Oil prices collapse

[svauto-erotic855]

It’s been a fake shit show for years. A massive bubble created off low rates and monetary methadone injections. Now everybody is leveraged up and all the sudden here comes corona Rona to crash the party. The fed has a 10 alarm fire going and they have a water hose to put it out. Now let’s throw trillions at it cause massive inflation and fuck the people. Sound fun? Not to me

A bubble is not a fake economy; a bubble is the economy at that particular moment. Plenty of people got rich during that bubble and still are rich after it popped. Sounds to me that you are whining about not being one of them and you are envious of what the smart people keep pulling off over and over. All you have to do is copy them dumbass. I'm just a pool guy and i managed to do it this time.

[Sgt Beavis]

June contracts are already down about $5. Had been as low as $11.79 a barrel. Now at $15.51.

[Ruffdaddy]

I'm so glad to be out of that industry. Early in my career I was given advice by someone retiring. He said basically that unless I want to be "typecast" into an industry for most of my career...i should change industries every 5 or so years when I'm changing jobs. I've worked in 3 very different industries now and it has helped tremendously.

I hope all of you in the energy sector are holding strong. I'm curious to see just how many projects will be canned and how many wells will be shut in from this ordeal.

[AnthonyS]

I'm so glad to be out of that industry. Early in my career I was given advice by someone retiring. He said basically that unless I want to be "typecast" into an industry for most of my career...i should change industries every 5 or so years when I'm changing jobs. I've worked in 3 very different industries now and it has helped tremendously.

I hope all of you in the energy sector are holding strong. I'm curious to see just how many projects will be canned and how many wells will be shut in from this ordeal.

We are all still working and clients still paying, but it’s a bit worrisome. Of course our company has always fared better than service and operating companies.

[one slow 5.0]

We haven't had anyone let go yet. They did cut back budgets and some of the larger projects for the year.

[Ruffdaddy]

Halliburton furloughed 3500 a month ago...i imagine this will just make matters worse.

[Gasser64]

If they get bailed out then I guess this is another one of those times that everything I need gets a lot more expensive but my pay doesn't increase.

[AnthonyS]

Weatherford laid off almost everyone after moving to Houston a few years back. I imagine they are ripe to be bought out. Companies with cash will probably be able to snap
up lots of Permian Basin and Eagleford properties soon too.

[Strychnine]

Halliburton furloughed 3500 a month ago...i imagine this will just make matters worse.

A few days ago Weatherford announced that they'll be cutting ~6000 (25% of the company)



Producers to buyers yesterday:

[Trip McNeely]

The larger companies, the SLB's, HAL's, BHI's, etc. can handle most of this, it's the smaller local service companies here that pour their blood sweat and tears for our business that I'm most worried about.

[Trip McNeely]

Weatherford laid off almost everyone after moving to Houston a few years back. I imagine they are ripe to be bought out. Companies with cash will probably be able to snap
up lots of Permian Basin and Eagleford properties soon too.

Weatherford hasn't been the same ever since they got caught selling to Iran. That was a huge dent to them.

[BP]

Weatherford hasn't been the same ever since they got caught selling to Iran. That was a huge dent to them.

Their shuttered plant in Benbrook has turned into a sanctuary for buzzards. Hundreds of them living on the roof. I wish I had the capital to turn that place into a brewpub/distillery. The disc golf guys could come over and drink a few rounds between rounds.

[Ruffdaddy]

If they get bailed out then I guess this is another one of those times that everything I need gets a lot more expensive but my pay doesn't increase.

If they don't get bailed out you may be lucky enough to pay the price that OPEC decides it wants...or you could just do a few more anorexia cycles to save money since you can't increase your pay.

[Ruffdaddy]

The larger companies, the SLB's, HAL's, BHI's, etc. can handle most of this, it's the smaller local service companies here that pour their blood sweat and tears for our business that I'm most worried about.

Don't those smaller guys just get gobbled up by the bigger guys anyways? Its acquisition time baby!

[Trip McNeely]

Don't those smaller guys just get gobbled up by the bigger guys anyways? Its acquisition time baby!

Not necessarily, it depends on what they provide. If they have a patent technology or leg up in the basin perhaps, but its not always the case. Hell on just a producer standpoint, I work for an independent and we have been outperforming the majors/super majors at least here for years. They have all pulled out. They can't do what we do for the cost we do it for. They just throw cash out and flood the market with product. They(Majors) are better suited for deepwater, overseas where they can really spend money.