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Oilfield guys... y’all hangin in there?

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    #16
    Sure a lot of pressure on service pricing and in turn there will be a lot of pressure on salaries. Only bright spot is hopefully seeing some more gas moving to the coast.


    Sent from my iPhone using Tapatalk

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      #17
      I'm doing alright on my end. I work supply boats for the offshore drilling rigs. We're staying very busy with only port time for quick turnarounds on deck cargo and loading more mud, brine, methanol etc. We're contracted with shell until 2021, but everyone knows how those contracts can be terminated. I'm saving up for the next bust. I learned my lesson during the last slowdown.

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        #18
        Originally posted by JTRichardson View Post
        GE didn’t announce it - a tax accounting group did.

        Something around 36-38 billion dollars in accounting fraud is being speculated.
        Awesome! Lol!

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          #19
          I resigned last week. I don't see any major changes happening in deep south tx at least for another 3-4 years when the LNG comes online in the port of brownsville which should turn things around for the area I hope. Was there for 5 years & with no change in pay...not that I blame my employer as they have been in the game for decades & know what they have to do during down turns. Left on really good terms & no hard feelings. Only regret is losing contact with all my co-workers & customers on a regular basis as they indeed become more of friends over time with business tangled in.

          Gonna take a little time off & get caught up on the side gun biz & decide what I want to do next...would like to stay in outside sales, but not sure if I will stay in the O&G. I don't mind some travel but I did 100k miles in 14 months & not really something I think I want to do long term heading towards retirement being 50 this year. I'll figure it out.

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            #20
            Originally posted by JTRichardson View Post
            GE didn’t announce it - a tax accounting group did.

            Something around 36-38 billion dollars in accounting fraud is being speculated.
            not just A tax accounting service... THE tax accounting service that blew the whistle on Bernie Madoff. They're saying it's the biggest case of fraud they've seen... even bigger than Enron's scam.



            Here's a key paragraph in the editorial or whatever it is.

            " To prove GE’s fraud we went out and located the 8 largest Long-Term Care (LTC) insurance deals that GE is a counterparty to, accounting for approximately 95% or more of GE’s exposure. Either these 8 insurance companies filed false statutory financial statements with their regulators or GE’s financial statements are false. We’ll show you the losses from each reinsurance arrangement in both dollar losses and percentage losses and let you determine who is telling the truth."
            Last edited by kyle1974; 08-19-2019, 04:36 PM.

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              #21
              I retired a couple years ago from O/G, Almost 40 years of it. It sure was not as much fun towards the end as when I started....and I wont miss being directly affected by the down turns.....hang in there

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                #22
                The last Oilfield thread that was started created a huge crap storm...tread lightly!

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                  #23
                  Originally posted by DedDuk View Post
                  Q5000?

                  Job is good. Im not happy about being out here 2 weeks and not one day of blue water to fish in. I contract to BP. They stay pretty busy.
                  Yessir. Im the ETO. Yeah, not many DP floaters let anyone fish anymore. Last rig I worked that I could was the Pathfinder and that was in Nigeria.

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                    #24
                    Working the eagle ford on production side and we have been steady. Been out all month and it appears we are good till the end of the year as of now.

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                      #25
                      Originally posted by kyle1974 View Post
                      not just A tax accounting service... THE tax accounting service that blew the whistle on Bernie Madoff. They're saying it's the biggest case of fraud they've seen... even bigger than Enron's scam.



                      Here's a key paragraph in the editorial or whatever it is.

                      " To prove GE’s fraud we went out and located the 8 largest Long-Term Care (LTC) insurance deals that GE is a counterparty to, accounting for approximately 95% or more of GE’s exposure. Either these 8 insurance companies filed false statutory financial statements with their regulators or GE’s financial statements are false. We’ll show you the losses from each reinsurance arrangement in both dollar losses and percentage losses and let you determine who is telling the truth."

                      That’s the article I read about it, some scary stuff there. Baker is one of my biggest customers and we are watching what they’re doing pretty closely now.

                      If GE crashes I wonder what happens to the vendors that have millions due in accounts receivable with them...

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                        #26
                        Pipeline hasn’t slowed down one bit. 2020 will be the busiest year I have ever had, been doing this for 20 years.

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                          #27
                          Originally posted by JTRichardson View Post
                          That’s the article I read about it, some scary stuff there. Baker is one of my biggest customers and we are watching what they’re doing pretty closely now.

                          If GE crashes I wonder what happens to the vendors that have millions due in accounts receivable with them...
                          It would make since.. Baker wants 60 day terms to pay in 90, 90 day terms mean 120 plus days.. They are definitely not the reliable Baker of old

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                            #28
                            The pump business continues to be busy.

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                              #29
                              Originally posted by JTRichardson View Post
                              That’s the article I read about it, some scary stuff there. Baker is one of my biggest customers and we are watching what they’re doing pretty closely now.

                              If GE crashes I wonder what happens to the vendors that have millions due in accounts receivable with them...
                              It's never a good thing for anyone, other than the few *******s at the top. Baker is a competitor of mine, but I have friends that work there and It's frustrating to think about good people losing their jobs because of a few corrupt people at the top. In addition to the situation you bring up.... There are vendors that might have a lot of their eggs in the baker/GE basket.. what happens to them if they can't collect?

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                                #30
                                Originally posted by kyle1974 View Post
                                It's never a good thing for anyone, other than the few *******s at the top. Baker is a competitor of mine, but I have friends that work there and It's frustrating to think about good people losing their jobs because of a few corrupt people at the top. In addition to the situation you bring up.... There are vendors that might have a lot of their eggs in the baker/GE basket.. what happens to them if they can't collect?
                                My thoughts as well.

                                I know a few machine shops that were strictly dealing with Weatherford when they announced their bankruptcy- they are scrambling now trying to diversify.

                                I feel it will be the same with this if it goes south. Not a good time to be at the mercy of the big 4 right now with the way things appear.

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