Suncor announce laid off of 1000 in 2015

[Xtrema]

http://www.suncor.com/en/newsroom/5441.aspx?id=1911200


Suncor has also implemented a series of workforce initiatives that will reduce total workforce numbers in 2015 by approximately 1000 people, primarily through its contract workforce, in addition to reducing employee positions. There will also be an overall hiring freeze for roles that are not critical to operations and safety.

[killramos]

Not good...

We thought the job markets were bad after talisman, pennwest, devon layoffs etc.

Good time to keep your head down and mouth shut at work i think...

[BavarianBeast]

Lots of the larger jobs we were counting on coming out this year look like they will be pushed back a few ways.

Cancer center, composting facility, etc.. I thought the purpose of P3 was so that the government could fund projects in times of economic downturn?

[schocker]

Originally posted by killramos
Not good...

We thought the job markets were bad after talisman, pennwest, devon layoffs etc.

Good time to keep your head down and mouth shut at work i think...
Yup :rofl:

Someone could make a killing right now going around figuring out what other skills O&G people have for backup jobs :nut:

[403ep3]

:nut: danngg

[ExtraSlow]

Suncor has something like 14,000 employees, plus thousands of contractors. Cutting a thousand of them may seem like a lot, but that's spread over their field and office locations.
My guess, maybe half that number are based in Calgary.

[kaput]

.

[max_boost]

And so it begins.....????

Talked to a realtor today and he's quite pessimistic for 2015. He's one of the higher ranked ones in the City too. This will be interesting! :eek:

[Sugarphreak]

...

[suntan]

God finally junior people making $100K something something go to hell.

[Feruk]

The other layoffs were not due to oil prices. This is the start.

http://i.kinja-img.com/gawker-media/image/upload/s--zkrOnmeX--/c_fit,fl_progressive,q_80,w_636/zf71o87x56l3smuv6fbx.jpg

[BavarianBeast]

I wonder if now is a good time to finally start my brewery... I can pick up all the whipper snappers who will be laid off to run the bloody thing :nut:

[Feruk]

You apparently need a chemical engineering degree to be a brewmaster. I suspect there will be plenty available shortly. :)

[urbannomad]

Man, thats kinda nuts. I understand its cyclical, but how many ppl have emergency funds? or second jobs? :dunno: These are turbulent times.

[kenny]

Just need to get a job as Mayor of Calgary, or any councillor position. 3.8% raise while the peons suffer yo! :)

[spikerS]

Originally posted by kenny
Just need to get a job as Mayor of Calgary, or any councillor position. 3.8% raise while the peons suffer yo! :)

No kidding.

Nenshi is now the highest paid Mayor in Canada making $200k plus while city councillers are making like $130k iirc.

[FraserB]

Originally posted by urbannomad
but how many ppl have emergency funds?

Any smart O&G worker would be putting money away for when this happens. Not like these downturns are a huge shock.

[Redlined_8000]

Originally posted by spikerS


No kidding.

Nenshi is now the highest paid Mayor in Canada making $200k plus while city councillers are making like $130k iirc.

Thats it? Wow I thought a Mayor would pull way more. Interesting.

[BavarianBeast]

Originally posted by Feruk
You apparently need a chemical engineering degree to be a brewmaster. I suspect there will be plenty available shortly. :)

Interesting, I didn't know that.

My university ended up offering a full degree for brewing, I imagine that would be an equal substitute. I feel like I went to school for the wrong thing. lol. Ever since we got the farm I've been wanting to grow barley and start a brewery.

I wonder if $1m would be enough capital to get things going..

[ga16i]

Originally posted by Redlined_8000


Thats it? Wow I thought a Mayor would pull way more. Interesting.

I thought a Mayor would pull way less. If these are real numbers:
http://www.parl.gc.ca/Parlinfo/lists/Salaries.aspx?Menu=HOC-Politic&Section=03d93c58-f843-49b3-9653-84275c23f3fb

[r3ccOs]

heavyfuel, how much busier are you going to be?

the only thing I know is that other commodities are increasing in value, so if you're an engineer, or geologist... time to look at Zinc and other kinda crappy metals

[suntan]

Originally posted by Redlined_8000


Thats it? Wow I thought a Mayor would pull way more. Interesting. He gets a vehicle of his choice (he drives a Prius) and gets things like free parking. Not sure if it's a taxable benefit - politicians have their own rules.

