Hey Oilfield Guys!!

[bphillips]

PLEASE PLEASE PLEASE be saving some money!!

I am starting to see lots of the same really bad habits that left lots of guys in trouble the last time the work died off. I understand the toys and trucks thing and thats all fine and good if you have some good savings accumulated. I would hate to see some of you guys get in a big bind should the work be gone soon. I know many of you may hear "we have 10 years of work around here" because that is a common phrase but the fact is if oil ever drops so will the work. Just because the work is there doesn't mean it's worth going after to all the companies.

I give this reminder because I personally know of a couple guys with 100k+ salaries that have to finance furniture or TVs and even one that makes over 300k that never has a dime in his pocket.

Have fun but be careful fellas.

[Biggs]

Haha. So true

[kyle1974]

lots and lots and lots of people in the oilfield right now that have 4 or 5 years of experience... the ones that got hired right after the last slow down. they haven't seen it, and it's hard to understand how fast it happens unless you've gone through it.

[KR-oldmexico]

Originally Posted by bphillips

PLEASE PLEASE PLEASE be saving some money!!

I am starting to see lots of the same really bad habits that left lots of guys in trouble the last time the work died off. I understand the toys and trucks thing and thats all fine and good if you have some good savings accumulated. I would hate to see some of you guys get in a big bind should the work be gone soon. I know many of you may hear "we have 10 years of work around here" because that is a common phrase but the fact is if oil ever drops so will the work. Just because the work is there doesn't mean it's worth going after to all the companies.

I give this reminder because I personally know of a couple guys with 100k+ salaries that have to finance furniture or TVs and even one that makes over 300k that never has a dime in his pocket.

Have fun but be careful fellas.

Hell just sell me that Camero! Then I'll quit spending.

[Ducksmith]

Not just oilfield!! Good advice

Our whole project in oil and gas that has been going for 5 years got whacked today.......

[louieagarcia]

It's like riding a roller coaster...ups and downs

[Boyd1212]

Very true! I went up to the Bakken and the contract was pulled last week. Good news is that I put money back just incase. I have a few months worth of bill money put back so if I didn't find a job right away I would be ok. More good news is that I'm headed back to Texas!

[Ducksmith]

Originally Posted by Boyd1212

Very true! I went up to the Bakken and the contract was pulled last week. Good news is that I put money back just incase. I have a few months worth of bill money put back so if I didn't find a job right away I would be ok. More good news is that I'm headed back to Texas!

Come on home brother. Safe travels

[Froggy]

Your advice applies to any profession. Life can throw you curve balls.

I wish I had started younger. I was like an old comedian I heard one time say "I've never wasted a dime, I spent it all on wine and women."

I see so many young people start adult life thinking they have to have it all. Big house, new cars, newest electronics, etc. They end up so deeply in debt it takes them years to shovel their way out of the debt hole.

Save when you are young. Compound interest is a wonderful thing.

[M16]

Originally Posted by Froggy

Compound interest is a wonderful thing.

It used to be a wonderful thing. Compounding .5% doesn't do much.

[Smithwr]

Sound advise. Im still a relatively young man at 31 but I rode out the barnett shale and had my own business, didnt put a dime back and went teets up(but I had a ton of fun). Now I intend to make this one last a little longer, I have a great wife now who hordes money like they dont make it anymore and thats the best thing that has ever happened to me. I am riding this one out the right way and if that Cline will ever kick off i could have something to show. An old hand told me one time "when you see welders for sale, get out" I think hes on to something.

[Black Ice]

Good advice for anyone!

[Skinny]

I love my job on the production side...

[rubydog]

Our little town is full of 30 somethings living rockstar lifestyles. Brand new vehicles parked in front of 400k homes and a sticker on one that says "Oil field trash spending oilfield cash" and the other says " Oilfield honey spending that oilfield money."

And yes they all say they have decades of oilfield work ahead.

