What struck to me was how many bad decisions were made and no effort to contain cost was done much earlier. Only cost cut that was thought was to layoff employees. For example the contractors were being paid high rates by industry. The higher rates that were there during transition to p66 were never reduced !! How come no one thought of that.. When the times were bad other avenues to cut cost were not explored .. How can an experienced Oil industry veterans can be so dumb.. is beyond imagination.
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After almost 40 yrs. in the O&G business (still working), we joked among ourselves 25 years ago how the producers could have accomplished the same results with at least 30% fewer people. There were way too many high paid staff running around pushing their own agenda and purely self focused and nose up someone's butt. The good ole boy network is still at play in many cases.
Maybe because the only people working are the contractors. More work equals more money. ConocoPhillip employees sit on their holy thrones all day and act as the if everyone and everything is beneath them.
Curious if the contractors are renewed for 12 month or month to month.
Employees are at will, contractors negotiated fixed length employment - it was cheaper and easier to let employees go.
The oil and gas industry is feat or famine. Drunk frat boys out at the titty bar with daddy's credit card.