[Little Dragon]

Would it be normal for companies to pull job offers in times like these? I graduate in May and accepted an offer months ago before oil hit really low. I haven't been job hunting since, should I be worried?

[flipstah]

Originally posted by Little Dragon
Would it be normal for companies to pull job offers in times like these? I graduate in May and accepted an offer months ago before oil hit really low. I haven't been job hunting since, should I be worried?

Usually once you sign the papers, you're good to go. It has happened before but it's really rare; the offer was verbal and wasn't able to be formally finalized on time.

[max_boost]

Originally posted by Redlined_8000


Thats it? Wow I thought a Mayor would pull way more. Interesting.

What were number were you thinking?

There are some trades out there that pull in some really sick numbers. Cough PDR Cough PDR lol haha

[Redlined_8000]

Originally posted by max_boost


What were number were you thinking?

There are some trades out there that pull in some really sick numbers. Cough PDR Cough PDR lol haha

I wasn't thinking anything specific but 200-250k is achievable for lots of people, figured the Mayor of Calgary would make more for the amount of responsibility he has.

[urbannomad]

Originally posted by flipstah


Usually once you sign the papers, you're good to go. It has happened before but it's really rare; the offer was verbal and wasn't able to be formally finalized on time.

This JUST happened to a friend of mine. He was a contractor, and was offered a EIT position at my company, went on vacation. Got an email saying they rescinded the offer because of a hiring freeze. I felt terrible for the guy.

He should've signed the papers before he left.

[Tik-Tok]

Originally posted by Redlined_8000


I wasn't thinking anything specific but 200-250k is achievable for lots of people, figured the Mayor of Calgary would make more for the amount of responsibility he has.

Don't worry, he gets massive kickbacks from bicycle manufacturers :rofl:

[M.alex]

http://nedoblog.ru/wp-content/uploads/2014/03/yes-yes-good-good.jpg

[Xtrema]

Originally posted by suntan
God finally junior people making $100K something something go to hell.

Senior costs way more and unless you are life blood of company/account, expect to be cut first to maximize savings.

At least that's what I heard over gym chats that's what Sanjel is doing.

[7thgenvic]

This is great news. Get rid of some of the useless baggage that o&G companies have sitting around.

Let the market correct itself. Housing is a complete joke in this city. I think the majority of the beyonders on are the same boat when talking about how over-priced the living situation is in this city.

It will be nice to see a correction. It will hurt us, but we need it.

[BigMass]

everyone still has jobs, people are still moving here in droves, nobody is moving out, malls are packed, and house prices are still ridiculous. Until those things change it's all just white noise.

[Speed_69]

Originally posted by BigMass
everyone still has jobs, people are still moving here in droves, nobody is moving out, malls are packed, and house prices are still ridiculous. Until those things change it's all just white noise.
This is only the beginning of what's to come. Give it a few months and things in this city are going to change a lot. There's still going to be a lot more layoffs to come. Active listings for Calgary housing are already up 53% this month over last January and it's not even half of the month yet! Good news for me since I'm looking to buy a place :D

[FixedGear]

Originally posted by 7thgenvic
This is great news. Get rid of some of the useless baggage that o&G companies have sitting around.

Let the market correct itself. Housing is a complete joke in this city. I think the majority of the beyonders on are the same boat when talking about how over-priced the living situation is in this city.

It will be nice to see a correction. It will hurt us, but we need it.

yea this is pretty much my opinion, too. people will just have to do more with less. pretty much everyone else in north america went through this same thing in the late 2000s. on the other hand, service should improve at restaurants (looking at you, tim horton's haha)

[BigMass]

Originally posted by Speed_69

This is only the beginning of what's to come. Give it a few months and things in this city are going to change a lot. There's still going to be a lot more layoffs to come. Active listings for Calgary housing are already up 53% this month over last January and it's not even half of the month yet! Good news for me since I'm looking to buy a place :D

lol yeah. Tons of new listings that are priced higher than what was sold even a few months ago. People are acting like oil is at $450 not $45. Every listing is pretty much a record price, nobody is willing to go down. So for now it's useless. Until we see real price drops. As in, a home that sold for $600k last year is selling for $500k now then it's bullshit. What I'm seeing is, more listings yes, but that $600k home from last year is now listed for $750k. Then they will drop their price to $700k and call it a price drop. It's still overpriced by $200k.

