Hey Oilfield Guys!!

[miket]

I got lucky today and thank the Lord that He is watching over me. I work for a small Oil and Gas company and we laid off about 70 of the 80 employees that we have. I have been working here for about 5 months and am extremely fortunate that I will continue to be employed for now. God is great to those who follow Him.

Holy cow, that a bunch! If you dont mind, where do you work?

[SaltwaterSlick]

Oilfield hands are gonna start stacking those unemployment lines pretty quickly real soon... It's a sad deal, but pretty normal for the oil patch... It's gonna get bad here real quick now that the calendar has flipped over to '15. Heck I put 35 gallons of gas in my truck this morning in Tomball for $0.679/gallon!!! (used my Kroger discount) Heck before the discount it was only $1.679! That won't keep drillers working long when their break even is $70+/bbl... Buckle up boys, it's gonna be a rough ride for the next few months I'm afraid.

[haas0311]

He was continuing the sarcasm from Dru

Roger that, just a touchy subject for me..

[Boomerang]

Oil dips below $50, but rebounds. Drilling permits have dropped exponentially. It will take a little time for the lag to catch up.

http://money.cnn.com/2015/01/05/investing/oil-below-50/index.html

[haas0311]

I can tell you permits are almost nonexistent in Texas and gone in nm

[Pineywoods]

I help run our family machine shop and 90% of our work is oil and gas related. Unfortunately, most of our eggs are in one basket with schlumberger/ smith sevices for the most part. When things get like this, they usually bring everything back in house. We are already slowing down dramatically and the orders have stopped coming in over the last few weeks. I remember 08-09 and im hopin this doesnt last long....

[miket]

I help run our family machine shop and 90% of our work is oil and gas related. Unfortunately, most of our eggs are in one basket with schlumberger/ smith sevices for the most part. When things get like this, they usually bring everything back in house. We are already slowing down dramatically and the orders have stopped coming in over the last few weeks. I remember 08-09 and im hopin this doesnt last long....

I know exactly how you feel. Im expecting my side gig to slow down here pretty quick. I still have stuff coming in but who knows for how long. I did just get a couple of hot POs this morning ( one due Thurs! ) so we'll see. Will probably see less work overall but more Hot jobs.

[Dru]

You may have said it before, but what company do you work for Dru?

Sorry to hear of the layoffs and reduction in hours.

Being new to O&G (sales/service), I'm naturally a little nervous about where things are headed, although we've been assured our company is in good shape to weather a downturn (and actually are still in a hiring mode). Until I hear otherwise, I'm going to keep selling and saving (and praying!)

Michael,
I work for a brokerage firm that contracts with Antero. We deal only in West Virginia natural gas. I thought we were immune from this down turn.

[kyle1974]

Might be nice to have a thread for folks to post up about any potential jobs they know of. I've heard rumors of a couple places that might be looking for part time sales on commission basis. One company already filled a spot, but from what I understand the guy is doing it part time as a second job. If things like that pop up, it might not be a bad idea to spread the word around.

[Alpha Dog]

NEW YORK (CNNMoney) -

It's quite the sobering Monday on Wall Street as many traders and investors return from their holiday hiatus.

The Dow plunged 350 points in afternoon trading as stock markets around the world fell sharply.

What's going on? The main culprits of market jitters these days are falling oil prices and the souring global economy. Crude oil now trades at about $50 and even dipped briefly below that level on Monday -- another psychological threshold for the market.

Experts now predict oil could go as low as $40 or even $30 a barrel. While that's great for U.S. consumers, who are enjoying gas prices of $2 or less not seen since the worst of the Great Recession, there comes a point when sustained low prices begin to really hurt energy company stocks and jobs in the U.S. and other countries around the world.

Today's biggest stock losers are almost all energy drillers -- Denbury Resources, Noble Energy and Anadarko Petroleum.

Warning signs: But the bigger picture is that stocks are overdue for a correction -- when the market falls 10% or more. There was a close call in early October when U.S. markets dipped, but they never quite got to an official correction.

Goldman Sachs put out a warning note Monday, cautioning that professional investors may be "unduly bullish."

The bank's Sentiment Indicator is at 100 -- the highest possible level. Historically, that hasn't been good. When the indicator gets that high, it's usually followed by a decline in stocks in the following six weeks.

[ladrones]

We have the added cost of drilling a hole here in NM of haul away going against us. I would imagine that would add 10% to the cost of drilling the hole?

[buzzbait]

Halcon just pulled most of our project. Went from running 5 rigs in Brazos/Burleson Counties to just 1 rig.

[brysdad]

Prayers are all I have. Hope you guys are okay when this turns around. There has to be a happy medium somewhere.

[Alpha Dog]

Halcon just pulled most of our project. Went from running 5 rigs in Brazos/Burleson Counties to just 1 rig.

Prayers up buddy, got to get through the briar patch , before we can get back to that green pasture. Good Lord ain't gonna give us more than we can handle, but he can make it difficult.

[bphillips]

We already took our 10% pay cuts and now only have 3 more wells planned for our rig then see where it's at after that so I see it laying down. Our company still has over 40 rigs working so I'll still get rotated through them to get a few days of work here and there though.