Hey Oilfield Guys!!

[hammer63]

I would think a multibillion dollar company would have studied how to remain profitable at $30 oil all the way up to $130 oil in $5 increments.
Do they not have contingency plans (besides fire everyone as soon as oil drops below $50 and hire anything with a pulse when oil goes above $90)?

Has anyone done any studies to see what will happen to our economy if oil hovered between $35 and $45 for a continuous 24 or 36 months?

Their contingency plans were to hedge their oil at a good price for long enough to get their prime acreage held by production and meet drilling obligations. EOG for instance has over 100,000 bbl/day contracted at over $90. The problem for a lot of them will be if this low continues for a long time.

[mjhaverkamp]

I just hired a driver that lost his job, he was very happy about coming to work for us, glad to have him, hopefully anyone else that loses their job finds another one, good luck to you fellas.

[Slew]

Flooded is indeed the proper term. I saw the same in Midland and cash was king. Banks will be taking back a lot of vehicles etc. if there is not a major rebound relatively quickly. There will be a substantial real estate price crash in the Permian Basin. Boats, UTVs, trucks, guns etc. will enter the market in massive quantities.

One downturn is anothers boom! Stuffs gonna be on sale, repo men will be busy as all get out, people that board up houses and make ready for bank foreclosures will be busy, auctioneers, etc. Hate that ones bad fortune is needed for anothers good fortune but thats life. Morticians gotta eat too. Find something to do till the next boom and rock and roll again. Drive a repo truck or sell bumper stickers that say foreclosed oilfield wife. Opportunity is there if you get off the curb and quit pouting about it. I made money the last 15 years from natural disasters, why I never wished any harm to anybody I sure hoped for storms on more than one occassion!! My take anyhow!

[Mayhem]

We have had several truck drivers already apply at my company due to being laid off.

[Brooks]

Why do we have 2 River Rats in this thread?

[Artos]

Interesting Read...

http://finance.yahoo.com/news/opec-weaponized-price-oil-against-102550131.html

[kyle1974]

Interesting Read...



http://finance.yahoo.com/news/opec-w...102550131.html

Wars have started over much, much less.

[miket]

Wars have started over much, much less.

Thats a fact. Im starting to wonder what Russia is going to do. They are in deep doodoo financially because of this.

[bdog14]

Thats a fact. Im starting to wonder what Russia is going to do. They are in deep doodoo financially because of this.

Russia just got a credit downgrade(5 min ago). Scary when the 2nd largest military in the world has their back against the wall. I sense war or terrorism coming very soon...you just don't have this type disruption without severe repurcussions

[buzzbait]

I got cut Monday. Been in the field for 7 years. No more. 2009 about killed me. Took an outside sales job today with a company truck today......Thank God

[bphillips]

Looks like we went from having 3 wells left to having 6.. That will at least get me to early summer.

[kyle1974]

Looks like we went from having 3 wells left to having 6.. That will at least get me to early summer.

Back off the differential and you might make it to October. LOL.

[BIG IRON]

I got cut Monday. Been in the field for 7 years. No more. 2009 about killed me. Took an outside sales job today with a company truck today......Thank God

Congrats on the quick rebound

[stevieray54]

Lay offs are quick fixes for companies, my understanding they will still drill but just cap them off for later.
Where do banks and loan companies send all the repo stuff auctions?

[PondPopper]

Looks like we went from having 3 wells left to having 6.. That will at least get me to early summer.

Sweet. Glad to hear it.