Hey Oilfield Guys!!

[duckmanep]

No it's all a web of lies. I guess the market tanking is also a lie? Oh, if you are going to pop off learn to use the correct word to use. It hear not here. Smh

Thanks for correcting my grammar mistake with 2 of your own.

[haas0311]

I got the axe today.. Thankfully I had a good interview this morning. We will see what happens. Just remember y'all, if God brought you to it, he WILL bring you through it!

[BowOnly81]

Hope it works out haas. My company hasn't laid anyone off yet but we have lost a few rigs and now we're doing rotations to keep everyone working. Hope this doesn't get too worse!

[100%TtId]

I have the feeling this chart is fairly accurate.

Wood Mac is a reliable, consistent source for data.

[100%TtId]

We do have a lot of natural gas, but...as companies hault production of oil then the gas ng prices should rise. We just started winter that so far hasn't been very warm. It may take a few months but we will start eating up our reserves.
Our ng has been a by product of the oil we produce. When we slow production of oil we also slow production of ng therefore the price should go up. Oil companies will start drilling again because all of the sudden oil becomes by product of ng and the cost of oil production is offset by the ng prices.

I read an article yesterday saying that our larger companies like eog and anadarko have hedged their funds anticipating opecs move to dump oil on the market. They are prepared for the long-term oil prices to stay low. If that's the case we will suffer short term but ng prices will soon rise. Opec has no position on ng that they can dump a billion mcf ng to drive prices down so I believe we have the upper hand. Basically our larger oil companies are calling opec's bluff because they prepared themselves for this.
Jmo!

Anyone on TBH work for Cheniere? Maybe we can export our way out of the NG glut.

As bad as it may be in the oil patch, just be glad you're not in the coal business.

[Take Dead Aim]

NBC nightly news just said the falling oil prices are starting to damage the US economy. Where are the guys on here that said it would only help?

I'm one. It hasn't hurt the economy as a whole. Has it hurt the energy and oils sector? Absolutely. I don't think anyone thought different though. I stand by my educated guess that it won't hurt the US economy as a whole with the one caveat of the bonds being held that backed US oil exploration and production. At some point those bonds are going to be called sooner rather then later and you are going to see some institution go belly up. How many and how big of an impact is hard if not impossible to say. You don't know what price(oil price) they were bought at and backed up on so it is hard to tell. They are all different and held by all kinds so it is much like the mortgage bust we just went through. Really don't know until it is over.

There is a hiccup related to the low oil prices coming at some point and how big of one is hard to tell. It will cause a correction but it will not or should not cause a recession. History has proven low oil prices are good for the US economy.

[txjustin]

My company laid off 500 yesterday. I was one of them.

I got the axe today.. Thankfully I had a good interview this morning. We will see what happens. Just remember y'all, if God brought you to it, he WILL bring you through it!

Would you guys and any others that get laid off share what company you worked for? For me, it would be helpful in mentally determining the depth of this fallout of oil. It's definitely not to "get back" at said companies in any way.

[haas0311]

I got the axe today.. Thankfully I had a good interview this morning. We will see what happens. Just remember y'all, if God brought you to it, he WILL bring you through it!

[RLB]

Oh, if you are going to pop off learn to use the correct word to use. It hear not here. Smh

Mr Webster, it's "It's" not "It"....just sayin....

[txjustin]

Looks like the steel industry is taking a hit as well.

http://247wallst.com/commodities-metals/2015/01/06/falling-oil-forces-us-steel-facility-closures/

[kyle1974]

Looks like the steel industry is taking a hit as well.

http://247wallst.com/commodities-met...lity-closures/

Nope. Falling oil prices only have a positive effect on the rest of the economy. Experts right here say so.

[BrianL]

Looks like the steel industry is taking a hit as well.

http://247wallst.com/commodities-met...lity-closures/

"Altogether the Lorain facility is losing 614 workers and the Houston facility is losing 142, a total of 756. In comparison to the big picture and according to a recent SEC 10-K filing, the company noted that it had approximately 26,000 employees in North America and 12,500 in Europe at the end of 2013."

[Brooks]

Altogether the Lorain facility is losing 614 workers and the Houston facility is losing 142, a total of 756. In comparison to the big picture and according to a recent SEC 10-K filing, the company noted that it had approximately 26,000 employees in North America and 12,500 in Europe at the end of 2013.

Close to a 3% reduction in workforce.

[txjustin]

Altogether the Lorain facility is losing 614 workers and the Houston facility is losing 142, a total of 756. In comparison to the big picture and according to a recent SEC 10-K filing, the company noted that it had approximately 26,000 employees in North America and 12,500 in Europe at the end of 2013.

Frankly I don't care if it's 1% or 100% being laid off. It's just to keep track. I've not given my economic analysis, and won't.

[BrianL]

Frankly I don't care if it's 1% or 100% being laid off. It's just to keep track. I've not given my economic analysis, and won't.

That was a direct quote from the article, not my add on to the article.