And there was much rejoicing in the land.... Gas Prices

[YALE]

Random fact of the day regarding the large generation gap in O&G:


"50 percent of today's 10 million oil and gas workers are eligible to retire in 2015."

- Daniel Heintzelman, GE Oil & Gas CEO

It makes sense. They lay off the people they think are the most disposable, first.

[jasone]

My brother in law works on a rig in North Dakota and was just informed that his pay is getting cut by 15 bucks an hour.

[Strychnine]

It makes sense. They lay off the people they think are the most disposable, first.

A lot of it goes back to the O&G crash in the 80s when people left the industry. There was a long period without good recruiting and retention .

[Ruffdaddy]

It makes sense. They lay off the people they think are the most disposable, first.

A lot of it goes back to the O&G crash in the 80s when people left the industry. There was a long period without good recruiting and retention .

Yep...it has more to do with the crash in the 80s, recruiting and resistance to join the industry than laying off disposable people.

This has been a known issue for the past several years...its called the big crew change.

Defense has similar issues

[zachary]

The age gap is incredible. As an exploration geologist, my previous job i was 28 while my boss was 62, my new job i am now 31 and my boss is 56. Out of all the small independents around, it is the exact same way. Last generations exploration managers were early - mid 40's when promoted in, our generation will be taking over these exploration companies from 33-36 probably.

When there is a bust, schools push toward environmental or something other than exploration. A lot of good geologists have left the business in downturns too.

[Denny]

Most of the supervisors out here are younger than me. Most of the hands are older than me.

[Ruffdaddy]

Most of the supervisors out here are younger than me. Most of the hands are older than me.

That has more to do with halliburtons recent hiring practices, and trying to prevent a repeat of the big crew change.

[Sean88gt]

Most of the supervisors out here are younger than me. Most of the hands are older than me.

They likely became supervisors by returning calls, asshole.

[Denny]

They likely became supervisors by returning calls, asshole.

I crashed before you called and didn't see it until 6am.

[Sean88gt]

I crashed before you called and didn't see it until 6am.

6 am? Man, I'm a night student. That means the world doesn't exist until 10am.

[Ruffdaddy]

HAH! Student. .what a nerd!!!

[SMKR]

Random fact of the day regarding the large generation gap in O&G:


"50 percent of today's 10 million oil and gas workers are eligible to retire in 2015."

- Daniel Heintzelman, GE Oil & Gas CEO

GE Oil and Gas needs to pay their bills...

[Strychnine]

Was told yesterday that Baker is starting another round of layoffs - unsure how many.

Nabors also made cuts:

Nabors Industries announced in a conference call Tuesday that it has reduced its field staff by 12%, after having already achieved a 10% reduction in its overhead staff. CEO Anthony Petrello said in the company's Q4-14 conference call that Nabors is also cutting its 2015 Capex by 53% down to $1 billion, and that the senior executive team has voluntarily reduced salaries. Given that the total number of employees at Nabors is 29,000, this means that the total number of job cuts so far has been between 2,900 and 3,500

Nabors isn't depending on a rapid recovery in oil prices that could quickly address the spending and job cuts the industry confronts. “We are not counting on the ‘V." The company said previously that it could reduce its headcount by 15% this year.

"The steep drop in oil prices and uncertain prospects have caused an extraordinary rapid drop in drilling activity in the US. The industry has shut approximately 35% of the rigs that were working at the Peak in the fourth quarter. Our Lower 48 rig count is down approximately 32% from our Peak. It currently stands at 138 rigs including 21 [ph] stacked on rate (10:20). Thus far, the downturn has been largely indifferent to rig types and capabilities."

[Broncojohnny]

+10M barrels in inventory just now, largest in 14 years

[Sean88gt]

+10M barrels in inventory just now, largest in 14 years

Speculate nigga!