Oil price has been stabilized and pick back up lately, but still not high enough yet. At least 20 field hands got layoff this past week as a result. Once things pick back up in the long run, they'll be short on hands all over again.
We are playing quarter-by-quarter to satisfy stockholders instead of focusing on the long term. Upper management already committed to out cost cutting all the competitors. As long as Schlumberger, Halliburton,and Weatherford announce more layoffs we will have more rounds of layoffs until the next boom cycle starts.