Hey Oilfield Guys!!

[Bily Lovec]

clicky clicky

A handful of oil field service companies owned by Houston-based OFS Energy Fund have laid off about 150 employees in Texas, Louisiana, Oklahoma and elsewhere as oil prices have crashed, the firm’s managing partner said.

[Mr. Get Right]

On the bright side, should be a lot of used F-350s on the market.

[bphillips]

On the bright side, should be a lot of used F-350s on the market.

If you consider that a good thing you're on the wrong thread. This isn't for piling on people losing jobs.

[denowt]

If you consider that a good thing you're on the wrong thread. This isn't for piling on people losing jobs.

He's not piling on people losing their jobs.
He simply stating facts.
Lots, not all, of the "new" oilfield hands were/are living way beyond their means, even with the higher pay.
They have little to no money left out of every paycheck because they spend everything they make on women, booze, trucks, and toys, not necessarily in that order.
Many of them would not be able to survive a $1/hr pay cut, much less a short term layoff.
No one wants to see anyone lose their job, but the O/G industry is a volatile one and this should have been expected at some point.
Most people didn't think it would happen until 10 years or so later, but it has happened in the past and will happen again in the future.

The entire point of this thread was for O/G people to prepare for the next turn down.
There are many people outside of the O/G industry that will benefit from those who did not prepare and who bought way too many toys that they really couldn't afford.
That doesn't mean we want them to lose their jobs.
It just means that we were prepared to benefit because they weren't prepared.
The guy who owns a lumber yard doesn't want anyone's house to burn down, but he sure will make a profit selling them some lumber to build a new one.
The guy who installs windows or roofs doesn't want anyone's house to be in a hail storm, but he sure will make a profit replacing them.

There are plenty of long-term O/G guys that have been through this before and are prepared to do it again.
Their houses are paid off or very close to it.
They don't drive brand new trucks. Their trucks were bought with cash or they are very close to paid off.
They don't have a garage/shop full of new boats, new 4wheeler, new UTVs, etc., all purchased with a loan from a bank.

The guys that are prepared will have to tighten their belts a little, but overall, they'll probably be OK.
The guys that spend money like the oil boom was gonna last forever are the ones that are going to be devastated by this.
I pray for them and their families to be able to survive this and hopefully learn from it, so they don't make the same poor decisions in the future.

[bphillips]

Well call me crazy but I don't see a "bright side" in benefiting from someone else's misfortune. I also know why the thread was started I know the guy who started it fairly well.


Like I said if you see it as a good thing you're on the wrong thread. The guys who may be put in those bad situations need support not talk of how great it'll be to have their vehicles or other possessions up for sale or repoed

[kyle1974]

Hey Oilfield Guys!!

Stating. "Facts" about something that hasn't happened yet, but it's not piling on..... Hmmmm.

Maybe it won't happen at all. Maybe Putin will get tired of this BS and start dropping bombs. That's happened before and will happen again. Some people keep saying oil isn't that big of a deal in the overall scheme of things but I can't recall the last time a war was started over laptops or solar panels.

[Boomerang]

Light Crude $44.65 -3.08%
Natural Gas $2.87

Dropping -3% or -4% a day is a huge drop. The $39 mark isn't far away. There will be a lot of goose neck trailers and equipment for sale CHEAP at this continued decay, then the boom starts all over again.

[RiverRat1]

On the bright side, should be a lot of used F-350s on the market.

Two letters.... D B

Well call me crazy but I don't see a "bright side" in benefiting from someone else's misfortune. I also know why the thread was started I know the guy who started it fairly well.


Like I said if you see it as a good thing you're on the wrong thread. The guys who may be put in those bad situations need support not talk of how great it'll be to have their vehicles or other possessions up for sale or repoed

And also the people who sell lumber don't hope people's houses burn down. When's the last time you heard someone say..You idiot! You should of have fire insurance on your house.... Now we get to buy your lot for real cheap!

[Artos]

http://www.foxnews.com/politics/2015/01/13/dems-change-tune-after-mocking-gop-for-drill-baby-drill/

I found this article entertaining...

