With the new year right around the corner and things not looking all that bright fit O&G, should we expect further mass layoffs like we experienced in April?
9 replies (most recent on top)
No, we shouldn’t—the company is done laying off until at least next summer.
Ah yes, resilience.org - a well respected and credible news source for the latest in oil and gas. If you're looking for bad news, then you'll find it.
My advice: Take a step back and look at the bigger market picture. Things still aren't great, but they are getting better. OPEC is likely to extend production cuts. Stimulus will happen at some point.
That last poster is dvmber than they type. Must be a manager.
Look: https://www.resilience.org/stories/2020-11-29/low-prices-batter-oil-industry-and-later-the-rest-of-us/
Unless there's some major acquisition in the works, layoffs now really don't make any sense. Things look better than they have all year with split legislature, oil prices creeping up, and vaccine news. And most important of all, our stock is up along with the rest of market, which is a really good sign.
The time to cut, if it was going to happen, was back in October which would have further boosted the Q3 earnings release.
To the previous poster, you’re an Id1ot and should be fired for your r—dednes and severe lack of leadership ability. We know who you are. Good luck with the busy work charade—your times running out. Hate to see that mustang go...
Maybe this time they can trim the lackeys they hired from Noble.
Another 10-15% were supposed to be released before Oct 1 but had to be delayed for reasons I haven’t been told. It will occur after the holidays. This I’m pretty sure of. Sorry.
Just like last time, I think they are going to be extremely quiet about upcoming layoffs and then hit us all with it on a Friday.
It’s tough to say, but from the rumblings that I’m hearing, I don’t think so. Granted, the majority of the groups are just doing busy work, I think the company is hoping to hold out long enough for things to rebound so they don’t have to do a mass hiring exercise. Although I would agree that some of the people they left on staff definitely need to go.