“The last time the crude oil price and the rig count were at present levels, upstream oilfield employment in Texas was about 100,000 less than the January 2016 estimate of about 230,000,” “This suggests that the bloodletting in Texas’ upstream oil and gas industry will continue as the year progresses.”
Know one is safe!
I agree with bullshit - we will not get a recovery with everyone loaded for the upswing. Saudi control what is going on and have the capacity to weather the storm they created for several years. Unit there is capitulation there will be no recovery.
The recent rise in prices is bad - it allows shale to reload with more hedges. If you wanted to knock out an E&P company you would want the low prices to persist for years. Then get the maximum valuation for Aramco IPO.
Still not generating profit at 37 or 40. Cut dividend again? no sell assets and layoffs. There's 3 rigs in the lower48 way to many people to support. And this bs about holding employees for ramp up is rediculos
COP would have decided on layoffs when WTI was $26.00
Now that it is ~ 40% higher @ $37; it does not make any sense to announce any layoffs.
I agree that some like to badmouth COP ...
Hey dumb ass numbers are numbers and they don't lie. More layoffs to come!!!!
There are no layoffs just people disgruntled with COP and trying to rile people up!
Troof!