckersreport.com/tr...rucking-forum/270193-oilfield-laying-off.html
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.