[hoyt21]

Well call me crazy but I don't see a "bright side" in benefiting from someone else's misfortune. I also know why the thread was started I know the guy who started it fairly well.


Like I said if you see it as a good thing you're on the wrong thread. The guys who may be put in those bad situations need support not talk of how great it'll be to have their vehicles or other possessions up for sale or repoed

Good point a lot of us are out there to give our families things WE didn't have as kids ! You want a lifted truck take mine I could careless about it! But when u get it I hope the tie rods break. !

[denowt]

Well call me crazy but I don't see a "bright side" in benefiting from someone else's misfortune. I also know why the thread was started I know the guy who started it fairly well.


Like I said if you see it as a good thing you're on the wrong thread. The guys who may be put in those bad situations need support not talk of how great it'll be to have their vehicles or other possessions up for sale or repoed

The point that I got out of the OP was to warn guys to prepare for the worst, no matter what industry you work in, but especially in a volatile industry such as O/G. Maybe I misunderstood the original point though.

As far as the support goes, everyone has to lie in the bed they made.
If you choose to work in a volatile industry, and decide to not squirrel away money for the next bust, then that is on you for making poor decisions with your life.
Same thing if someone builds a house 20' from a river bank and doesn't purchase flood insurance. It's not my problem that you made those poor decisions.
That being said, most people don't want anyone to experience misfortune even if it was through poor choices made.

There are thousands of businesses that benefit from someone else's misfortune.
That doesn't mean they want people to experience misfortune.
It just means that they are realistic and know that misfortune will happen.
Here's just a few examples of people who benefit from other's misfortunes:
The computer repair guy,
the guy who fixes flat tires,
the guy who sells new tires to someone that had a blowout,
the car salesman who sells to someone who had a wreck,
the guy who replaces roofs after a hail storm,
the guy who replaces your windshield after a rock cracks it,
the guy who replaces your front door after someone robs you,
the guy who sells you a new TV after someone robs you or your old one breaks,
the guy who sells you lumber to build a new house after your old one burned down,
the doctor who treats your sick kid,
the doctor who puts your arm in a cast after you broke your bone.
The list could go on and on.

Most people do not want bad things to happen to others.
But some of us realize that bad things will happen and are prepared to benefit from it.
I bought my used F250 when the last oil bust was just starting to boom again.
Had I been better prepared financially, I probably could have saved myself a few more thousand by purchasing one a year or so earlier when the prices hit rock bottom because the market was flooded with late model diesel trucks.
I bought my truck after the prices started going back up because I was not financially prepared to purchase one at the prime time.

That doesn't mean I want anyone to lose their job or experience any misfortune.

I'd much rather they keep their job so they can continue to pay for their new truck and I can keep on driving my paid off 13 year old truck.
But if the conditions are right, I will not hesitate to upgrade my ride with a late model, recently repo'd truck.

[Philip-TX]

.........

I'd much rather they keep their job so they can continue to pay for their new truck and I can keep on driving my paid off 13 year old truck.
But if the conditions are right, I will not hesitate to upgrade my ride with a late model, recently repo'd truck.

Yep I bought my current truck cheap in '07 when diesel was approaching $5/gallon, go figure.

I paid 20K for a 40K F350. At the price of new one now I can put a couple motors in this one, and don't really want another one, but a deal maybe on the horizon.

And my son works in O&G.

[Catarina]

One thing I've learned from internet forums

People don't like you to talk about how well things are going, like how much money your making at a good job in the oilfield

But those same people cant wait to tell you how bad things are going to be when that high paying job is in trouble

Just human nature for most, I guess

[bphillips]

The point that I got out of the OP was to warn guys to prepare for the worst, no matter what industry you work in, but especially in a volatile industry such as O/G. Maybe I misunderstood the original point though.

As far as the support goes, everyone has to lie in the bed they made.
If you choose to work in a volatile industry, and decide to not squirrel away money for the next bust, then that is on you for making poor decisions with your life.
Same thing if someone builds a house 20' from a river bank and doesn't purchase flood insurance. It's not my problem that you made those poor decisions.
That being said, most people don't want anyone to experience misfortune even if it was through poor choices made.

