Chesapeake??
- Thread starter WCPoke
- Start date
Around 500 is the number I heard. Not sure if that is just in OKC or company wide. I know they've laid off some in the field.
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Sucks for everyone involved. Most likely going to have to change profession if they want to find a job in OKC, much less anywhere now. OKC could probably absorb some hr, accounting, IT functions, but it can't absorb the geo's, landmen, engineers.
If any of you know anyone who got laid off, forward them to Oxy. Last I heard from the father-in-law, they have had a lot of positions open. Quick peek shows 93 on their website. Will be many more, I assume, once they get their NCG hub down in Corpus done.
was talking about this with a few oil pros last night...saying expect it to get worse, down to $25, 5 years to get it straightened out. Probably pretty close to being right. The Iran oil is going to push pricing down was one of their main concerns. An extra million barrels a day. The odds are much greater of it getting worse right now than better. Chesapeake was just the first domino. The majors are squeezing also trying to get the little guys out...they call Devon a little guy.
I don't think so. I believe we have bottomed. Oil will trade in a $40-$50 range through Q1 next year and then will start to rise. Many people are greatly underestimating the depletion rates of the shale plays. Rig count is down 60%, and US production has started to fall a little. Those production numbers will start dropping by a lot more over next 3 months.
I think you're fairly on target. General expectations seem to be that oil will only rise $5/Bbl or so over the next couple of years. Unlikely to hit $90/Bbl again anytime in the near future. Natural gas has a more "positive" outlook if you ask me; all it takes is one cold winter, or one hot summer, to cause prices to rise.
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Yes, oil will be "down" for several years, but in reality it won't hurt the players in the market. Production costs haves dropped significantly in the past 5 years, which is why oil prices will remain low, not so much because of over supply. I think the supply issues shake out by middle of next year...
That is exactly what happened, and exactly why prices are low and gas is under $2.00. The person who started that was widely mocked, but ended up being 100% correct.
Now, if we could "sell baby sell" outside our borders we could actually hurt improve US jobs, and hurt OPEC.
This is at least the third time in my life that the oil boom has gone bust. But for the pain it causes so many families, it should be funny by now. It's always been a driven-by-greed industry.
We either have every possible rig drilling and need to build more or hundreds of rigs rusting in the grass and massive unemployment from roughnecks to CEOs.
The petroleum business couldn't maintain its own prosperity to save its ***. Oil and gas companies come and go like farts in the wind.
We either have every possible rig drilling and need to build more or hundreds of rigs rusting in the grass and massive unemployment from roughnecks to CEOs.
The petroleum business couldn't maintain its own prosperity to save its ***. Oil and gas companies come and go like farts in the wind.
Also on this deal there are numerous companies that did business with Chesapeake like trucking companies that have had to lay off workers also. I hate it when the boom is over. I would rather pay 3.50 a gallon for gas and have these companies thriving then cheap gas. I know that wasn't what caused this problem but you hear people talk about how great the price of gas is.
I haven't seen that commercial since Western sponsored the Dallas Cowboys broadcasts in the early 60's in West Texas, but even as a second or third grader, I knew that chick was SMOKIN' hot!
yep, it's like I can afford $3.50 a gallon gas...I can't afford $1.50 a gallon gas.
Yup, and it's compounded by people leaving town - more houses on the market driving down the house costs. Fewer people starting new construction so the construction industry suffers; more houses up for lease - it has a major trickle down effect. Give me economic growth and $3.50/gallon at the pump.