WTI down to $58 and change, over a 5% decline today. Nice to try to have a steady career in such an unstable industry. Pioneer Natural Resources lays off 10%, Weatherford laying off thousands, Anadarko being bought out with pending layoffs, and who knows what else. I am glad that I am out after 30+ years. It probably added 15 years to my life.
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At 2:00 pm, Wednesday June 5, WTI is down 3% to $51.91/barrel. Let it go down to $50 and stay there for at least a year. Nearly there.
I'm sure most people expected the oil price to have gone back up by now. Its like we're in the great depression of the oil industry after a decade of the roaring 20s.
@9uba, “Most retirees” are “swimming” in Chevron stock? I dare say not most, but few. If you’re retired and still swimming in company stock, you’re nuts. By the time I retired, I dumped all my company stock. I invested in other things, but not company stock. Personally I’d like to see oil in the 45/50 range. That’s a fair price for everyone.
Most retirees are swimming in Chevron stock and would benefit more from $100 oil, whether they realize or not.
WTI closed down 5.76% to $53.33/barrel. Sweet news for us retirees. Let it go down to $50 and stay there for at least a year.
WTI is currently at $54.92, down 2.95%. I am out of the oil biz, so the lower, the better.
OXY needs 60+ or it is toast, so 50s for a year might work out well for bottom feeding gains;/).
WTI down to $56.47/barrel today. My GasBuddy app has gasoline prices falling as well. Good for me, the retirees and national economy in general. Not so great for the Chevron shareholders and other oil producers. I’d like to see it stabilize at $50 and remain there for the foreseeable future.
WTI price is down 3.9% to $56.47/barrel. Not good for such large price swings, especially down.
Yes, you should anticipate contractions and expansions in the oil industry over your (hopefully) long career. My advice is to focus on your skillset. Industry needs bright, hard working contributors. If not in the oil industry, you will "land on your feet" in comparable jobs outside of our industry (our loss :) ).
Having said that---- I hope you enjoy the industry as much as I do (did) over my 40 years. See the operations all over the globe--- good people (mostly), great projects and wonderful chance to get to see the world and interact with people from many different backgrounds.
I am paid very well and have always lived on less than half my salary. In my 27 years in the industry I was laid off twice. The first time I was out of work for almost 3 years but had a year severance and moved to Costa Rica so had the opportunity to do a lot of scuba and became a fairly good surfer (never world class...but solid recreation level). By the time I moved back to the USA the industry was on an upswing and I got several job offers fairly quickly. The second time, ten years after returning to work, I again had a year severance and spent time fixing up the house I still have in northern BC. I have been working now for 12 years straight and if I got hit again I would be in good shape to FIRE. It is a lot like the stock market, stay rational during up swings and you will be fine during downturns. I am very happy with my career despite the swings, but I might be more flexible in my life style than some.
@OP, This is the oil industry, chock full of historical booms and busts. Just as you say it’s nice to try to have a steady career in such an unstable industry, the same thing goes in retirement. It’s nice to have a steady fixed income source in the pension annuity along with social security. Inflation fears aside, the market makes no guarantees either. Better to bank on a steady flow of cash than the ebb and flow of an uncertain stock market. That’s what you need to manage to keep your 401k and other retirement savings intact. All that said, I enjoyed my 27 year career with Chevron and was fortunate to have been part of this great organization. For those still working at Chevron, learn, work hard and enjoy your career. You are the fortunate ones. Don’t take it for granted. The grass is already green where you are.
@ZcJ5YVe-oag Get used to it. If you stay in the industry I can guarantee over your career you will see many downturns followed by periods of rapid growth. It’s how the industry operates as it responds to swings in the worlds economy. If you are lucky ( you make your own luck) you will survive the down turns and benefit from the periods of growth. That said also have an exit plan just in case your luck does run out.
Jealous. I'm coming up on my 4th year in the industry, and it gets a little more depressing every day. Getting recruited in the boom days and getting to see these two, starkly different realities of what the industry looks like is pretty jolting to the psyche. I plan to stick it out, but it really seems like the cheap money from Wall Street in the wake of the financial crisis did a considerable amount of damage to this sector, not to mention the false promise that is shale oil.
Now at $57.77, down 5.9%.