Hey Oilfield Guys!!

[Poco]

Yep. Luckily my shop is still good for now.



Heard yesterday that JC Fodale closed the doors. They had tripper on a Conoco location that was picked up without any notice. Had to call in another tripper company.

Dang!! If true thats another solid company that didn't survive.

Stay strong amigos.

Ray

[peterp63]

SM Energy laid off a bunch this week. Ask me how I know....

[Tejas Wildlife]

My pay has been cut 38% since Feb 2015. I'll stay offshore as long as I can, hoping for oil to go back up soon

[KR-oldmexico]

SM Energy laid off a bunch this week. Ask me how I know....

Yes the last 2 weeks they have layer some good folks off...

Wish I knew which one you were! Good luck!

[txoutdoorsman24]

Dang!! If true thats another solid company that didn't survive.

Stay strong amigos.

Ray

Ya know I'm not 100% sure but I know they pulled there equipment in hurry and their hand that was suppose to be there told us that. Still trying to figure it out.

[Pedernal]

Prayers up for all the guys and gals struggling to make ends meet due to the drop in oil prices. Hope it turns around for all you folks soon.

[TexasAg2002]

Layed off 20% of the corporate office yesterday. Pay cuts will
Be next. Hoping to hold on. Good luck everyone.

[Big H]

We just bought BG for 58 billion dollars. Pretty hard to swallow will all the people I've lost over the last year. Also got news this morning we are going down to 3 rigs. They claim it's because of our much improved drilling speed. We don't need 4 rigs to drill the 49 wells we have to drill this year. I know it's true but that means I'll be giving another 4 guys some horrible news in a few weeks. Not to mention all the other guys on that rig that don't work for me.

Who is BG?

I am just curious. I also feel for you and those who were cut. I know the feelings cause I have been on both sides of that. Seeing good people go while spending and being let go.

[texansfan]

I went fairly heavy on Linn, Forbes and Key. . . glad it is only money. Didn't think I would ever see $30 bbl again but may actually see $20. Oooof. I remember $12 oil when I was helping a buddy in Midland with his servicing company. Good luck to all.

LINN is down 50% today as they've announced plans for bankruptcy earlier than expected.
Ouch.

[texansfan]

Who is BG?

http://www.bg-group.com/

[bphillips]

LINN is down 50% today as they've announced plans for bankruptcy earlier than expected.
Ouch.

Where did you see bankruptcy? I haven't seen that mentioned

[freerange]

Worst part is now that most of the oil companies have been hammered so hard oil wont sustain higher prices for years due to greed. Oil will go up and every one will complete their wells selling oil at a profit for a short period of time, then once the market is flooded oil prices will crash again. this will happen over and over for a few years I wish this wasn't true.

[texansfan]

Where did you see bankruptcy? I haven't seen that mentioned

http://seekingalpha.com/article/3868136-linn-energy-going

http://ir.net/news/stock-news/123580/bankruptcy-talks-send-linn-energy-llc-nasdaqline-shares-tumbling-over-55/

Shares of Linn Energy LLC (NASDAQ:LINE) are down big this morning after the company announced plans to “explore strategic alternatives related to its capital structure”. Linn Energy, along with their parent company LinnCo, LLC (NASDAQ:LNCO) could be looking at a possible bankruptcy filing, and we all know that would spell doom for the stock.

[bdog14]

https://twitter.com/search?q=chesapeake+energy&ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Esearch

[ladrones]

Oil prices will stay low for as long as 10 years as Chinese economic growth slows and the U.S. shale industry acts as a cap on any rally, according to the world’s largest independent oil-trading house.

“It’s hard to see a dramatic price increase,” Vitol Group BV Chief Executive Officer Ian Taylor told Bloomberg in an interview, saying prices were likely to bounce around a band with a midpoint of $50 a barrel for the next decade.

“We really do imagine a band,” probably between $40 and $60 a barrel, he said. “I can see that band lasting for five to ten years. I think it’s fundamentally different.”

http://boereport.com/2016/02/08/worlds-largest-energy-trader-sees-a-decade-of-low-oil-prices/