Oil Crashing

[martinnordegg]

Originally Posted by FallAirFever

Well we decided to let one of our guys go today, its just that slow for us. Rigs racking at an alarming rate. Taqa shut down Pd#190 that was going to work til break-up and Peyto is shutting down a Trinidad rig, which is really bad news for us. Not a great day, I hate letting people go. Even when we fire a guy with cause I feel bad, people have bills and stuff to take care of its crappy to be part of taking that away from someone.

Between the nice weather in Calgary and stuff shutting down it feels like spring in January, not good.

Sorry to hear. Sometimes it's just not nice being the boss.

[Gbuss]

I found out on Monday night at 9pm during shift that it was are last of the season. My rig got racked on Wednesday and no foreseeable start up. That was for gear energy in Lloyd area. Man I'm kinda ****ed but maybe I can turn a new leaf and get another j-man ticket in with the iron workers in edmonton. So if any of you guy on here work with local 720 in edmonton I need some pointer on how to get on. Send me a pm so we don't clog the discussion up and sorry for the derail

Gordon

[lmtada]

" If you are going through hell, keep going" Winston Churchill

[Map Maker]

Originally Posted by skiwili

Schlumberger to cut 9,000 jobs

http://business.financialpost.com/20..._lsa=721e-bc95

the same day schlumberger gives 9000 workers a final paycheck, they give the managers a 25% bonus on the dividends. Something wrong there.

http://finance.yahoo.com/news/schlum...180000870.html

[DiabeticKripple]

Originally Posted by Map Maker

the same day schlumberger gives 9000 workers a final paycheck, they give the managers a 25% bonus on the dividends. Something wrong there.

http://finance.yahoo.com/news/schlum...180000870.html

Not sure how just the managers got that, as the shareholders got it as well.

Heard about the layoffs just now. Hope I make it through ok. Have another week to go before days off

[FallAirFever]

Originally Posted by Map Maker

the same day schlumberger gives 9000 workers a final paycheck, they give the managers a 25% bonus on the dividends. Something wrong there.

http://finance.yahoo.com/news/schlum...180000870.html

That is just wrong. The company I work at is very small there are only 2 managers. We have already decided even if our field techs make bonus we will not be taking any. As well we have talked about taking a wage rollback sooner rather than later in hopes that we can delay or maybe even eliminate us having to lay off more hands.

[Ricktye]

Hey no problem... Everyone should be able to keep their jobs! Price of gasoline here in Edmonton jumped ~8 cents a liter over night! Price of oil must have really jumped and its amazing how all services stations got the "new" higher priced fuel at the same time!

Oh, wait.... The price of crude didn't jump! It's just the oil companies increasing the cost to Joe Consumer so they can maintain the profits while at the same time laying off workers! Argue that all you want, but I'm afraid I and a lot of other consumers won't accept your argument!

I feel for the ones that are affected by the low price of oil, but if the oil companies were expecting any sympathy form the public, they sure blew it with this rip off!

[AbAngler]

Our company (private junior) has cancelled all drilling until at least next fall. Wage freeze and almost no bonuses. No plans to lay anyone off yet....

[omega50]

Originally Posted by skiwili

Schlumberger to cut 9,000 jobs

http://business.financialpost.com/20..._lsa=721e-bc95

That is a 7% reduction globally. Any word on how that will shake out in Alberta?

[The Elkster]

Originally Posted by Ricktye

Hey no problem... Everyone should be able to keep their jobs! Price of gasoline here in Edmonton jumped ~8 cents a liter over night! Price of oil must have really jumped and its amazing how all services stations got the "new" higher priced fuel at the same time!

Oh, wait.... The price of crude didn't jump! It's just the oil companies increasing the cost to Joe Consumer so they can maintain the profits while at the same time laying off workers! Argue that all you want, but I'm afraid I and a lot of other consumers won't accept your argument!

I feel for the ones that are affected by the low price of oil, but if the oil companies were expecting any sympathy form the public, they sure blew it with this rip off!

Its not about sympathy for oil companies. Its about having some consideration for the "little" people that make up a bulk of those companies. The minions that make up 95% of the company that don't make millions a year...and face job loss in many cases.

As far as the refining companies profiting. Sure they will charge what people are willing to pay. Would you sell your house for 25% less then you can get on the open market? If you want to offset your costs then buy some dividend paying oil stocks. Most oil company profit goes back to shareholders not the big muckity mucks. Anyone can buy stock. Any pension or mutual funds you have likely profit from these oil companies. Funny, I don't hear many people complain when their RRSP is up 10%.

[Ricktye]

Elkster, I agree with you, hence my last line, "I feel for the ones that are affected by the low price of oil, but if the oil companies were expecting any sympathy form the public, they sure blew it with this rip off!"

