Halliburton Journey Began 11/01/2011, It Ended 04/07/2015

Discussion in 'Oilfield Trucking Forum' started by Seattle206, Apr 7, 2015.

  1. jessman

    jessman Bobtail Member

    Oct 30, 2014
    Its been reported most big companies in the oil game bought big insurance against the case of oil taking a dive. So I'm not sure why things haven't stayed the same, they got paid the difference in price anyway. Could it be Halliburton didn't have this protection?
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  3. chaz7r

    chaz7r Light Load Member

    Jan 29, 2013
    Belfield, ND
    Hey baker Hughes uses the same letter lol. Good luck. I'm not too sad about leaving the fields. Need to enjoy life more. Maybe I'll be back someday
    Seattle206 Thanks this.
  4. Arky

    Arky Heavy Load Member

    Jun 7, 2013
    Some truth to the insurance. Some did, some didn't...its called hedging. Thing is, Halliburton is only a contractor/service provider to the actual producers. The producers who had hedges in place were still profitable....depending on who you ask. But...none of that lasts forever. As the hedges run out, the drilling halts. Then the demand for services from companies like Halliburton and Schlumberger weakens...thus the layoffs. Its all part of the cycle. Some will go home with a fat bank account, some will go home breaking even, some will be worse off than when they started. Just the way it goes.

    Personally, I believe that most of the negatives have been priced into the oil markets now. There could be some short lived price drops, but for the most part...I think we are seeing the bottom. How long it will last, I don't know. Production of the newest wells should begin to taper off within another month or two without nearly as many new wells to replace that production. Then the excess inventory sells off, then we should see some price increases. Of course there are always global events that can move the market. But chances of anything happening that could move the prices lower are much less than something that would cause an increase....my opinion.
  5. old scummy

    old scummy Light Load Member

    Mar 18, 2013
    Don't sweat it man. I worked oilfield for a good while and was laid off twice. It came back twice, and both times I got back into it with better pay and more responsibility. In no other industry will an equipment operator be laid off and come back a field supervisor. It's just the way it goes. When they decide to ramp up they ramp up quick.
    gdyupgal and Seattle206 Thank this.
  6. gbz

    gbz Light Load Member

    Nov 12, 2012
    San Antonio, Texas
    ^^^^agreed..still working....gonna let the dust settle with the nabor/c&j merger got work till August hopefully picks up by end of your or early next year....hope everyone saved alil and kept expenses manageable....
    gdyupgal Thanks this.
  7. Winter Storm

    Winter Storm Bobtail Member

    Jan 2, 2015

    Even though it was a pay cut, I got a job back home. Once I hit a certain number of income/saving, I paid down enough debt that I could return home and work a local job. The pay is not great but it is nice to come home at night and have dinner with the family and some play time with my kids.
    gdyupgal Thanks this.
  8. AP1977

    AP1977 Light Load Member

    May 20, 2014
    Best of luck to you Seattle. I remember you from your journey start on city data ND forum!!
    will you be heading back to WA or sticking around TX?

    Havent been laid off YET but hours been cut, at 40 week now. Just waiting for school year to end then if not laid off by then will quit, take vacay then head back to AK for work. Gotta keep rollin ....
    Seattle206 Thanks this.
  9. 77fib77

    77fib77 Road Train Member

    Jul 7, 2010
    St Louis
  10. 3BL

    3BL Bobtail Member

    Dec 19, 2014
    The Basin
    I was laid of from Halliburton last month too.
  11. Seattle206

    Seattle206 Light Load Member

    Oct 17, 2011
    Thanks for the inspiration buddy.
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