Officially an Unemployment Rat

[CompOrange04GT]

low03TB..

Look into Continental Resources. I know they are HUGE out there in OK. I can throw a couple other names I know of. At least oil is " kind of" on the up right now. It's hovering above $40

 

[low03tb]

low03TB..

Look into Continental Resources. I know they are HUGE out there in OK. I can throw a couple other names I know of. At least oil is " kind of" on the up right now. It's hovering above $40

I've constantly looked at the majors (Continental, Devon, etc), but they're not hiring much of anyone in the way of science right now. If they do hire science based people, they want senior people with tons of experience.

Oil is 'up', but still very low. As our production continues to decline it'll continue to go up, but slowly. Very slowly imo. These companies aren't going to rush out to hire a ton of help either as they're going to remember these years.



I'll shoot you a PM and ask for those names just in case something does pop up a ContRes. Thanks for the offer

 

[Drive XR7]

Q1 results for my O&G employer released recently. Not good news. Really hope there is some improvement this year.

 

[CompOrange04GT]

Q1 results for my O&G employer released recently. Not good news. Really hope there is some improvement this year.

Doubt it until the end of the year honestly.

My company laid off people this quarter, and if it doesn't get better will be doing a few 2nd quarter... But hopefully after 2nd quarter it gets a little better

 

[tones_RS3]

Man, I feel your pain guys. I was laid off back in 2009, when the recession hit and had a hard time finding a job. But, that was back then and I wasn't in the oil industry.
Is this happening because of the Iran deal and is it because that a lot of the offshore drilling and oil companies have gone to different Countries?
Good luck to all laid off. Best of luck!

 

[starnsey]

Man, I feel your pain guys. I was laid off back in 2009, when the recession hit and had a hard time finding a job. But, that was back then and I wasn't in the oil industry.
Is this happening because of the Iran deal and is it because that a lot of the offshore drilling and oil companies have gone to different Countries?
Good luck to all laid off. Best of luck!

Its primarily OPEC tightening their grip on the worldwide oil supply. They don't like countries like America taking from their bottom line so they drummed up supply until the price per barrel became too low for most fracking but still above the amount that is profitable for the middle east. Look up a list of where the price per barrel for various countries remains profitable and many of the OPEC countries are something like $8/$9 whereas the US is more like $40+.

I should be starting my new job up here in the Pacific Northwest on May 2nd. I'll be designing hydraulic systems for a variety of industries so I won't have to worry so much about one specific industry taking a hit. I don't know how anyone can recommend people try to stay in oil & gas. I don't care how good the money is (was), not worth the risk. And I'd be willing to bet we won't see the near $100/barrel prices again.

 

[low03tb]

Man, I feel your pain guys. I was laid off back in 2009, when the recession hit and had a hard time finding a job. But, that was back then and I wasn't in the oil industry.
Is this happening because of the Iran deal and is it because that a lot of the offshore drilling and oil companies have gone to different Countries?
Good luck to all laid off. Best of luck!

Its primarily OPEC tightening their grip on the worldwide oil supply. They don't like countries like America taking from their bottom line so they drummed up supply until the price per barrel became too low for most fracking but still above the amount that is profitable for the middle east. Look up a list of where the price per barrel for various countries remains profitable and many of the OPEC countries are something like $8/$9 whereas the US is more like $40+.

I should be starting my new job up here in the Pacific Northwest on May 2nd. I'll be designing hydraulic systems for a variety of industries so I won't have to worry so much about one specific industry taking a hit. I don't know how anyone can recommend people try to stay in oil & gas. I don't care how good the money is (was), not worth the risk. And I'd be willing to bet we won't see the near $100/barrel prices again.

OPEC is actually only a part of the reason. The Saudi's can produce cheap, but many have a MUCH higher cost than even the US has. The Saudi's have large, primary porosity fields too...so if they extract too fast that hurts them. They know that once it's gone their time is up. The big reason is the US. Our technology, fracking practices, etc all MASSIVELY increased our production as a country. Saudi's have stayed pretty level, as have most others, but the US sky rocketed. There are a lot of other factors too...china sucking, Iran deal, etc. Iran hasn't changed too much, but it doesn't help that's for sure.

I agree on the futures price. It'll be a LOOONG time until we see even $80+ imo. It'll go up slowly and stabilize a little better this time around. Companies will be hesitant to hire new people as they don't want to overextend and be in this situation again.