It's all about profits, not keeping people employed, never convince us otherwise, the corporations have no sympathies for the workers that ensure tha they continue to line their pockets...

Originally Posted by The Elkster

Its not about sympathy for oil companies. Its about having some consideration for the "little" people that make up a bulk of those companies. The minions that make up 95% of the company that don't make millions a year...and face job loss in many cases.

As far as the refining companies profiting. Sure they will charge what people are willing to pay. Would you sell your house for 25% less then you can get on the open market? If you want to offset your costs then buy some dividend paying oil stocks. Most oil company profit goes back to shareholders not the big muckity mucks. Anyone can buy stock. Any pension or mutual funds you have likely profit from these oil companies. Funny, I don't hear many people complain when their RRSP is up 10%.

[The Elkster]

Originally Posted by AbAngler

Our company (private junior) has cancelled all drilling until at least next fall. Wage freeze and almost no bonuses. No plans to lay anyone off yet....

Same boat at our shop. Maybe a small bit of drilling but very little and our partners are doing the same. There has been talk of reducing some hours across the board to avoid layoffs should things continue. My guess is that this may get us through this year okay. If this looks to be stretching another year by later this fall then I suspect all bets are off for many companies that have held off on layoffs in hopes this was temporary.

[The Elkster]

Originally Posted by Ricktye

Elkster, I agree with you, hence my last line, "I feel for the ones that are affected by the low price of oil, but if the oil companies were expecting any sympathy form the public, they sure blew it with this rip off!"

It's all about profits, not keeping people employed, never convince us otherwise, the corporations have no sympathies for the workers that ensure tha they continue to line their pockets...

Absolutely its about profit. We all profit when we work, we profit when we sell houses, we profit when we invest but that's not evil? Would you spend a lot of time and effort keeping a business going at "break even" just to keep people employed? Thought not. Everyone is out to profit. A public corporation is a conglomeration of investors many of them just average joe types looking to profit.

[Skytop B]

The big dogs in downtown Calgary don't need your sympathy, their bank accounts will fair just fine. Fact is the thousands of workers in the industry need those guys like it or not. Without them starting the exploration companies and taking the risks the rest of us little guys would have nothing.

[The Elkster]

Actually most of the big dogs shoulder very little risk. For 90% of companies downtown which are public the bosses aren't owners. They are just high paid employees tasked with handling shareholders money. That said they do tend to be the type A personality that get stuff done. Lots of people complain but most also wouldn't want these high profile jobs. There is far more to it than just collecting cash.

[JimPS]

Originally Posted by Skytop B

The big dogs in downtown Calgary don't need your sympathy, their bank accounts will fair just fine. Fact is the thousands of workers in the industry need those guys like it or not. Without them starting the exploration companies and taking the risks the rest of us little guys would have nothing.

The downtown Food Courts are not as busy now during the lunch hour.
Either the "suits" are brown bagging it to save a buck or they are working through their lunch hour in order to impress the boss.

[Skytop B]

I'm talking about the bosses bosses boss, the VPs. They may just have to hold off building their mansion on the ski hill for a year. Would not want to go spend a couple million in cash when this years bonus may only be a measly $ 7-800,000.

[Nova316]

Originally Posted by The Elkster

Same boat at our shop. Maybe a small bit of drilling but very little and our partners are doing the same. There has been talk of reducing some hours across the board to avoid layoffs should things continue. My guess is that this may get us through this year okay. If this looks to be stretching another year by later this fall then I suspect all bets are off for many companies that have held off on layoffs in hopes this was temporary.

Seeing this trickle down in the EPC world, huge projects being canceled hours being cut. This first quarter is starting to look super rough

[dopeman25]

Oil above $30 in a half of year, production is rising everywhere
bear market in oil stocks
you are welcome

[Weedy1]

So what?

https://www.youtube.com/watch?v=HDLLXUaqZxg

[Weedy1]

We're on a roll. I suspect by June Prentice will be announcing the building of a new Perogy Museum in Vegreville or maybe a new Velodrome for Raymond. Call me Mr. Optimistic.



Crude Oil (WTI) USD/bbl. 52.78 0.00 0.00% Mar 15 17:14:57

Crude Oil (Brent USD/bbl. 61.52 +2.24 +3.78% Apr 1 17:27:33

[wahbush]

The manipulation downward of the price of oil is another method to redistribute wealth.
The middle classes with their retirement investments in oil and gas stocks will take the hit,same as 08.

[Weedy1]

Originally Posted by wahbush

The manipulation downward of the price of oil is another method to redistribute wealth.
The middle classes with their retirement investments in oil and gas stocks will take the hit,same as 08.

Manipulated? All this time I thought a ZigZag was a rolling paper.