Time to put the hobby on the back burner

[YoHou]

Fucking oil industry had more lay offs this week. Though I wasn't caught in it this time, the trend is not looking good so better to conserve now then suffer later.

Anyone else in O&G feeling this low oil price?

[Anna Nikkole]

Gas prices are actually rising. I was hoping things were getting better

[RayrayTX]

How's it looking for Geophysics majors? That is my intended goal.

[Russ38]

I work in the industry....but the particular company I work for is very diversified so we've seen little to no effects in regards to oil prices. It's just a temporary slump in the market...it'll make it's way back soon enough, always does....

[drax1]

It'll come back as soon as we get a President that knows something about world markets and how to run an economy.

[YoHou]

Originally Posted by Russ38

I work in the industry....but the particular company I work for is very diversified so we've seen little to no effects in regards to oil prices. It's just a temporary slump in the market...it'll make it's way back soon enough, always does....

Yeah, it's a cycle, but for what I do I'm probably walking on eggshells right now.

[bbkid]

Originally Posted by Russ38

It's just a temporary slump in the market...it'll make it's way back soon enough, always does....

^^^ Yep ^^^

[Russ38]

Originally Posted by YoHou

Yeah, it's a cycle, but for what I do I'm probably walking on eggshells right now.

Yeah I hear ya, I have several close friends who also work in the industry that have felt the impact of the cycle....and many of those companies still made record profits last year but with the nature of the business, they tend to hit the panic button a little too early sometimes.

[iquit]

Best excuse for layoffs. Oil prices low for one month means nothing to these guyz profit margin in the long run and payroll-related savings from layoffs are usually negligible.

Most companies will hedge their positions to maintain cash flows via swaps, collars, derivative instruments etc so short term oil price bleeps are not an issue. I have enough savings to maintain my lifestyle for a year so I don't worry bout layoffs much. I suggest u do the same before u start Hobbying.

[Horizontal Driller]

If they hadn't hedged already it's too late for them. Producers who don't spend 2015 streamlining their organizations won't be around this time next year. If the Saudis really do intend to put American producers out of business this is all going to get much worse before it gets better.

[GlobeSpotter]

The smart ones will hurry up and sanction projects based on low steel, commodity, and fab labor prices.

[Driver420]

Fuck that the oil Industry has been living off the fat of the land too long. Gas needed to go down to .99 cents a gallon.

[YoHou]

It's the future shares which dictates the oil prices.

http://www.telegraph.co.uk/finance/n...oil-price.html

[GlobeSpotter]

Originally Posted by Driver420

Fuck that the oil Industry has been living off the fat of the land too long. Gas needed to go down to .99 cents a gallon.

that would be cheaper than Ozarka water if you take off the taxes.

Tell that to an investor that sinks 2 to 4 BILLION in advance for one field with no guarantee of productivity and no control over the market price.

Edit: oh yeah....milk is 4 to 5 bucks a gallon and it comes from cow tits.

[YoHou]

Originally Posted by GlobeSpotter

Edit: oh yeah....milk is 4 to 5 bucks a gallon and it comes from cow tits.

Obligatory (gotta laugh instead of worry and cry ):