In the oil industry we have to live with a lot of uncertainty. That's the message from the head of U.S. oil giant ExxonMobil to all of you. Rex Tillerson also said poor-managed company always overshoot to lay off employees on the way down. Tillerson also urged against excessive cuts amid a low oil price environment - be it capital spending or staff.
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Tillerson said at an industry conference last week that low prices are "going to be with us for a while."
That is a very good article, and it makes a lot of sense. You do not see the top oil producers in the world laying off up to 20-40% of their companies. I only see the major oil service companies doing that. When the price goes back up, the work will pick up. Then there will be a mass hiring phase going on. The big three service companies are very short sighted and the quarterly profits over rule everything. There is no long term plan for staffing. I have come to the opinion that service companies see the vast majority of their employees has expendable. They can lay off thousands of people. Then in a year or so, they can hire back people to do the work. They do not see the lost talent and experience has anything to worry about.
I'm certain I am living with a librarian