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Old 08-19-2019, 01:13 PM   #1
JTRichardson
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Default Oilfield guys... y’all hangin in there?

Everything seems slow (doom and gloom) from my view right now.

This announcement about GE/Baker accounting fraud has me a little concerned. Speculating that it could be the next Enron/Worldcom situation.

How’s everyone else holding up that deals with the O&G industry?
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Old 08-19-2019, 02:07 PM   #2
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Not much changed here. Rig is going off contract with BP for about 6 months, but we go off contract every year for the last quarter. This year we have our 5 year ABS inspection, so we will be in dry dock in Brownsville come January. Have other clients already lined up and waiting for the other 3 months.
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Old 08-19-2019, 02:10 PM   #3
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I keep reading about another bust. But, I hope not.
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Old 08-19-2019, 02:12 PM   #4
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Still working so doing okay I guess. It's slow but steady enough.

That GE/BH announcement is quite interesting. Will wait to se how it plays out entirely.
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Old 08-19-2019, 02:14 PM   #5
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Everything is about normal on the production side. Make more gas/oil with less.
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Old 08-19-2019, 02:33 PM   #6
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Several customers slow, some doing ok. Been hammered with work from one customer the last few weeks, been working 7 days/week trying to get it while its hot.... Not looking good overall.
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Old 08-19-2019, 02:37 PM   #7
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My focus is international and that's keeping me busy. But I've spent two years getting a new suite of tools ready to go to work in Argentina....annnnnnnd all hell is about to break loose there. SMH
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Old 08-19-2019, 02:38 PM   #8
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Still working so doing okay I guess. It's slow but steady enough.

That GE/BH announcement is quite interesting. Will wait to se how it plays out entirely.
What did they announce?
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Old 08-19-2019, 02:41 PM   #9
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Steady here in south texas for me praying it stays that way
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Old 08-19-2019, 03:48 PM   #10
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Originally Posted by roughneck266 View Post
Not much changed here. Rig is going off contract with BP for about 6 months, but we go off contract every year for the last quarter. This year we have our 5 year ABS inspection, so we will be in dry dock in Brownsville come January. Have other clients already lined up and waiting for the other 3 months.
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.
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Old 08-19-2019, 04:05 PM   #11
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Still busy for us on directional drilling side. If your prices are right you’re busy but it’s not 2014 money

Last edited by bphillips; 08-19-2019 at 04:11 PM.
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Old 08-19-2019, 04:09 PM   #12
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Still busy for us on directional drilling side. If you’re prices are right you’re busy but it’s not 2014 money
Yes, it is tight. Eagleford is real slow and probably some layoffs on the frac side coming.
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Old 08-19-2019, 04:12 PM   #13
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We've been sending quite a bit of equipment to South Texas lately.
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Old 08-19-2019, 04:29 PM   #14
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What did they announce?
GE didn’t announce it - a tax accounting group did.

Something around 36-38 billion dollars in accounting fraud is being speculated.
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Old 08-19-2019, 04:48 PM   #15
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Still busy for us on directional drilling side. If your prices are right you’re busy but it’s not 2014 money
No lie, our job tickets are a joke.
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Old 08-19-2019, 04:54 PM   #16
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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.


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Old 08-19-2019, 04:59 PM   #17
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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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Old 08-19-2019, 05:02 PM   #18
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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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Old 08-19-2019, 05:27 PM   #19
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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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Old 08-19-2019, 05:34 PM   #20
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Quote:
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.

https://fm.cnbc.com/applications/cnb...wer_Report.pdf

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 at 05:36 PM.
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Old 08-19-2019, 06:00 PM   #21
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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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Old 08-19-2019, 06:28 PM   #22
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The last Oilfield thread that was started created a huge crap storm...tread lightly!
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Old 08-19-2019, 06:31 PM   #23
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Quote:
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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Old 08-19-2019, 06:48 PM   #24
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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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Old 08-19-2019, 07:08 PM   #25
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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.