I'm usually doom and gloom but I'm %100 convinced that house prices will barely be impacted. People will be flush with cash, government will be ultra accommodating, even lowering rates if needed. They will inflate the dollar and implement policies to prop up every asset class, equities, oil prices, real estate etc. So for me yes, this is all white noise. This city will never see 2009 house prices every again. Not even 2012 prices lol. Make that, any pre-flood price. This city's real estate is either going to level off or continue to go up.

When every single person that currently doesn't own a home is saying "I cant wait for prices to come down so I can BUY". That is a guaranteed sure sign of no price drop. You won't have a price drop with people waiting to buy. It's basic economics. The real sign of a price drop is when people that don't own homes are saying, "thank god I don't own a home right now, this city is toast, don't own a home and will never buy anything in this city, i'll continue to rent. This is what people said when we had real recessions, in the 80s and 90s. Now it's a joke. Everyone is predicating price drops because they can't wait to buy. LOL. Nope sorry. Keep waiting.

[msommers]

Sounds like a good time to go back to school. Except I'll be eating PB&J instead of taking clients out for sushi :rofl:

[Xtrema]

That very positive view BigMass. But I would be surprise if interest rate will go down instead of up this year.

Effect of laid off and canceled project won't materialize for another 8 to 10 months because of severance packages and ei. We will see if market will stay firm over spring and summer.

[msommers]

Not sure if posted elsewhere...

CNRL cuts $2.4 billion from 2015 capital spending plan

http://calgaryherald.com/business/energy/cnrl-cuts-2-4-billion-from-2015-capital-spending-plan

[kaput]

.

[Neil4Speed]

Originally posted by kaput
The crash in 2009 took about 6 months to bottom out at around $35. We are almost 6 months in to this one and appear to be on track for something similar. I don't understand the illumaniti chart analysis techniques you guys use; but as a below average idiot who knows how to Google and then pretend to be an expert, I think we will bottom out in a few weeks, flatline, and then things slowly return to something sustainable by 2016.

http://quotes.post1.org/historical-crude-oil-price-chart/

:dunno:

I have to agree with you, however, I think we are going to sit at these levels at least for a few more months. I don't consider the shit hitting the fan to have happened really until the third week of November.

Can't forget, this isn't a massive global reccession like 2009, either.

[killramos]

Originally posted by Xtrema


Senior costs way more and unless you are life blood of company/account, expect to be cut first to maximize savings.

At least that's what I heard over gym chats that's what Sanjel is doing.

Yup. I had an offer from PWT on the table as shit was hitting the fan there. Debating accepting it on the change i would just be immediately severed.

Then i thought has the cheapest person in a group i would end up being stuck there regardless of if i was doing a shitty job as a newby.

and for suntan $100k? That's what the junior guys made in the 90's!









:rofl:

[FixedGear]

Originally posted by kaput
Has the demographic here gotten younger over the last 5 years? Or perhaps it's the opposite and memory loss is setting in with old age? Does nobody remember 2009? The world ended and then it didn't. Oil companies aren't the only ones who suffer when this happens, some big and powerful countries need to fix this problem before they implode. Low prices will take care of themselves one way or another.

The crash in 2009 took about 6 months to bottom out at around $35. We are almost 6 months in to this one and appear to be on track for something similar. I don't understand the illumaniti chart analysis techniques you guys use; but as a below average idiot who knows how to Google and then pretend to be an expert, I think we will bottom out in a few weeks, flatline, and then things slowly return to something sustainable by 2016.

http://quotes.post1.org/historical-crude-oil-price-chart/

:dunno:

I don't agree at all -- or at least I hope you're not right! I'm thinking/hoping that this reflects a turnaround in the US and global economies, which have been in recession for the last decade-plus. We have short memories, but IMO the last decade has been anomalous IMO this is return to normalcy.

ART "big and powerful countries", i'd argue that venezuela and iran (and russia and canada) are minor players relative to the us, who has for the last decade (or at least since bush left) also been trying to solve a problem before they implode.

[Cos]

.

[killramos]

Originally posted by Cos

You think paying some new kid $80k a year for EIT isn't expensive? I've got news for you.


I don't disagree, but its way more work to quantify costs due to rookie mistakes than look at a senior guy making 160 and an EIT making 80 and saying the senior guy is more expensive. People are idiots, and they will make their decisions based on the easy data.

[CapnCrunch]

Originally posted by FraserB


Any smart O&G worker would be putting money away for when this happens. Not like these downturns are a huge shock.

