Home Forums Hunting & Shooting Hunter's Campfire Chevron Layoffs

Looking like up to 6000 folks will get axed.

Chevron = Venezuela National Oil.Co...

Thought that was Marathon.

Or Citgo

Chevron—publicly traded
Marathon—publicly traded

Both—top ten shareholders are mutual funds/investment companies

Citgo—majority owned by PDVSA, Venezuelan oil company.


Regardless, 6000 jobs lost. Not good for anybody.

Not good at all

Boeing just laid off 7000 and is expecting 16000 more if I recall correctly

Wifeys company does work for them. They have laid off too.

Well... consumer confidence wasnt what you would call super high with them pre virus....

Lot of jobs in support will be lost.

Equip / tools from Houston/Lafayette go thru a lot of hands to get to deep water.

Wifeys Company laying off more June 6

our next quarter fell off a cliff.

Up until last week we thought we were weathering this very well. Not anymore.

My group is spared for the moment but everyone that is not revenue producing will be on a reduced work week with a 20% pay cut.

It's just getting started folks, I can't say I haven't been trying to tell y'all.

This F**ked up deal is going to have us in the tank for a long, long time.

This.

That 6000 workers will not buy new cars, or houses, or go out for steak dinners as much, or uphold any growth to the economy.

Scary thing is that this isn't even a drop in the bucket. Not even half a drop.

People better start paying attention. Now.

Could the low oil prices due to the war between the Saudis and Russia be affecting this?

A lot of good people are gonna be hurting!

Yet Toll Brothers has a large increase in deposits for home building.

Dave, you’re right. Citgo.

Marathon completed revamping for processing heavier, cheaper Venezuelan crudes.

Depends on the area.

In areas harder hit by this shutdown, the real estate market sucks.

When sellers lower prices because it's not selling, we'll see an uptick because of the transition to a buyer's market.

That plays into it as well. Companies are shutting wells in which reduces the amount of employees it takes to manage operations. VERY few companies are completing wells at this point, too. Drilling and fracturing are the two most costly processes in the life of the well. The vast majority of completions have been curtailed and a large number of drilling rigs have been dropped. Just because the wells are drilled doesn’t mean they need to be completed. They can be cases and sit for years. Those wells add to the number of DUC wells (drilled uncompleted). Having DUC wells allows an operator to fairly quickly increase their output of oil/gas in an attempt to maintain their volume commitment or take advantage of a spike in the market. Large numbers of DUC wells aren’t typically possible because they rely on an outlay of cash without the ability to generate revenue to backfill until they’re completed.

This has been a 2 headed monster for the oil industry that hasn’t been seen before. There’s been a huge decline in demand which caused a dramatic oversupply. This is coupled with Russia and Saudi Arabia colluding to flood the market. It’s played he’ll with everyone in the O/G sector no matter their position. Operators, service companies, investors, and everyone that does work for any of those companies has felt it.