https://fm.cnbc.com/applications/cnb...wer_Report.pdf

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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Old 08-19-2019, 07:15 PM   #26
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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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Old 08-19-2019, 07:18 PM   #27
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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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Old 08-19-2019, 07:28 PM   #28
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The pump business continues to be busy.
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Old 08-19-2019, 07:31 PM   #29
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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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Old 08-19-2019, 07:51 PM   #30
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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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Old 08-19-2019, 08:25 PM   #31
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Wow, Im out of the loop. Didnt know about Weatherford bankruptcy. I wonder if this accounts for the bump in my customers workload....I am small and dont deal with the big boys.
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Old 08-19-2019, 08:41 PM   #32
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In the production chemical side, Q3 hasn’t been good to us so far but as far as I know everyone’s job security is alright.
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Old 08-19-2019, 08:41 PM   #33
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Business is booming for us right now hauling CNG to fuel rigs and fracs, especially the turbine-powered electric fracs that could be the way of the future (Halliburton has built one and that's always a sign). Unless there is a dramatic increase in natural gas pricing, we should stay very busy for the foreseeable future if activity stays at least 50% of what it is now.
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Old 08-19-2019, 09:01 PM   #34
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NOV has been laying off a large portion of employees at my location. Always know it’s coming when they start making rounds for drug tests, followed by early retirement offerings, and finally layoffs.
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Old 08-19-2019, 09:03 PM   #35
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The pump business continues to be busy.
Are you in the artificial lift business?
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Old 08-19-2019, 09:07 PM   #36
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Originally Posted by roughneck266 View Post
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.
I drilled on the DW Pathfinder for five years in the gulf. That was a good rig for its age. We recently just left from Eastern Europe, last well was a new MPD venture for Noble. It worked out great, and is helping to keep us busy. We are in the Shipyard in Brownsville right now getting up to Gulf standards and adding more completion equipment. For these couple wells in the Gulf. But we are allready hearing about a couple more wells to drill in Bulgaria again.

Last edited by Muddy Bud; 08-19-2019 at 09:13 PM.
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Old 08-19-2019, 09:18 PM   #37
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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.
Yep, it happens at every downturn too. Work dries up and everyone is scrambling for new customers. I have had the O&G guys come in the shop, talking a good line about all the money you can make and keep you so busy. Didn’t pan out for a lot of shops throughout ‘15-17.
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Old 08-19-2019, 09:27 PM   #38
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I’m in the extraction business. Extracting as much money I can from the oil companies. Business is booming from the landowner side. Water sales, land farm sales, new pipeline, and seismic activity. Most in the Eagle Ford but other areas as well. Shaping up to be record year.
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Old 08-19-2019, 10:28 PM   #39
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Not much changed here. Rig is going off contract with BP for about 6 months, but we go off contract every year for the last quarter. This year we have our 5 year ABS inspection, so we will be in dry dock in Brownsville come January. Have other clients already lined up and waiting for the other 3 months.
What rig you on? My dad works down at the shipyard in Brownsville.
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Old 08-19-2019, 11:12 PM   #40
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I drilled on the DW Pathfinder for five years in the gulf. That was a good rig for its age. We recently just left from Eastern Europe, last well was a new MPD venture for Noble. It worked out great, and is helping to keep us busy. We are in the Shipyard in Brownsville right now getting up to Gulf standards and adding more completion equipment. For these couple wells in the Gulf. But we are allready hearing about a couple more wells to drill in Bulgaria again.
I left her in 2007. Dang right she was good iron. Just like pretty much every other rig they send over to Africa, she left here in good shape, but didn't make it back that way. Can barely get any parts over there, and if they figure out it's a part you really need, you ain't gettin it till you grease a bunch of palms. I miss that ol girl. I learned a ton on there.
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Old 08-19-2019, 11:13 PM   #41
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What rig you on? My dad works down at the shipyard in Brownsville.
I am on the Q5000 with Helix ESG. What does your dad do?
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Old 08-20-2019, 12:27 AM   #42
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Wow, Im out of the loop. Didnt know about Weatherford bankruptcy. I wonder if this accounts for the bump in my customers workload....I am small and dont deal with the big boys.
Yea that WFT bankruptcy has opened up some business for many other companies. I worked there for for years, 2014-2018, and that was already happening. Can’t go on borrowing and borrowing and not making any profits on top of that. Poorly ran company unfortunately!
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Are you in the artificial lift business?
Are you? I’m in artificial lift, gas lift. Now office and manage a shop in Pleasanton for SLB
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Old 08-20-2019, 06:19 AM   #43
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Market is going to soften up big time in Q4 but we are forecasting a strong Q1 in 2020. All of the big E&P companies blew their wads early this year and just don’t have the capital to drill or frac many more wells in Q4. Almost everyone in the Permian is stacking rigs and cutting frac crews. Oh well, more time for hunting and less time for work this winter!
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Old 08-20-2019, 07:54 AM   #44
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Market is going to soften up big time in Q4 but we are forecasting a strong Q1 in 2020. All of the big E&P companies blew their wads early this year and just don’t have the capital to drill or frac many more wells in Q4. Almost everyone in the Permian is stacking rigs and cutting frac crews. Oh well, more time for hunting and less time for work this winter!
That’s what the thought process has been on my end, which isn’t good on the manufacturing side with a bunch of hourly guys and shop hands that got mouths to feed.

