SL hasn't been hit as much as the other divisions because chemicals still need to be sold to existing wells. It all comes down to business if you are not making money for the company they will divest you or cut costs. I heard the Polymers business was not sold because Baker wasn't going to make enough money from selling it. Also, that group is fairly small i believe and brings in a high profit margin that often exceeds plan when oil prices are low. Halliburton will probably divest this business along with other non core when the deal is done.
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What about the Polymers division which is considered downstream but none core because they sell to non oil services markets (adhesives, plastics, cosmetics, paints, candles, etc.). Weren't they up for sale before HAL made its move on BHI? Once that plant and remaining Polymers personnel are divested several hundred people will be out of the equation. All of that headcount will fall under the BHI business that's headquartered in Sugar Land.
There have been layoffs in SL, but not to the extent of the other BHI divisions. This is because they are focused on production rather than drilling. Drilling is dying, but the oil companies still need to produce from the existing wells regardless of oil / gas prices in order to keep their cash flow going to keep their companies alive. And also SL has downstream market, which is refining, and the refiners are going gangbusters right now. So that is why the layoffs are not as bad in SL, although the family is smaller so it still cuts deep. Lots of the older, experienced talent has left.
Instead of Schadenfreude why not justice for all?
Lost about 10 last Tuesday. We're just wondering when they'll be back for more.
Yeah, you know what would make me feel better about losing my job? A bunch of other people losing their jobs. Schadenfreude much?
Maybe there is nothing to report over there?