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+--- Thread: Oil Industry Threatened by Corona (/Thread-Oil-Industry-Threatened-by-Corona)
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RE: Oil Industry Threatened by Corona - darkone - 10-09-2020
(10-09-2020, 10:01 AM)Jiggly Wrote:(10-09-2020, 05:14 AM)darkone Wrote: Just lost my job in the Oil & Gas sector. Many of these companies are more worried about profit margins than their employees, and they did nothing to prep for an oil price drop, they just keep acquiring more debt and acting like the price could only go up. Many of these companies are filing for Chapter11 if they aren't sitting on a lot of cash.
Wow, thank you for the more insider viewpoint. I'm sorry to hear that you lost your job. I hope you find new, and more rewarding work. I also lost my job, but I was doing a small role with a company in the leisure industry.
Do you think their profit margins are being focused on due to shareholder pressure, or are they just asshats? xD
Hard to know, probably both. Company was pretty hush-hush on what was going on the last few years, seemed like the blind leading the blind. Heard from a few contacts in the industry that alot of the medium-sized Oil and Gas companies are struggling to be profitable at sub-$50/barrel oil, and are just doing what they can to hold onto their inventory and not violate any pipeline contracts until the supply dries up a bit.
RE: Oil Industry Threatened by Corona - Mr_waffl - 10-09-2020
goodbye oil industry. Also, they have been making enough for years.(good thing i didnt start a business this year due to covid)
RE: Oil Industry Threatened by Corona - Jiggly - 10-10-2020
(10-09-2020, 05:44 PM)darkone Wrote:(10-09-2020, 10:01 AM)Jiggly Wrote:(10-09-2020, 05:14 AM)darkone Wrote: Just lost my job in the Oil & Gas sector. Many of these companies are more worried about profit margins than their employees, and they did nothing to prep for an oil price drop, they just keep acquiring more debt and acting like the price could only go up. Many of these companies are filing for Chapter11 if they aren't sitting on a lot of cash.
Wow, thank you for the more insider viewpoint. I'm sorry to hear that you lost your job. I hope you find new, and more rewarding work. I also lost my job, but I was doing a small role with a company in the leisure industry.
Do you think their profit margins are being focused on due to shareholder pressure, or are they just asshats? xD
Hard to know, probably both. Company was pretty hush-hush on what was going on the last few years, seemed like the blind leading the blind. Heard from a few contacts in the industry that alot of the medium-sized Oil and Gas companies are struggling to be profitable at sub-$50/barrel oil, and are just doing what they can to hold onto their inventory and not violate any pipeline contracts until the supply dries up a bit.
For those who might lose their jobs/livelihoods, I hope it all pans out ok.
(10-09-2020, 06:02 PM)Mr_waffl Wrote: goodbye oil industry. Also, they have been making enough for years.(good thing i didnt start a business this year due to covid)
I suppose it depends on what kind of business you were planning to make. Several businesses have been massively successful.