+1.

[Chemengsait]

Originally posted by Xtrema


Senior costs way more and unless you are life blood of company/account, expect to be cut first to maximize savings.

At least that's what I heard over gym chats that's what Sanjel is doing.

I have a buddy that's been with sanjel for about 4 years, is he considered senior? I'm kind of worried for him.

[rage2]

Originally posted by spikerS
Nenshi is now the highest paid Mayor in Canada making $200k plus while city councillers are making like $130k iirc.

Originally posted by ga16i
I thought a Mayor would pull way less. If these are real numbers:
http://www.parl.gc.ca/Parlinfo/lists/Salaries.aspx?Menu=HOC-Politic&Section=03d93c58-f843-49b3-9653-84275c23f3fb
I'm pretty sure 200k+ is an equivalency value, meaning his take home is identical to someone with a 200k+ salary. This is because the mayor has a large income tax exemption.



Originally posted by Redlined_8000
I wasn't thinking anything specific but 200-250k is achievable for lots of people, figured the Mayor of Calgary would make more for the amount of responsibility he has.
Is he responsible for anything? I thought he's only 1 vote. :rofl:

[r3ccOs]

Originally posted by killramos


I don't disagree, but its way more work to quantify costs due to rookie mistakes than look at a senior guy making 160 and an EIT making 80 and saying the senior guy is more expensive. People are idiots, and they will make their decisions based on the easy data.

through the various cycles, I think most companies have learnt what is or isn't expendable.

For close to 3-4 cycles since the mid 90's, IT for instance was the first on the chopping block, until they realized that companies no longer can live with pen & paper these days.
In fact, most major BCP BIA identified business processes all reside on major and complicated systems. Often these systems, regardless whether its a industrial system such as a DCS, SCADA or data capture tool... they are vital to core business functions and boy have some companies learned their lessons the hard way.

Unfortunately I'd imagine that any site/plant where they are willing to reduce production at, opereators, services, and engineers will suffer.

Also, any future plays and ventures are all likely on hold indefinately, which means the typical "temporary" contractor workforce of project managers, engineers, supply chain management, G&G, EPCs, and Service companies are also going to feel the crunch.

[killramos]

Originally posted by rage2


Is he responsible for anything? I thought he's only 1 vote. :rofl:

He has to talk to the tv cameras :dunno:

Basically hes an underpaid ScarJo :nut:

[killramos]

Originally posted by r3ccOs


through the various cycles, I think most companies have learnt what is or isn't expendable.



I disagree :dunno:

You still see important experienced people on teams fired and projects/areas flounder as a result.

Penn West is an excellent example of this. They fired alot of waste but alot of good people got let go in the process as well. And the company cant operate to save its own 2 dollar a share life right now.

[r3ccOs]

Originally posted by FraserB


Any smart O&G worker would be putting money away for when this happens. Not like these downturns are a huge shock.

haha, gotta wonder how many people are that "smart"

I see my neighbor behind me, at home every day since the Christmas break...
He works for an EPC as a construction supervisor...
He's been flying to/from the mac' for the last 17 years

perhaps he is cleaver enough to have done this, knowing how cyclical the industry is, but the new Artic Cat 9000 RR turbo sled he just picked up and the brand new 2014 Silverado 1 ton on his driveway, somehow tells me otherwise.

I'll put it this way... the bill rate for a typical Project Manager here is $125 an hour.

Many of our PMs have been flat out for the last 3 year, billing more than full time hours, often without taking vacation.

I personally know two of them, one which is gone... and has been scrambling calling people, giving his SOB story of how he's got a young family to feed.

All I know is, he didn't need to upgrade to another house this year, regardless of what his bored wife wanted. Didn't have to buy his new Mastercraft, pick up a new truck and take his family out to eat every night because his wife is sick of being cooped up at home every day with the kid.
I'd be willing to bet that the typical O&G worker is just like any other in Canada, and is running the same debt ratio.
Problem is, when you're unemployed, the debt ratio is substantially higher than most when your income is at 0

[r3ccOs]

Originally posted by killramos


I disagree :dunno:

You still see important experienced people on teams fired and projects/areas flounder as a result.

Penn West is an excellent example of this. They fired alot of waste but alot of good people got let go in the process as well. And the company cant operate to save its own 2 dollar a share life right now.

Canadian O&G firms are also incredibly political when compared to other larger professional organiations.

