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.

Lots of companies shedding dead weight and older more expensive folks right now. They can blame the 'rona and feel a little better that their folks get that extra Fed unemployment.

It’s been tough on wifey to cut people. She lost a lot of sleep agonizing over which people to Fuuck over.

The problem with a lot of companies is that there isn’t any dead weight left. There wasn’t any when all this started. I’ve laid off several of my people that I knew couldn’t find jobs anytime soon and were excellent employees. One is a petroleum engineer and one of the smartest guys I’ve had work for me in my career. He was driving for Lyft, delivering groceries, and meals up until a week ago. That’s dried up now so he’s trying to get on unemployment.

I have seen older employees getting hit due to typically higher salaries. Most in the are range of 55+. At my old company we offered an R65 retirement package that was attractive for many. Age plus years of service at the company added could get you a years severance and insurance if the sum was over 65. Mins only hit 52 or 53 or I’d have taken that. I saw some of the guys that refused it work for a couple more months and then get severed with only a couple of months pay and insurance.

Folks will begin to see what jobs in the oil industry mean. For every one they have to have dozens in service industries meeting their needs. Hasbeen

I understand the economics. This is new construction of the upscale varieties.

6000 at Chevron.

13,000 more at Boeing.

5000 at American Airlines.

And it goes on.

Around here they aren't laying people off. They're "furloughing" them. That means go home without pay. Don't call us. We'll call you. Maybe. But you're not "laid off."

Alaska Air and Ravn Air bankruptcies (probably already posted).

And Hertz Rent-a-Car.

The list is gonna get very long, very fast.

Gentlemen-, I stand corrected- Venezuela's U.S. subsidiary is indeed CITGO .

And ,I agree with the sentiment that ANY U.S. jobs lost are a bad thing..

Yessir.

Bankruptcies are stated as being at an all time high.

Starting to look bad where I work. Salaried are being offered R75. We have plenty of orders but we can't get components from vendors in Mexico.
Social distance requirements hurt efficiency and the $600 unemployment bonus has people choosing to stay home.

Good point. Oil and Gas (and the infrastructure upstream, midstream and downstream) represents a huge chunk of the economy.

Wanna see how offshore is doing. Check out Fourchon.
I’ve seen it both ways


Waited in line at the toll bridge bandit in the middle of night.

Flew outta chevron Leville for awhile. Now they are in Bristow galliano

Bristow has a big base in New Iberia. They use the terminal at the air base to fly hands offshore.

There is about 25% of the cars in the offshore parking lot than there was four months ago.

Cameron is in the process of closing a facility in New Iberia that has been opened since I can remember.

It is about to get interesting down here.

Anything left of Cameron ( letrouneua) in Vick’sburg?

Spun off a couple companies there that was service.

And the stock market is still somehow doing pretty well. The Dow is above 25k and everything looks too expensive for me to buy in right now. I keep thinking it's going to take another bigger hit when people realize lots of jobs aren't coming back right away.

Bb

IIRC the LeTourneau facility was closed about three years ago after the Schlumberger buyout.

Worked some former letourneau guys. Benchmark and EBI. I think was the company.

Willie Mac. A world wide famous welder. Old guy was a card. His uniforms stayed clean. Wore coveralls to weld in.

Told a story, went to Europe,to make repairs. Other welders couldn’t do it right. Told him the reason was they had European welding rods. Steel was USA. 😂.

And the Spivey brothers.

Wifey knows Chevron people that got cut. Her company cutting more loose in the 6th.