Hoping there is some CAPEX heading in for build up for 2020 soon, that could at least keep our shop running
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Old 08-20-2019, 08:08 AM   #45
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I work in O&G, but in the refining sector. We are not affected by any of the boom and bust cycles that constantly take place in the “oil field”. Boom or bust, we still have product that has to be refined 24/7 and 365. If I were to ever find myself working in the “oil field” (my entire family did/has from the 30’s all the way till now) I would plan accordingly so that I didn’t fall on any hardships during the down times. When the money is good, everyone lives well beyond their means in this mindset of temporary wealth. Rather than living this way, why not live a lower cost life and save money so that you could live comfortably for 1-2 years if you had to during a down turn? You clearly know the line of work you are in. You clearly know things will at some point go south. Why not plan accordingly so that you are not affected by it? This goes for the individual worker as well as the business/shop owners.
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Old 08-20-2019, 01:05 PM   #46
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Midstream. Working nights now, but its 1 pm and im at work now. Tomorrow same. Busier than we have ever been.
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Old 08-20-2019, 01:10 PM   #47
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Yea that WFT bankruptcy has opened up some business for many other companies. I worked there for for years, 2014-2018, and that was already happening. Can’t go on borrowing and borrowing and not making any profits on top of that. Poorly ran company unfortunately!


Are you? I’m in artificial lift, gas lift. Now office and manage a shop in Pleasanton for SLB
No, I am self employed but work the oilfield and heavy equipment companies. I do business with SLB in the Von Ormy yard. Also do business with another AI yard that SLB owns.
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Old 08-20-2019, 01:17 PM   #48
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The pump business continues to be busy.
yes sir we are here at knighten industries who are you with ?
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Old 08-20-2019, 02:07 PM   #49
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Originally Posted by Trevor73402 View Post
I work in O&G, but in the refining sector. We are not affected by any of the boom and bust cycles that constantly take place in the “oil field”. Boom or bust, we still have product that has to be refined 24/7 and 365. If I were to ever find myself working in the “oil field” (my entire family did/has from the 30’s all the way till now) I would plan accordingly so that I didn’t fall on any hardships during the down times. When the money is good, everyone lives well beyond their means in this mindset of temporary wealth. Rather than living this way, why not live a lower cost life and save money so that you could live comfortably for 1-2 years if you had to during a down turn? You clearly know the line of work you are in. You clearly know things will at some point go south. Why not plan accordingly so that you are not affected by it? This goes for the individual worker as well as the business/shop owners.
Im glad you're staying busy, we are having trouble keeping the work flowing in the last couple of months with drilling activity being down. less drilling = less motors being torn up

In regards to the underlined part of your post -- this thread isn't so much about the $$ or personal financing, that turned the last "oilfield" thread into a "leaking" competition. I am more interested in seeing how the rest of the areas in this industry are doing, even if we have all saved as much as we could, if our jobs go away we aren't living "comfortably"
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Old 08-20-2019, 02:29 PM   #50
Muddy Bud
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Join Date: Jul 2009
Location: Corpus Christi
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Originally Posted by roughneck266 View Post
I left her in 2007. Dang right she was good iron. Just like pretty much every other rig they send over to Africa, she left here in good shape, but didn't make it back that way. Can barely get any parts over there, and if they figure out it's a part you really need, you ain't gettin it till you grease a bunch of palms. I miss that ol girl. I learned a ton on there.


I hear you. I hate that place. Drilled there for 4 years on both the east and west coasts. You couldn't even send me on a free hunt their. It's left a bad taste in my mouth and a stench that sticks with you. I couldn't wait to get to Atlanta and wash it off. I have never been to a more openly corrupt country than that. Not even Mexico.

Only good thing was dropping all that weight from starving to death. Wasn't anything to drop 15-20 lbs a hitch and have high cholesterol from eating nothing but French fries for 28 days
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