I know of a company in Shepherd that is hiring, so if anyone of you are interested, send me an email and I will get you in touch with them. I don't know all the details, but hopefully you can get a hold of them and find them out. I do know that it is in the inspection side of things. Hope it turns around for all those affected.
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From my recent meetings and conversations with customers, ranging from field personnel to Executives, the general feel is pure uncertainty. We have already exceeded all negative data points from the '09, 90's, and 80's downturns. The fall was rapid, and faster than anything in history. So, nobody really knows. General consensus is "to hold on" for 2 years. I have friends that are in high level analytical roles with Baker Hughes & Schlumberger, and there outlook is not positive or optimistic. They all feel that we have not hit bottom (expecting another drop in price around May/June) and they all shared with me to not buy any energy stocks until the first/middle of the summer. There are also a few foreign and political external factors that they are watching that can contribute to a positive or negative swing. Unfortunately, there is no crystal ball or time frame. Certain areas have drastically been effected, but there is still plenty of work to be had. This isn't the bottom and the end isn't in sight. $55-60/ barrel is reasonable thinking at this point, a year from now. Hopefully $70/barrel by next summer. Best of luck to everyone in the industry! Keep fighting the good fight!Comment
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They were talking about it on Bloomberg this week, 80s oil crash(glut) took 15+ years and $8/bblOriginally posted by RiverRat1 View PostComment
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When oil went from $140 to $30 in 2008-2009, it was back to $80 in 6 months or so. There's no way to know what it will do this time until whatever is going to happen happens.Originally posted by BrianL View PostComment
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Hey Oilfield Guys!!
Dig your toes in the sand and head down assss up!!!!!!!!!!!!Comment
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No. That was rude.Originally posted by BIG IRON View PostHe has read jmarlin's posts and figured it sounded legit
Right now surplus production ranges from roughly 1.5-2 million barrels per day. That is an extremely large surplus. It is not going to go away overnight. Prices will not start creeping up until supply meets demand. Production should start inching down as people lay down all of these rigs. Also, demand should start creeping up because of the lower price. I don't see this happening for 1-2 years.
I think we will see a sharp decrease in oil prices in approximately September. That is when it is forecast for storage capacity to be full (at current rates).
Of course, no one has a crystal ball so no one can say. These are just my thoughts after reading quite a bit on the subject.
What are your thoughts on it Big Iron?Comment
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Lots of rigs laid down and Eagleford production falls off so quickly it shouldn't take as much time as the 80s bust to recover. Hopefully this time next year we are seeing a steady rise.Comment
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Hopefully this is correct. The issue is some of the large Deepwater projects coming online in 2015. Some massive amounts of production are expected from them.Originally posted by bphillips View Post
I hope that production drops off quick. I am in the industry and I don't want it to get uglier than it already is. But, I don't feel like that is going to happen.Comment
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Some interesting slides from a recent presentation...
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Great charts. Eagleford production is up to about 1.8 million BOPD.Originally posted by Legdog View PostSome interesting slides from a recent presentation...
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Classy as always...Originally posted by BIG IRON View PostHe has read jmarlin's posts and figured it sounded legit
Originally posted by willwork04 View Post
Pretty legitimate concerns here. Deep water is a different animal all together. The cost of drilling out there is HUGE. You're talking about rigs with day rates well over $1million vs rigs on land that run anywhere from $12,000-30,000 a day. The budgets offshore are tremendous for every aspect. When the expense is that high, the budgets are set aside often times years before the project is started. What all of that means is off shore won't slow down until well into this down turn.Originally posted by willwork04 View PostComment
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Another accident. They was an explosion near Andrews just the other day on a work over rig now this.
Stay safe out there fellas.
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I saw the Andrews accident on the news. I haven't heard about the other.Originally posted by ladrones View PostAnother accident. They was an explosion near Andrews just the other day on a work over rig now this.
Stay safe out there fellas.
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I've got some friends and family in that area. I'll see what I can find out.Originally posted by ladrones View PostAnother accident. They was an explosion near Andrews just the other day on a work over rig now this.
Stay safe out there fellas.
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It was posted on the news station out of Midlands FB page.Originally posted by jpowledge View PostComment
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