More than 100,000 American oil workers have lost their jobs since the Corona-pandemic slump began, with service companies bearing the brunt. After more than 200…
Tag: Oilfield Layoffs
Oilfield companies will always put the bottom line first
It’s all about the profit margins We live in a capitalist country after all. so we shouldn’t be surprised when companies layoff thousands of workers…
Thousands of oil wells have been shut in
Something that was considered unthinkable in the past is now a reality all across the U.S oilpatch. Across the Permian Basin that is West Texas…
Earnings Report & Marathon Oil (MRO) laid off 16% of its workforce
Marathon Oil (MRO) missed views and laid off 16% of its workforce, while halting dividend payments and buybacks. It also cut its 2020 capital spending…
Liberty was built to survive tough times?
Chris Wright — Chief Executive Officer and Chairman during his Earnings Call. Our industry has been hit with two large shocks since our last quarterly…
FED: Third of Americans will be unemployed
Compared to other slowdowns in the Oilfield, Workers today will have a much harder time. Today’s Laid off oilfield workers will need to compete against…
Oops – US suspends plans to buy oil after funding is left out of $2 trillion stimulus package
The U.S. Department of Energy is suspending its plans to buy crude for the country’s Strategic Petroleum Reserve after the requested $3 billion in funding…
The U.S Oil industry will see thousands of jobs lost
One of the most painful busts in the history of crude oil happened just six years ago when a sharp price drop cost 200,000 roughnecks,…
Continental Resources plans to cut rigs and spending in 2020
Continental Resources on Thursday cut its 2020 capital spending budget by 55%, reports said. Continental Resources said it intends to spend about $1.2 billion in…
OILFIELD LAYOFFS ARE SKYROCKETING IN TEXAS & NORTH DAKOTA
Many companies are proceeding with temporary layoffs due both to crashing oil prices and the spread of the novel coronavirus that causes COVID-19. (Bloomberg) —…
MASS LAYOFFS IN NORTH DAKOTA – TEXAS
John Kilduff, Again Capital founding partner, calls ‘Power Lunch’ to discuss oil plunging into the close and what’s behind the move. John Kilduff, CNBC contributor…
Layoffs in the oilfields expected after crude oil prices dive
If oil prices do not change for the better we can expect the following to come to fruition. MIDLAND, Tx. (KOSA) – Oil prices took…