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The Worse Things Get For You, The Better They Get For Wall Street
The Worse Things Get For You, The Better They Get For Wall Street On October 2 the BLS reported absolutely atrocious employment data, with virtually no job growth other than the phantom jobs added by the fantastically wrong Birth/Death adjustment for all those new businesses springing up around the country. The MSM couldn’t even spin […]
The Real Long Term Threat To The Oil & Gas Industry
The Real Long Term Threat To The Oil & Gas Industry As oil prices continue their downward slide, most investors and firms are understandably eyeing prices, revenues, and exploration costs nervously. All that makes sense, as there is a good chance some oil firms will face liquidity crunches and restructuring over the next year. In […]
Layoffs Surge As Oil Price Outlook Remains Sober
Layoffs Surge As Oil Price Outlook Remains Sober Lately the leaders of some of the world’s biggest energy companies have been saying oil prices will remain depressed for some time – perhaps for the next five years – and now they’ve decided to cut their costs in the most painful way possible: massive job cuts. […]
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers
The Layoffs Return: Energy Giants Chevron, Saipem To Fire Over 10,000 Workers In the beginning of 2015 the biggest threat to the economy as a result of the collapse in oil prices, both in the US and worldwide, was the surge in layoffs among highly-paid energy sector job. This was confirmed in April when we showed the […]
Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, Creating 5th Largest Food Company In The World
Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, Creating 5th Largest Food Company In The World Another day, another mega-M&A deal taking advantage of abnormally low bond rates, this time however not involving biotechs or a specialty pharma seeking to purchase a debt-free balance sheet, but one involving the Oracle of Omaha himself, […]
100,000 Layoffs and Counting: Is this the New Normal?
100,000 Layoffs and Counting: Is this the New Normal? This time a year ago, the oil industry’s biggest problem was finding a way to deal with the “retirement tsunami” about to crash down on it as older oilfield workers hung up their cork boots to enjoy freedom-55. Now, with oil prices still in the doldrums, […]
Oil Plunge Hits Office Market, But “So Far” No Apocalypse
Oil Plunge Hits Office Market, But “So Far” No Apocalypse “Here in Houston a number of projects have been canceled. Engineers are put on ‘hold.’ There have been some contract engineers laid off, and hiring has been suspended. Everyone is waiting for the other shoe to drop.” That’s how an engineer in the energy sector […]
Another 5,000 Victims Of The Plunge In Oil Prices
Another 5,000 Victims Of The Plunge In Oil Prices Yet another energy company is struggling to save money in the face of unexpectedly low oil prices. Weatherford International, one of the world’s largest oilfield services company, will cut 9 percent of its global workforce in the next two months to save more than $350 million […]
16% of oil and gas firms thinking of job cuts: Mercer survey
16% of oil and gas firms thinking of job cuts: Mercer survey Canadian industry harder hit because production and exploration more sensitive to falling price A survey of oil and gas companies throughout North America indicates a major pullback underway in the industry as they cut capital spending and reduce hiring in response to low […]
Oil Price Collapse Hurting Some More Than Others
Oil Price Collapse Hurting Some More Than Others U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending. While […]
On to Plan B as Oil Work Stalls in Texas
On to Plan B as Oil Work Stalls in Texas MIDLAND, Tex. — With oil prices plummeting by more than 50 percent since June, the gleeful mood of recent years has turned glum here in West Texas as the frenzy of shale oil drilling has come to a screeching halt. Every day, oil companies are decommissioning rigs and announcing layoffs. Small […]
Suncor to cut 1,000 jobs in response to low oil prices
Suncor to cut 1,000 jobs in response to low oil prices Energy firm to cut $1B from capital spending, delay work on some projects Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices. The job cuts will primarily affect contract workers, […]