[JMalin]

Just give me two good years to get ahead and figure out what I really want to do with my life lol. I don't foresee cheap oil any time soon with America's addiction to spending/debt along with reckless monetary policy, but who knows? Maybe all the production going on will finally catch up and a glut of supply will bring prices down.

So, if I do want to make a career in the oil patch, what are some jobs that'll be around regardless if prices fall?

[kyle1974]

Originally Posted by Hogdude1234

I love my job on the production side...

the wells are only there because someone drilled them

[Smithwr]

Originally Posted by kyle1974

the wells are only there because someone drilled them

And they will produce day after day, long after the drilling is done.

[Skinny]

Originally Posted by kyle1974

the wells are only there because someone drilled them

Originally Posted by Smithwr

And they will produce day after day, long after the drilling is done.

Yup. Y'all drill them good and we will keep them producing for years to come...looooong after the rigs are gone.

Let's all hope that the engineers and geologist keep finding the good stuff so we all can keep on keeping on.

The company I work for will never quit poking holes....once you stop doing that you've pretty much given up.

Cheers.

[louieagarcia]

Reminded me of an old thread...if I could just see into the future
http://discussions.texasbowhunter.co...ad.php?t=65733

[bphillips]

Originally Posted by Hogdude1234

I love my job on the production side...

Been there and done that I won't fight you for it

Originally Posted by Hogdude1234

Yup. Y'all drill them good and we will keep them producing for years to come...looooong after the rigs are gone.

Let's all hope that the engineers and geologist keep finding the good stuff so we all can keep on keeping on.

The company I work for will never quit poking holes....once you stop doing that you've pretty much given up.

Cheers.

Yea they will keep going eventually but slowdowns are part of it. If the rigs were just gone for good it would all slow down. Wells pump off and slow production after awhile and fewer and fewer pumpers and such would be needed. I've had several plugged while I was doing it.

I have good connections around home and last time it tanked I just went back to pumping but some aren't so lucky. The big drilling money will always come back but when is always the ??

[JW]

Originally Posted by bphillips

PLEASE PLEASE PLEASE be saving some money!!



I am starting to see lots of the same really bad habits that left lots of guys in trouble the last time the work died off. I understand the toys and trucks thing and thats all fine and good if you have some good savings accumulated. I would hate to see some of you guys get in a big bind should the work be gone soon. I know many of you may hear "we have 10 years of work around here" because that is a common phrase but the fact is if oil ever drops so will the work. Just because the work is there doesn't mean it's worth going after to all the companies.



I give this reminder because I personally know of a couple guys with 100k+ salaries that have to finance furniture or TVs and even one that makes over 300k that never has a dime in his pocket.



Have fun but be careful fellas.

Rockin the 2 year old 125,000 mile Dodge 4Door Sport package that costed me $26K brand new.

[kumathebear]

It's great to see you "younger" folks aware of what can happen and looking ahead. I rode the "high life" for many years and all it takes is ONE loss of income and it can come crashing down with a vengeance. Put as much back as you can, enjoy some "perks" while you can and most of all....if you hate what you are doing, there is NEVER enough $$ or "toys." I'm thankful every day when I get in my PAID for '05 4x4 Avalanche that still looks new...vs the Biggest, Baddest, Loaded up with everything 4x4 I used to have. Oh, not having $800 payments a month is Greattttttttt!!

[LWD]

Please dear God just give me one more boom. This time I promise I won't ***X it all away.......

LWD

[Smithwr]

Originally Posted by kumathebear

It's great to see you "younger" folks aware of what can happen and looking ahead. I rode the "high life" for many years and all it takes is ONE loss of income and it can come crashing down with a vengeance. Put as much back as you can, enjoy some "perks" while you can and most of all....if you hate what you are doing, there is NEVER enough $$ or "toys." I'm thankful every day when I get in my PAID for '05 4x4 Avalanche that still looks new...vs the Biggest, Baddest, Loaded up with everything 4x4 I used to have. Oh, not having $800 payments a month is Greattttttttt!!

