Has your office / company laid people off or are you expecting layoffs? PART 8

[ExtraSlow]

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I would start the application process as soon as you can.

There's no need to start anything this far out. If the layoff is anticipated to be in March, starting now is crazy.

[Sugarphreak]

...

[ExtraSlow]

Pretty interesting that only 54% are with the same company through all this.

[Xtrema]

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Pretty interesting that only 54% are with the same company through all this.

As in you expected more turnovers and laid offs?

2014: 2.274M jobs, 175k is resource extraction.

2017: 2.286M jobs, 140k is resource extraction.

While there are definitely trickle down effect, 54% survived from laid offs isn't that surprising.

[ExtraSlow]

No, I was surprised that 46% HAD changed jobs in such a short amount of time.

[16hypen3sp]

I hear Trican and STEP have laid off staff over the course of December.

STEP changed their schedule to mitigate losses from their '8 hour pay guarantee' thing. Basically just more time off.

This was in Red Deer.

[vengie]

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I hear Trican and STEP have laid off staff over the course of December.

STEP changed their schedule to mitigate losses from their '8 hour pay guarantee' thing. Basically just more time off.

This was in Red Deer.

Trican has been consistently been laying off for the last two months.

I’ll be surprised if they last another year unfortunately.

[trickyone]

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I hear Trican and STEP have laid off staff over the course of December.

STEP changed their schedule to mitigate losses from their '8 hour pay guarantee' thing. Basically just more time off.

This was in Red Deer.

Add BJ services in the mix as well, laid off their top management (around 20 ppl) couple of weeks ago as well...

[schurchill39]

The only pressure pumping service companies that I do not think are actively laying people off (unless they've kept it extremely quiet) are Element and Calfrac. Element just opened a based in Red Deer and is scooping up frac hands left and right. Everyone else is cutting guys here and there, essentially cutting the fat from an already too lean cut of meat (IMHO of course). Trican cut a pile of the class 5 drivers (bottom of the totem pole dudes) and STEP cut a bunch of their duds. Step just got awarded two big contracts with Encana and Seven Generations which is going to take a huge toll on their equipment, especially at the price point they won it at. It will be interesting to see what happens with them

We are going to continue to see service companies, regardless of what type of service, cut people in 2019. Everyone either has a conservative drilling program for 2019, or are cutting wells and releasing rigs. Work that everyone had scheduled from Q4 2018, was "pushed" until Q1 2019 which is then anticipating getting pushed (see: canceled) until Q3/Q4 2019. Talking to some of my contacts they pointed out that the rig count trend at the end of 2018 here is very similar to the end of 2015 and they are bracing for another 2016 type year.

We're in for another really tough year in oil and gas with the trickle down effect impacting other industries in the later half of the year I am sure.
(Cue the angry mob of non-O&G folk shitting all over those of us who are because "that's what you get" and "you deserve it" which seems to be a sentiment that is all too prevalent lately).

[birdman86]

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Trican has been consistently been laying off for the last two months.

I’ll be surprised if they last another year unfortunately.

It’s going to be rough but Trican’s got practically no debt and tons of free cash flow. I’d be surprised if they go under. And it’s a well known company to foreign investors so share price will bounce back hard if sentiment ever shifts in favor of WCSB...could also see them get acquired by a US firm (bit of a stretch). I know there were rumours that Keane was looking at them over the summer... just my take. Could be a good buy if you have a long investment horizon. Who knows where the bottom is though. Could also never recover so idk buyer beware.

[blownz]

Sysco laid off a bunch of people just before Christmas due to the camp slowdown up north. Affected a lot of office jobs as well.

[suntan]

TransCanada apparently doing layoffs next week.

[Mitsu3000gt]

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TransCanada apparently doing layoffs next week.

As a customer of theirs, I can't imagine how they are losing money making everyone sign up for 8yr take or pays, etc.

[Impreza]

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As a customer of theirs, I can't imagine how they are losing money making everyone sign up for 8yr take or pays, etc.

Agreed. I don't think they are really that hurting. Would be surprised if they actually do these layoffs.

[16hypen3sp]

Schlumberger laying off in Red Deer since December I'm told.

[Sugarphreak]

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[bjstare]

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There is a lot of chatter from people I know right now in O+G engineering; apparently things in Calgary are really not good, and haven't been for 5 years.

Ftfy

[Xtrema]

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Ftfy

I think there was hope at the beginning of 2018. But toward the end, hope is all lost.

Nobody is buying anything.

[msommers]

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Ftfy

Haha yeah, 5 years at least. Jesus.

[Manhattan]

Crazy to think it has been that long. Feels like yesterday. There are 5 yr kids who have only lived in a world of recession haha.