What I mean by that, is I find management typically quite terratorial, and as even the largest Canadian based firm, Suncor, being 14,000 strong... lacks the pratice maturity of supermajor Oil firms.

So, even if one is busy... and effective at performing a core function, if someone doesn't like you... thats all it takes.
Poltics in O&G is more about making peace than fighting for what is logical or right.

Companies, espeically CA firms, as I've also worked for one, has significally more quantafiable measures to determine appropiate workforce reductions, and truely does weed out the driftwood.

Sometimes we complain about all the work requried to submit goals and measures into our performance reviews, but I feel that as long as you're not a bum, this helps remove the ambiguity and subjectiveness when a company pulls out the cleaver.

[FraserB]

$125/hr is low, especially for a 17 year PM in Ft.Mac.

Either way, I'm not sure how having a new truck and sled is indicative or poor financial planning.

[killramos]

Originally posted by FraserB
$125/hr is low, especially for a 17 year PM in Ft.Mac.

Either way, I'm not sure how having a new truck and sled is indicative or poor financial planning. Unless you're under the impression that everyone in O&G is financed to the eyeballs?

I think the implication is buying a new sled and silverado as you are watching oil be walked down to 45 dollars a barrel while working in the oil and gas industry is poor financial planning.

Might have been a good time to wait out a year :dunno:

[Lex350]

Originally posted by urbannomad
Man, thats kinda nuts. I understand its cyclical, but how many ppl have emergency funds? or second jobs? :dunno: These are turbulent times.


Most people live beyond their means so they don't have a back up. I was once out of work for 1.5 years but I had a back up plan to ride it out.

[Cos]

.

[kaput]

.

[BavarianBeast]

Wow, people really need to stop worrying about how other people spend their money and mind their own damned business.

[BigMass]

Originally posted by kaput
Low prices will stimulate the US and world economies increasing demand. Even more likely if, as was suggested earlier, the Americans are already in recovery mode. Meanwhile, I think we can all agree that the highest cost production will decline fairly quickly and ease the over supply. The two will meet somewhere in the middle over the next year and life goes on.

I'm not an economist, but there aren't any external forces driving this that I know of (like the financial issues in 2009), just supply and demand. Then again, Russia probably has a list of countries who they think need freedom. Maybe they will get impatient and speed things up?

idk how you can say that. Almost the entire boom and job recovery in the US was due to the energy sector. You take that out and all we're left with is people working 6 McJobs just to make ends meet. How much more money are people going to spend because they saved a few bucks at the pump when they don't have jobs or are barely scraping by on food stamps?

[r3ccOs]

Originally posted by FraserB
$125/hr is low, especially for a 17 year PM in Ft.Mac.

Either way, I'm not sure how having a new truck and sled is indicative or poor financial planning.

different peoples...

neighbor behind me is a construction supervisor (17 years that he worked up in the MAC for various EPCs)

friend of mine was a PM, who was a developer -> PM over the last 5 years


if you were to look at what you've earned Gross, vs net after your fixed costs over time... its going to be substantially less than the Gross figure, though you will see how much money you've likely pissed away on frivilous things... lol

[Xtrema]

Originally posted by kaput
Low prices will stimulate the US and world economies increasing demand. Even more likely if, as was suggested earlier, the Americans are already in recovery mode. Meanwhile, I think we can all agree that the highest cost production will decline fairly quickly and ease the over supply. The two will meet somewhere in the middle over the next year and life goes on.

I'm not an economist, but there aren't any external forces driving this that I know of (like the financial issues in 2009), just supply and demand. Then again, Russia probably has a list of countries who they think need freedom. Maybe they will get impatient and speed things up?

I just hope the market see it that way and start speculating prices back up.

But end of the day, I have feeling what happen to oil now is what happened to gas 7 years ago. Gas has not rebounded in 7 years due to oversupply. While I have more hope for oil but I still see this as 2-3 year turn around like 1992-96 then a 6 months turn around of 2009-2010.

[suntan]

Originally posted by Xtrema


Senior costs way more and unless you are life blood of company/account, expect to be cut first to maximize savings.

At least that's what I heard over gym chats that's what Sanjel is doing. God finally senior people making $200K something something go to hell.

[suntan]

Originally posted by killramos


Yup. I had an offer from PWT on the table as shit was hitting the fan there. Debating accepting it on the change i would just be immediately severed.