'05? High cotton! Im rockin a '98 jeep tj! But the wife and soon to be welped baby have a new rig, Lord please let me pay for that one.

[deer farmer]

I have seen many bust in the oil field since 1975. the most recent was in natural gas. Not to many drilling for nat gas @ 4.00. And oil price will come down, in fact the pipe line from Canada when its finally approved, I think will drop drilling for oil because of the large amount coming to the refineries. I got my wish, where please lord one more boom and I promise not to **** it off, has come and I don't think they can hurt me now. And I'm now thinking, will maybe they can Anyway the young guys aree not going to change, driving nice trucks and party hard

[Skinny]

With the daily production of the wells in the EF, it seems if the price of oil did drop we'd still be good...crazy oil prod down there, as y'all know.

[Biggs]

I don't even have a car!

[Tbone3636]

Just work enough and you can buy all that stuff, pay it off and have a bunch stacked away!... Then just flip burgers till the next one comes around... That's my plan lol

[txwhitetail]

65k pickup and escalade vehicles in front of 10k trailer homes is even better!

[bphillips]

Originally Posted by deer farmer

I have seen many bust in the oil field since 1975. the most recent was in natural gas. Not to many drilling for nat gas @ 4.00. And oil price will come down, in fact the pipe line from Canada when its finally approved, I think will drop drilling for oil because of the large amount coming to the refineries. I got my wish, where please lord one more boom and I promise not to **** it off, has come and I don't think they can hurt me now. And I'm now thinking, will maybe they can Anyway the young guys aree not going to change, driving nice trucks and party hard

Don't get me wrong I'll still have a nice diesel truck and go hunt the world but I made sure I have a couple years worth of bills in savings first. I was one of the reckless roughnecks when '08 came around and it hit hard. Some of the newer guys haven't got to see that yet.

Originally Posted by Hogdude1234

With the daily production of the wells in the EF, it seems if the price of oil did drop we'd still be good...crazy oil prod down there, as y'all know.

Yea but drilling will stop or at least slow waaay down until it comes back up. It is still profitable way lower than where we are but not as profitable

Originally Posted by Tbone3636

Just work enough and you can buy all that stuff, pay it off and have a bunch stacked away!... Then just flip burgers till the next one comes around... That's my plan lol

LOL thats my plan now or maybe just sit it out at the house

Its crazy what you can save out here if you just make yourself do it

[wow]

Went through the busts in the 70s and 80s you could go up in the derrick and all you could see were drilling rigs. in 85 you lucky to see one. Most banks were the biggest car lots around.

[Mike D]

Originally Posted by wow

Went through the busts in the 70s and 80s you could go up in the derrick and all you could see were drilling rigs. in 85 you lucky to see one. Most banks were the biggest car lots around.

Yep, I went through the 80's bust.

I WILL happen again.

Even on the production side I saw wells that normally produced several hundred barrels per day, I saw pumping units sit dead still because it was cheaper to shut them down than to keep them running.

[bphillips]

Originally Posted by Mike D

Yep, I went through the 80's bust.

I WILL happen again.

Even on the production side I saw wells that normally produced several hundred barrels per day, I saw pumping units sit dead still because it was cheaper to shut them down than to keep them running.

YEP!!

Some of the guys forget that this will happen also. I went to pumping from roughnecking in '08 and some of our wells were done the same. Waiting on the oil price to come back

Production is a little safer but when cuts come they are across the board

[mjhaverkamp]

Originally Posted by wow

Went through the busts in the 70s and 80s you could go up in the derrick and all you could see were drilling rigs. in 85 you lucky to see one. Most banks were the biggest car lots around.

I remember back in 1982-83 I was working at National Supply building mud pumps and off shore cranes, the company was over a year behind on production, just like that the light switch went off, 1300 employees were laid off in just a few months, that company never re-opened. I went back to roughnecking after that, it was like a part time job, every now and then the driller would call and say, " we got one to drill, woohoo ! " The OP is spot on, save tour coins, sooner or later you will need them.

