Its not paranoid or "chicken little" to look around and see whats happening in the industry. The price is down and will stay down for some time. The oil companies won't rock along like nothing is happening. The lay offs are happening in Texas, Co, N.Dakota as well as offshore. We might get a chance to continue to work but it will be at a much cheaper rate. The rates will drop and then the demurrage will disappear. In 2010 we got paid demurrage 24 hrs a day in N.D. Then as more trucks showed up it changed to 10 hrs a day maximum. Supply and Demand. Now the oil is cheap ,they will choke the wells down or shut them in, work what trucks they need at a much lower price until they don't need them. Its not mean its just business. Everyone in the industry needs to be planning on a plan b,c,d,e,f, and g.
oilfield laying off
Discussion in 'Oilfield Trucking Forum' started by orangepicker, Jan 1, 2015.
Page 17 of 35
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jbrodgers, 77fib77, flightwatch and 1 other person Thank this.
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The 3rd parties are gonna be the first to go.
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Pretty much agrees with what I am seeing, Apache scaling back, Chevron going on about the same.
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The Arabs know how to play the oil game. They know that fracking & oil sands cost more to produce. This story is far from over. The next few years are going to be fun or frustrating to watch depending on what side of the game you are on.
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amen to that!
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the thing about the oilfield if you can make it through the down times, you watch it and come in picking up the pieces, you can come out pretty good!! but if you come back in blowing your money like theres no end to it you will be in the same shape, time and time again!!! or you just cuss it and swear you will never do it again and MOVE ON!!!!!!!!!!!!!!!!!!!
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mukhtarjama and jbrodgers Thank this.
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so glad hubby isnt in oilfield anymore....feel bad for those of you who are...hope you have a plan B
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Baker Hughes too: 7,000 workers
HOUSTON (AP) - Oil services company Baker Hughes Inc. says it will lay off about 7,000 workers as it prepares for a downturn in orders.
Baker Hughes previously reported a record $663 million in net income in the fourth quarter of 2014, more than double its earnings during the same period of the prior year.
Leading the growth was the company's North American division, which posted revenue of $3.3 billion.
But the Houston-based company said in an earnings call Tuesday that it expects a "sharp drop in product sales" because of the plummeting price of crude.
The layoffs represent about an 11 percent cut to the 62,000-plus employees Baker Hughes says it employs worldwide.
The announcement comes after Schlumberger Ltd. said last week it would reduce its workforce by 9,000 employees.
http://www.kltv.com/story/27895067/baker-hughes-to-lay-off-7000-workers-as-prep-for-downturnGiggles the Original Thanks this. -
Giggles the Original Thanks this.
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