Then i thought has the cheapest person in a group i would end up being stuck there regardless of if i was doing a shitty job as a newby.

and for suntan $100k? That's what the junior guys made in the 90's!









:rofl: Damn you're a dumbass. Psst, I'm a making a joke mocking all the posters on here pissed off at "young people" making money.

Back in my day I had to suck the CEO's cock and all I got was $20s on the floor!

[kaput]

.

[speedog]

Tenaris pipe plant in SE Calgary, major layoffs this Friday, 19+ year people getting laid off.

[Feruk]

Originally posted by speedog
Tenaris pipe plant in SE Calgary, major layoffs this Friday, 19+ year people getting laid off.
This is more along the lines of unskilled labor though. Tenaris makes rods; you don't need much above a junior high diploma to make those. Not surprised the old ones are first to go.

I know nobody cares about EPCs, but since this is the layoff thread... I also heard SNC Lavalin is dismantling their last division in Calgary and booking it. Plan to be gone by next year.

[Speed_69]

Originally posted by speedog
Tenaris pipe plant in SE Calgary, major layoffs this Friday, 19+ year people getting laid off.
91 people were already let go last Friday and 59 this coming Friday...so total 150 people.

[icky2unk]

Originally posted by Speed_69

91 people were already let go last Friday and 59 this coming Friday...so total 150 people.

But it's okay they are all saving $50 a month on gas for their cars!

[riander5]

Originally posted by M.alex


What do you do?

Every post you've made since oil started dropping has obviously been done while you are beating off all over yourself watching a crude oil chart on one monitor and a scrolling Canadian O&G newsfeed on the other.

[Deeznuts]

Originally posted by Feruk

I also heard SNC Lavalin is dismantling their last division in Calgary and booking it. Plan to be gone by next year.

Are you referring to SNC's O&G unit?

[Xtrema]

Originally posted by Feruk
I know nobody cares about EPCs, but since this is the layoff thread... I also heard SNC Lavalin is dismantling their last division in Calgary and booking it. Plan to be gone by next year.

EPC laid off on a yearly cycle. Not news. :rofl:

[The_Rural_Juror]

Originally posted by riander5


What do you do?

Every post you've made since oil started dropping has obviously been done while you are beating off all over yourself watching a crude oil chart on one monitor and a scrolling Canadian O&G newsfeed on the other.

Don't discount a guy who uses his towel rack to do chin-ups.

With that being said, he's probably well versed.

[Feruk]

Originally posted by Deeznuts
Are you referring to SNC's O&G unit?
My understanding is yes. Their piping division is already gone and now O&G is getting cut. They'll apparently have no office here at all as of next year?


Originally posted by Xtrema
EPC laid off on a yearly cycle. Not news. :rofl:
Layoff not news. Closing shop here is.

[Feruk]

BP's cutting 200 staff and 100 contractors worldwide. Did they ever close their Calgary office?

http://boereport.com/2015/01/15/bp-cuts-200-staff-100-contractors-worldwide/

[r3ccOs]

Originally posted by Feruk
BP's cutting 200 staff and 100 contractors worldwide. Did they ever close their Calgary office?

http://boereport.com/2015/01/15/bp-cuts-200-staff-100-contractors-worldwide/

my friend works at BP and they've hacked and slashed throughout 2013 - 2015

E&P work has signifcantly slowed, and it appears their Canadian Strategy is more positioned like a venture captial firm

[Deeznuts]

Originally posted by Feruk

My understanding is yes. Their piping division is already gone and now O&G is getting cut. They'll apparently have no office here at all as of next year?

A lot of people have gone within the last year or so. Remaining people on Brion and MEG projects will be gone by end of this month.

Calgary office will probably not win any new projects anytime soon, so I suspect employees will be let go or shipped off to Kentz.

[killramos]

And Apache ( 5% workforce ) :(

http://www.wsj.com/articles/apache-to-lay-off-roughly-5-of-staff-1421285782?mod=wsj_nview_latest&cb=logged0.5609976429912985:

[suntan]

Originally posted by Xtrema


I just hope the market see it that way and start speculating prices back up.

But end of the day, I have feeling what happen to oil now is what happened to gas 7 years ago. Gas has not rebounded in 7 years due to oversupply. While I have more hope for oil but I still see this as 2-3 year turn around like 1992-96 then a 6 months turn around of 2009-2010. LNG is not a fungible commodity. Prices are entirely locally driven.

Oil is a global fungible commodity. Prices are set worldwide.