[gingib]

yep so sad! Because most don't have a clue about saving money

It affects their EGO also

[IOWA BOW HUNTER]

So true

[kparker158]

Originally Posted by txwhitetail

65k pickup and escalade vehicles in front of 10k trailer homes is even better!

You drove past my house? Lol just kidding. Kinda

[JAGR]

Solid advice.

This industry is a roller coaster ride that's for sure.

[Saltgrass Mikerr]

Originally Posted by Biggs

I don't even have a car!

You must NOT work in the oilfield

[fullsizeaggie]

The only reason for me to get into the oilfield within the future would be to stock away cash!

[Shallowater]

Teaching the Dave Ramsey class right now at my church. It should be mandatory for all college grads and oil field guys. Heck it should be mandatory for everyone to sit through it. It couldn't hurt.

[cvanbrunt]

Originally Posted by Shallowater

Teaching the Dave Ramsey class right now at my church. It should be mandatory for all college grads and oil field guys. Heck it should be mandatory for everyone to sit through it. It couldn't hurt.

Which church? The wife and I have talked about attending but havent found one on the nights we're free.

[bphillips]

Originally Posted by Shallowater

Teaching the Dave Ramsey class right now at my church. It should be mandatory for all college grads and oil field guys. Heck it should be mandatory for everyone to sit through it. It couldn't hurt.

May be good for some but I'll take a hard pass on the Ramsey stuff

[txjustin]

Originally Posted by Ducksmith

Not just oilfield!! Good advice

Our whole project in oil and gas that has been going for 5 years got whacked today.......

You work for Jacobs?

[csmith936]

If you play your cards right, you can save enough money in a few years to buy/build a house and have it paid for so if our industry ever came crashing down you wouldn't have a huge mortgage......Buttttt some people would rather blow it on new jacked up diesels, $30,000 side by sides, single wide trailers, and partying...and get this.....THEY STILL LIVE PAYCHECK TO PAYCHECK. It just blows me away.....but to each their own I guess

[Rotney]

Originally Posted by wow

Went through the busts in the 70s and 80s you could go up in the derrick and all you could see were drilling rigs. in 85 you lucky to see one. Most banks were the biggest car lots around.

Yep, not a fun time at all. Rig count in Texas, if i remember correctly, went from 1500 drilling down to nearly nothing. Midland/Odessa was a ghost town with fields of rig equipment. I was working in S Texas, Zapata, and it shut down quick. Then the Savings and Loan crisis. That was not a fun time.

Save boys Save

[gingib]

Originally Posted by bphillips

May be good for some but I'll take a hard pass on the Ramsey stuff

HMMMMMM

Hard to challenge what works and is recommended daily by wealth managers

[JW]

Originally Posted by Rotney

Yep, not a fun time at all. Rig count in Texas, if i remember correctly, went from 1500 drilling down to nearly nothing. Midland/Odessa was a ghost town with fields of rig equipment. I was working in S Texas, Zapata, and it shut down quick. Then the Savings and Loan crisis. That was not a fun time.



Save boys Save

I remember. My daddy was an oilfield superintendent. I was only 10 years old or so. It went from feast to famine!!! That why I don't hardly finance crap. Except just enough for my credit score.

[Smithwr]

Originally Posted by Ragin'

I remember. My daddy was an oilfield superintendent. I was only 10 years old or so. It went from feast to famine!!! That why I don't hardly finance crap. Except just enough for my credit score.

Is kills me to finance anything also. I had to finally give in for a new durango for the wife. I figured I got my moneys worth on her old one, 200k miles on a 4 banger cavalier. I put several g's down but it still hurt me bad to sign that line for the balance.

[Burnadell]

The founder of our company, Edward Jones, used to say, "make hay while the sun is shining...but ALWAYS put some in the barn for rainy days."