 

[starnsey]

OPEC is actually only a part of the reason. The Saudi's can produce cheap, but many have a MUCH higher cost than even the US has. The Saudi's have large, primary porosity fields too...so if they extract too fast that hurts them. They know that once it's gone their time is up. The big reason is the US. Our technology, fracking practices, etc all MASSIVELY increased our production as a country. Saudi's have stayed pretty level, as have most others, but the US sky rocketed. There are a lot of other factors too...china sucking, Iran deal, etc. Iran hasn't changed too much, but it doesn't help that's for sure.

I agree on the futures price. It'll be a LOOONG time until we see even $80+ imo. It'll go up slowly and stabilize a little better this time around. Companies will be hesitant to hire new people as they don't want to overextend and be in this situation again.

Yep, you would definitely know better than me with the side of the business you were on and the amount of time you were in it!

By the way, if it gives you any more motivation (I know you said you're not comfortable uprooting, but just in case), my buddy just quit Weatherford in Houston and is moving to North Carolina for a new job there. They've owned their house for not more than a year and just had their first child less than two weeks ago. I know it would be difficult, but the stress involved in a big move like that is probably still less stress than reaching a few more months without work. Just saying! Hope it all ends up working out for you.

 

[Drive XR7]

OPEC is actually only a part of the reason. The Saudi's can produce cheap, but many have a MUCH higher cost than even the US has. The Saudi's have large, primary porosity fields too...so if they extract too fast that hurts them. They know that once it's gone their time is up. The big reason is the US. Our technology, fracking practices, etc all MASSIVELY increased our production as a country. Saudi's have stayed pretty level, as have most others, but the US sky rocketed. There are a lot of other factors too...china sucking, Iran deal, etc. Iran hasn't changed too much, but it doesn't help that's for sure.

I agree on the futures price. It'll be a LOOONG time until we see even $80+ imo. It'll go up slowly and stabilize a little better this time around. Companies will be hesitant to hire new people as they don't want to overextend and be in this situation again.

Being in O&G but not necessary on the business side, I'm trying to educate myself on fracking. Reading an outstanding book called The Frackers. It's a "feel good" story because it ends before the oil crash.

http://www.amazon.com/Frackers-Outrageous-Inside-Billionaire-Wildcatters/dp/1591846455

 

[tones_RS3]

I should be starting my new job up here in the Pacific Northwest on May 2nd. I'll be designing hydraulic systems for a variety of industries so I won't have to worry so much about one specific industry taking a hit. I don't know how anyone can recommend people try to stay in oil & gas. I don't care how good the money is (was), not worth the risk. And I'd be willing to bet we won't see the near $100/barrel prices again.

Good luck with your new job!

 

[low03tb]

Yep, you would definitely know better than me with the side of the business you were on and the amount of time you were in it!

By the way, if it gives you any more motivation (I know you said you're not comfortable uprooting, but just in case), my buddy just quit Weatherford in Houston and is moving to North Carolina for a new job there. They've owned their house for not more than a year and just had their first child less than two weeks ago. I know it would be difficult, but the stress involved in a big move like that is probably still less stress than reaching a few more months without work. Just saying! Hope it all ends up working out for you.

Any idea what the company is called in NC?

I've got a job at GMC/Buick dealership for now and hopefully can move into the F&I department quickly. In talks with a land brokerage/firm for contract work and just got another interview offer with my state's environmental offices. Hopefully something will pan out this time!

Being in O&G but not necessary on the business side, I'm trying to educate myself on fracking. Reading an outstanding book called The Frackers. It's a "feel good" story because it ends before the oil crash.

http://www.amazon.com/Frackers-Outrageous-Inside-Billionaire-Wildcatters/dp/1591846455

I'll have to look into it. I know there's a lot of misinformation out there about frac'ing sadly. Just like everything anymore it seems. Social media and the internet have created so many degree's it's not even funny!

 

[low03tb]

I actually just signed a job offer yesterday. My wife and I sold our house in Houston (closing date is getting pushed back due to the flooding but luckily our house made it out dry) and arrived in Seattle Sunday night. We'll be here for two months while I go through a training period before permanently moving down to Vancouver, WA. I'll be a Project Manager/Designer (basically design engineering work) for a hydraulics distribution company up here.

Good luck!! Glad ya found something

 

[starnsey]

Any idea what the company is called in NC?

Sorry, I don't. But its an aerospace company anyway (him and I are both aerospace backgrounds).

 

[CompOrange04GT]

I don't know how anyone can recommend people try to stay in oil & gas. I don't care how good the money is (was), not worth the risk. And I'd be willing to bet we won't see the near $100/barrel prices again.

Money + Schedule

More the schedule. Most oil industry employees work less than half the year, and have 2nd jobs.. So even if you're lowest on the totem pole and making say $45k a year.. That's 45k to work 4 months out of the year total

you can easily get a part time job making another 20.