It will rebound. Saudi Arabia can only run deficits for so long.

[ExtraSlow]

I'd argue that one it's on the boat, LNG is pretty fungible.

[suntan]

There is no scalable method to transport LNG. If you figure it out, tell Enbridge, they'll give you a few million dollars.

[riander5]

Originally posted by killramos
And Apache ( 5% workforce ) :(

http://www.wsj.com/articles/apache-to-lay-off-roughly-5-of-staff-1421285782?mod=wsj_nview_latest&cb=logged0.5609976429912985:

Hit harder than 5% in Canada

[lasimmon]

Originally posted by suntan
LNG is not a fungible commodity. Prices are entirely locally driven.

Oil is a global fungible commodity. Prices are set worldwide.

It will rebound. Saudi Arabia can only run deficits for so long.

What exactly is Saudi running a deficit on? Isn't their oil profitable at like 20 bucks?

[suntan]

Originally posted by lasimmon


What exactly is Saudi running a deficit on? Isn't their oil profitable at like 20 bucks? The SA gov't derives 93% of their revenue from oil royalties.

http://www.ft.com/cms/s/0/e52a434e-9c9f-11e4-a730-00144feabdc0.html#axzz3OvXKGl1D

[killramos]

Originally posted by lasimmon


What exactly is Saudi running a deficit on? Isn't their oil profitable at like 20 bucks?

:werd:

Their "deficit" is that each citizen will have to buy an S4 instead of an R8 this year :rolleyes:

[suntan]

Originally posted by killramos


:werd:

Their "deficit" is that each citizen will have to buy an S4 instead of an R8 this year :rolleyes: I am always impressed by your complete lack of knowledge of everything you comment on.

[killramos]

Originally posted by suntan
I am always impressed by your complete lack of knowledge of everything you comment on.

Oh i forgot how much of a fountain of true facts you are :rofl:

You think I actually believe that a country of 30 million people can afford an R8 each year? That i think Audi makes 30 million R8's a year?

Get a grip. :zzz:

[flipstah]

Originally posted by suntan
There is no scalable method to transport LNG. If you figure it out, tell Enbridge, they'll give you a few million dollars.

ExtraSlow is on to something.

http://www.lngworldnews.com/wp-content/uploads/2012/12/Norway-Ships-LNG-Cargo-to-U.S..jpg

Asia is thirsty for natgas but Russia is closer to quenching that.

[killramos]

Originally posted by flipstah


ExtraSlow is on to something.

http://www.lngworldnews.com/wp-content/uploads/2012/12/Norway-Ships-LNG-Cargo-to-U.S..jpg

Asia is thirsty for natgas but Russia is closer to quenching that.

:rofl: weird right?

[Feruk]

Lightstream is doing layoffs RIGHT NOW.

[Masked Bandit]

Does anyone here work for Schlumberger? I had heard that things were going to be scary around there, just looking for first hand confirmation.

[spikerS]

Originally posted by Masked Bandit
Does anyone here work for Schlumberger? I had heard that things were going to be scary around there, just looking for first hand confirmation.

My best friend does as a MWD on a rig. Has been home since the 2nd, and has no idea when or if he is getting called back to work.

[kaput]

.

[CompletelyNumb]

Didn't Schlum just buy Pacesetter?

[themack89]

Originally posted by CompletelyNumb
Didn't Schlum just buy Pacesetter?

80% Stake I believe. $100mm?

[ExtraSlow]

Is there any public confirmation of that? Press releases or what? I have also heard it.

[Cos]

.

[flipstah]

Originally posted by Feruk
Lightstream is doing layoffs RIGHT NOW.

That explains my buddy's FB status.

CNRL is going to buy it.

[realazy]

Originally posted by flipstah


CNRL is going to buy it.

Really? I've heard from someone at Apache that CNRL is buying Apache Canada...

So many CNRL rumors...

[killramos]

Originally posted by realazy


Really? I've heard from someone at Apache that CNRL is buying Apache Canada...

So many CNRL rumors...

They are probably doing all of the above. They have the cash...

[Feruk]

They're also gonna buy PWT, right? :rofl: The rumor for Lightstream that I've heard the most is CPG gonna buy out their Bakken play, which I think is way more realistic than CNRL buying the whole company.


Originally posted by kaput
To be fair, they were under performing before prices tanked so this isn't much of a surprise.
Very true. I'd say 50% chance they're bankrupt this time next year.