Getting laid off from an oil & gas company is not unusual. It is a competitive business and will continue to happen. Job seekers need to accept this if they choose to work in this industry. The highs are sooo good when business is good, but the lows are out of work sometimes for long periods of time during the downturns. I went to work for Conoco in the 1970's from Oklahoma State U. campus to Houston, Tx. It was the best organization I ever worked for. But, I left them in 1980 for more money at another oil and gas company. If you choose to continue on the industry, tighten your belts. Get rid of or reduce your debt. Those of you to be laid off, think about another industry or career outside oil and gas. The employment climate now reminds me of 1986. $10 per barrel oil and no jobs. I remember because I got laid off too. But, my wife worked as a school teacher and we managed to survive until things got better. You want job security? Look in the mirror.......there will be another day and God has a plan for you.
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Nice to see common sense. They have to layoff. There's no way around it. And as for the dividend, if shareholders aren't happy, we are prime candidates for a buyout or hostile takeover. How many people would be let go then? Just ask Williams. They only sold after the threat of hostile takeover. Keeping shareholders happy is imperative. We wouldn't have a company otherwise. Why is everybody being so whiny and butt hurt? If you aren't smart enough to understand that the oil and gas industry is very cyclical, then you probably should be let go. It's always boom and bust. It'll come back. Find a different industry if you require something more stable. In the meantime, grow up.
Not all industries and/or geographic locations are cyclical and so employees hired from other industries and/or geographic locations will not be aware of the cyclical nature of the industry. The east coast is unaware of the oil and gas industry beyond the location of the gas station and the delivery of the heating oil. The west coast is in denial the oil and gas industry even exists.
I agree with the original post. You chose this industry. For the commenter...You chose to move to Bartlesville. Yet you did not plan for the inevitability of a low cycle? Your mistake. I have been laid-off 2 times in my career (40years) and I have now been "retired". Each and every time I was OK in the end. Why? Because I planned for it and made sure I was in a position to be without work.
Advice from the elderly is to look for another career in another industry. Clearly many people on this site are not cut out for oil and gas.
Funny - there is a saying that goes something like 'where you stand is based on where you've sat in the past' - it is easy to be brave and talk about it 'being a part of life' when you've landed on the good side. Bottom line - ther eare good, hard working people here (spare me the bullshit about performance based) who are going to lose a lot all so Mr. Lance can keep the dividend up. Things have a way of coming around on people like that and hopefully Mr. Lance 'gets his' sometime in the near future
The analogy also does not work for the information technology roles. ConocoPhillips promised the world and a relocation package to move to Bartlesville, Oklahoma. The salary was competitive and the cost of living was lower. In the end I now have no job, no prospects of a job in the immediate area, $10,600 unemployment benefits and a house I cannot sell. The company did no pay me enough to sit on my ass for two years waiting for the industry to improve. The company hired me based on the current skill set. Out of work for two years in the information technology industry is the end of the road.
Analogy works to a degree for the oil field job and oil engineer job but not the shared services job. The finance associate or human resources associate is not paid a premium.
Great post Sir..