Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs
theeconomiccollapseblog. ^ | 1/20/15 | Michael Snyder

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 ...


TOPICS: Business/Economy
KEYWORDS: drilling; energy; oil; oilindustry; oilprice; texas
Navigation: use the links below to view more comments.
first previous 1-2021-32 last
To: Kartographer; thackney

Ping


21 posted on 01/21/2015 11:13:14 PM PST by Tilted Irish Kilt
[ Post Reply | Private Reply | To 1 | View Replies]

To: Star Traveler
The oil business has always been boom or bust. Nothing has changed.

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.

22 posted on 01/22/2015 4:06:00 AM PST by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Caipirabob

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.


23 posted on 01/22/2015 4:09:23 AM PST by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Star Traveler

The only thing I would say to you, is I hate seeing folks out of work no matter who is in power.


24 posted on 01/22/2015 4:32:42 AM PST by hawkaw
[ Post Reply | Private Reply | To 5 | View Replies]

To: Kartographer

#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


25 posted on 01/22/2015 4:50:27 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Star Traveler

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.


26 posted on 01/22/2015 4:51:35 AM PST by FreedomPoster (Islam delenda est)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kartographer

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/


27 posted on 01/22/2015 4:51:42 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 4 | View Replies]

To: LOC1
Based on that history, we may see oil prices as low as $25 and they may last for several years.

Times are different for OPEC than it was then.

http://graphics.wsj.com/oil-producers-break-even-prices/

28 posted on 01/22/2015 4:53:25 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 6 | View Replies]

To: justa-hairyape
His renewable energy sector will be annihilated.

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.

29 posted on 01/22/2015 4:56:27 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 8 | View Replies]

To: PAR35
It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone.

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

30 posted on 01/22/2015 5:00:45 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 13 | View Replies]

To: PAR35
Probably a year to 18 months before it shows up at the banks.

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.

http://www.freerepublic.com/focus/f-bloggers/3249214/posts

31 posted on 01/22/2015 5:02:58 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 14 | View Replies]

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.


32 posted on 01/22/2015 5:21:33 AM PST by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-32 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson