Posted on 01/21/2015 7:17:17 PM PST by Kartographer
#1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired.
#2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years.
#3 Oilfield services provider Baker Hughes has announced that it plans to lay off 7,000 workers.
#4 Schlumberger, a big player in the energy industry, has announced plans to get rid of 9,000 workers.
#5 Suncor Energy is eliminating 1,000 workers from their oil projects up in Canada.
#6 Halliburton’s energy industry operations have slowed down dramatically, so they gave pink slips to 1,000 workers last month.
#7 Diamondback Energy just slashed their capital expenditure budget 40 percent to just $450 million.
#8 Elevation Resources plans to cut their capital expenditure budget from $227 million to $100 million.
#9 Concho Resources says that it plans to reduce the number of rigs that it is operating from 35 to 25.
#10 Tullow Oil has reduced their exploration budget from approximately a billion dollars to about 200 million dollars.
#11 Henry Resources President Danny Campbell has announced that his company is reducing activity “by up to 40 percent“.
#12 The Federal Reserve Bank of Dallas is projecting that 140,000 jobs related to the energy industry will be lost in the state of Texas alone during 2015.
(Excerpt) Read more at theeconomiccollapseblog.com ...
Ping
Other than the damned arabs have targeted our domestic oil industry like their home grown terrorists targeted the twin towers.
They want to destroy our oil production like they brought down the world trade center.
Maybe we should just let Iran take them out for laughs.
They can’t destroy it and they can’t overcome market forces. The oil industry will simply do what it has always done before ... put things on hold until the next cycle picks up.
The only thing I would say to you, is I hate seeing folks out of work no matter who is in power.
#6 Halliburton’s energy industry operations have slowed down dramatically, so they gave pink slips to 1,000 workers last month.
Now It’s Halliburton’s Turn - Coming Workforce Reductions At Big Red Will Impact Thousands
http://www.freerepublic.com/focus/f-news/3248773/posts
1/20/2015
This comment suggests that the company could cut a further 6,000 jobs by March
The best job I never took was with Exxon in 1982. I would have taken that job, moved to Houson, and been out of that job within a year, based on the oil industry bust that occurred.
15% of total employment gains since the beginning of 2008 have come from the energy industry, even though it is less than 1% of the country’s job base.
http://money.cnn.com/2014/12/12/investing/oil-prices-job-cuts/
Times are different for OPEC than it was then.
What Does the Fall in Oil Prices Mean for Tesla
https://www.wallstreet.org/2015/01/what-does-the-fall-in-oil-prices-mean-for-tesla-nasdaqtsla/148234.html
After an incredible run in the past several years, shares of Tesla Motors Inc. (NASDAQ:TSLA) fell by more than 13% in 2015. This downtrodden trend has followed a whopping 400% margin in the past two years. The reasons for this dramatic fall are the declining oil prices and several other options in the EV market.
Number sounds low to me. Real low.
Since it is already down 15% from last year's high, they must mean ANOTHER 15% in the next few months.
http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother
aetr
It may not take that long.
The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion.
BHP backing away from U.S. drilling
http://fuelfix.com/blog/2015/01/21/bhp-cuts-u-s-shale-spending/
Just months after BHP Billiton touted its results in U.S. shale, the Australian mining and oil company is making a big retreat.
The company will cut the number of rigs operating onshore in the U.S. from 26 to 16 by June 30, the end of its fiscal year, and will limit some of its activity in the Permian Basin and Eagle Ford to a level that it primarily uses to simply retain acreage.
BHP Billiton is one of the biggest international investors in U.S. shale, and it’s the fourth largest publicly-traded leaseholder in the Eagle Ford.
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