Hit the manufacturing floor pretty hard today at the Woodlands location. Essentially got rid of a whole department.
8 replies (most recent on top)
Yeah I know many people got let go recently at the Woodlands facility. I wouldn't be surprised if there's another round of layoffs by the end of the 2nd quarter....
I know of one that was let go today in woodlands
This is really sad to hear. Hughes was an absolutely wonderful company for decades and I am proud to have been a small part of that.
The issue with bits is much deeper than where the bits are made or if Tricone is still relevant. The unfortunate truth of the matter is Hughes (and Smith, DBS and ReedHycalog) have quite literally engineered themselves out of work. PDC’s have become so durable and fast now that the whole business proposition that Hughes was built on, is falling apart. Remember “further faster”? Well, the industry is at a point where how much further and faster can you go? You have to pull for casing at some point and you still have to make connections every 30/90’. It was an amazing run, but drill bits are essentially a commodity now.
Hmmm. That is what some said thirty five years ago, get rid of that product line, it’s dead. Then the big four (back then) each developed high performance steel tooth bits that have made tens of millions of dollars over the years. Perhaps you are correct, this time might be the last nail in the coffin. PDC bits have definitely displaced roller cone bits as the major player, but tricone bits are still viable for certain formations and/or conditions.
we need to get rid of the deadwood in the top layer. trim the fat and throw them out
Tricones were dead weight anyways with more drillers choosing to drill with PDCs.
Even with import tariffs, those will cost way less if made outside the US. Even water wells wouldn't use them, why even bother.
Looks like roller cone steel tooth product line completely outsourced to third party suppliers.
Do you know which department? Is it affecting tricone more than PDC?