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Old 03-18-2020, 09:15 AM   #1
WItoTX
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All,

With OPEC and Russia messing with oil prices, how is that affecting you here in Texas? Has anyone gotten a layoff notice yet? Any news on a deal being made?

My wife said all hiring at Schlum has been frozen, and I saw this morning Halliburton furloughed 3,500 personnel. I am sure there are more out there, but just haven't heard anything in the news.

You guys are about to be hit hard with zero focus from the news on this issue. When O&G goes, Houston is going to be hit hard.
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Old 03-18-2020, 09:19 AM   #2
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Headcount was frozen where I work months ago (TechnipFMC) but I assume with the recent drop in oil price and market that there will be more pain to come in near future. I think the surface guys will be more affected then the Subsea guys.
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Old 03-18-2020, 09:19 AM   #3
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https://discussions.texasbowhunter.c...&highlight=Oil
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Old 03-18-2020, 09:29 AM   #4
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Thanks! I searched for this one and it didn't come up, figured it got axed somewhere along the way.
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Old 03-18-2020, 09:30 AM   #5
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thanks! I searched for this one and it didn't come up, figured it got axed somewhere along the way.
10-4
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Old 03-18-2020, 09:36 AM   #6
TheHammer
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It’s going to get ugly. A lot of Q1 reports will be coming out in the next few weeks, and that IMO will likely lead to a lot of big changes for most everyone. Just have to keep your head down and keep grinding. “This too shall pass.”
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Old 03-18-2020, 10:10 AM   #7
tex4k
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Don't know all the particulars just yet, friend of mine works for Diamondback services, the lay flat and related fracking services took a big hit Monday.
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Old 03-18-2020, 10:12 AM   #8
Acameron52
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It’s gonna get bad. I bought diesel for $2.01 a gallon yesterday. While that’s good for my pocket I realize it’s not good for you oilfield guys.
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Old 03-18-2020, 10:13 AM   #9
oktx
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I work in NG. It’s been in the toilet for the last 5+ years. Nothing has changed for us.
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Old 03-18-2020, 10:14 AM   #10
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$23 a barrel is bad for everyone
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Old 03-18-2020, 10:20 AM   #11
munchie
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We just had another round of layoffs on Monday. Not too many of us left
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Old 03-18-2020, 10:40 AM   #12
kfd82
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I havenít worked since February.

I work offshore doing construction and decommissioning projects. Itís always slow over the winter, but should pick up in March or April..... but now everyone has pushed projects back indefinitely.

Not only am I not getting a paycheck, I have to write a check to my company to cover my insurance payment.


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Old 03-18-2020, 11:40 AM   #13
miket
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Not long after I hired into a machine shop for the first time in 1992, the old guys told me to work all I could when I can, stack the money away and dont get into debt. Because the crash is coming. It always is. Been through a few since then, including Macondo when Obama shut down offshore.

Im a pessimist, by nature or experience, I dont know, but this looks like its going to be the worst since the 80s. Many companies have been running on debt for a long time, making very little money, or losing it slowly. Now this crash will finish them. We have been so low for so long everyone is already tapped out. If it doesnt change soon this one will be catastrophic.
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Old 03-18-2020, 11:42 AM   #14
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Big layoffs all around. Rigs being laid down and drill programs changed to ensure lease holdings rather than true production. Things are bad and going to get worse.


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Old 03-18-2020, 11:48 AM   #15
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My design group got sent home Monday evening, and we were told to plan on being out the rest of the week. I'm not gonna be surprised if I/we get layoff notification on Monday. This ain't my first rodeo. Hoping for the best, whatever that might be right now, but expecting the worst.
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Old 03-18-2020, 12:04 PM   #16
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Things are about to get really, really bad. Saudi announcing they are going to increase crude exports by 43%. We are currently at an 18 year low on WTI price, and it looks like it's gonna keep going down.

Might be some furloughs, but the cuts are about to get nasty.
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Old 03-18-2020, 12:37 PM   #17
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Quote:
Originally Posted by mzurovec View Post
Things are about to get really, really bad. Saudi announcing they are going to increase crude exports by 43%. We are currently at an 18 year low on WTI price, and it looks like it's gonna keep going down.

Might be some furloughs, but the cuts are about to get nasty.
I wish Saudi would be addressed. I get the Corona is going on, but if the economy collapses in the mean time, it isn't going to matter if there is a Corona or not.
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Old 03-18-2020, 03:35 PM   #18
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I’ve been relatively safe until today. We’re a small mom and pop that runs solely on cash. Today hurt. Today hurt a lot. I’m worried I’ll be getting a call sooner than later that I don’t want to get. I’ve got a wife with a great job and even better job security during this downturn. It’ll hurt regardless, but it won’t hurt as bad as it could.
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Old 03-18-2020, 04:20 PM   #19
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I believe this go round will be the worse ever. And adding more crude to stock pile reserves is not helping in the long run. We already have an over stock of product. It will only take longer for prices to get back to where we were a few weeks ago.
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Old 03-18-2020, 04:29 PM   #20
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My particular group is hanging in really well BUT Q1 earnings paired with prices continuing to drop like this will likely change that some. Lots of our competition is getting hammered. We have not dropped any pay even for field hands yet but it’s got to be close as I expect a few operators to address cost soon. So far our main operators are still saying drill ahead though.
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Old 03-18-2020, 04:53 PM   #21
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Hang in there dudes! Hate this for all of y’all, prayers sent!
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Old 03-18-2020, 05:12 PM   #22
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Yea, my operation can handle the issues with the corona virus, but $20 oil is not going to be too easy to survive if it lasts long.
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Old 03-18-2020, 05:22 PM   #23
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Payed $1.81 at the pump today. It would be so nice if low prices didn’t equate to lost jobs. Oil prices affects most of our lives in one way or the other here in the Lone Star. Did 25 years in the oil field and when it’s good it’s good and when it’s bad it’s really bad. Pray, stick together, look out for one another, and we’ll get through this hard time as well. Well be tougher too.
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Old 03-18-2020, 06:05 PM   #24
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saudi for saudi... russia for russia... china for china, but the US is supposed to bend over and accept it. Thank God we have Trump in the white house at least instead of one of the liberal globalists.
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Old 03-18-2020, 06:06 PM   #25
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Quote:
Originally Posted by SaltwaterSlick View Post
Yea, my operation can handle the issues with the corona virus, but $20 oil is not going to be too easy to survive if it lasts long.
I read an article today that said it may go to single digits. with the shutdown in airlines, cruise ship industry, and pretty much the civilized world self quarantining in, the stock piles are increasing to the point there's no where for it to go.
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Old 03-18-2020, 06:11 PM   #26
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Yep. Perfect storm.
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Old 03-18-2020, 08:32 PM   #27
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Quote:
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I read an article today that said it may go to single digits. with the shutdown in airlines, cruise ship industry, and pretty much the civilized world self quarantining in, the stock piles are increasing to the point there's no where for it to go.


Iím hearing teens but not single digits
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Old 03-18-2020, 08:34 PM   #28
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Quote:
Originally Posted by bboswell View Post
Iím hearing teens but not single digits


I feel confident in being able to come out the other side, just hoping I can hang on to all of my key crew and be prepared for the up tick.
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