There are thousands of businesses that benefit from someone else's misfortune.
That doesn't mean they want people to experience misfortune.
It just means that they are realistic and know that misfortune will happen.
Here's just a few examples of people who benefit from other's misfortunes:
The computer repair guy,
the guy who fixes flat tires,
the guy who sells new tires to someone that had a blowout,
the car salesman who sells to someone who had a wreck,
the guy who replaces roofs after a hail storm,
the guy who replaces your windshield after a rock cracks it,
the guy who replaces your front door after someone robs you,
the guy who sells you a new TV after someone robs you or your old one breaks,
the guy who sells you lumber to build a new house after your old one burned down,
the doctor who treats your sick kid,
the doctor who puts your arm in a cast after you broke your bone.
The list could go on and on.

Most people do not want bad things to happen to others.
But some of us realize that bad things will happen and are prepared to benefit from it.
I bought my used F250 when the last oil bust was just starting to boom again.
Had I been better prepared financially, I probably could have saved myself a few more thousand by purchasing one a year or so earlier when the prices hit rock bottom because the market was flooded with late model diesel trucks.
I bought my truck after the prices started going back up because I was not financially prepared to purchase one at the prime time.

That doesn't mean I want anyone to lose their job or experience any misfortune.

I'd much rather they keep their job so they can continue to pay for their new truck and I can keep on driving my paid off 13 year old truck.
But if the conditions are right, I will not hesitate to upgrade my ride with a late model, recently repo'd truck.

I see no problem with capitalizing on it when you can. Your post wasn't really in question it was the other persons post that came off as happy about it headed that way. I know some will benefit and some be happy about this and those are the people that shouldn't be posting here not you. This is about to hit home hard for a few members and some may lose their possessions so I only ask it to please not be on a thread these guys read daily. It may not seem like rubbing it in but it seems like that to they guy losing stuff. Again this was never over your posts to begin with.

[denowt]

Good point a lot of us are out there to give our families things WE didn't have as kids ! You want a lifted truck take mine I could careless about it! But when u get it I hope the tie rods break. !

I understand your point and hope that you and others will not lose your jobs.
But you are sort of helping with my point.
How does that lifted truck that you now don't care about help your family?

And this is not directed at you directly, it's just what I have witnessed firsthand from some people in the O/G industry.
When oil is high and money is being thrown in every direction, the workers are blowing money left and right on new trucks, boats, toys, etc.
Often making fun of and/or looking down on us "low-payed, lazy butts" who can't handle oil field work, driving around your 10+ year old truck.
Yes, I have had classmates/acquaintances tell me those exact things while they were working rigs and I was drudging along often making half of what they were making.
Meanwhile, I was busy saving as much as I could, while paying off the few loans I had for a moderate house and an older truck.
Now, I've got a decent amount in savings, a decent sized 401K, a paid off house, and a paid off truck.
In the last 12 months, I've bought an old flatbottom river boat for $1500, an old Jeep CJ7 for $5500, a brand new Maxey trailer for $6500, and a 2004 Nissan Titan for my 16yo son to drive for $4000. All were paid in cash because I've been saving for several years and not blowing it on every new toy I wanted.
The newest thing I own, other than the trailer, is 11 years old and it has 170,*** miles on it.
But I also don't owe one penny in loans at this time.
Go ask my old classmates/acquaintances who were blowing their money on toys how they're doing now and see if they'd like to trade places with me now.

Yep I bought my current truck cheap in '07 when diesel was approaching $5/gallon, go figure.

I paid 20K for a 40K F350. At the price of new one now I can put a couple motors in this one, and don't really want another one, but a deal maybe on the horizon.

And my son works in O&G.

Yep,
Recognizing that there are patterns is being realistic.
O/G, just like a lot of other industries, has ups and downs.
Anyone who goes into it, and doesn't prepare for the bad, is simply naive.