This company would not risk the unbelievably bad PR they would receive by mass laying off people during an international pandemic. Maybe a few people here and there but 99% of us are probably safe until this COVID19 thing is over. But then the head chopping will begin and it will probably be earth shattering.
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Pretty sure the only thing the BOD is concerned about is their pocket book and dont give 2 sh–s about bad PR. If you are associated with drilling in anyway shape of form you are at high risk of losing your job right now. If you are one of those 8 and skate folks feeling good about yourself because someone gave a sweet gig but you dont actually do anything to add value... somebody knows who you are and you need to be very nervous. They will trim as much "fat" as they can first. Expect random d–g tests to cull a few that way also. Also, If you are close to retirement, bye bye. I worked for a company HAL bought and we worked 12 hours a day and were extremely productive BEFORE HAL, after the parking lot empties at 4. The HAL culture in general is lazy and over paid for what you bring to the table. If you think working hard all of a sudden will help, it wont your complacent a– is already on a list and they just needed a reason to send you down the road. The other half of this is that a large percentage of the true talent and hard working will leave because they can. Then once it's over they will scramble to hire warm bodies with zero experience and it starts all over again. Welcome to the oil patch. If you think this is bad Baker is way worse.
I guess you don’t understand how our business is ran. See Completions are needed regardless of whether frac crews get shelved or not and regardless if oil is $10 or $110. Most of our HCT work doesn’t even involve fracking and aren’t even in the U.S. All that oil being pumped and drilled in Saudi and Russia who happen to be some of our biggest customers will need to have tools to complete the wells. Therefore HCTs business isn’t impacted like say Duncan or a field camp in the Permian or Northbelt Corporate. Hence why HCT is the only part of this company making any money and hence we are keeping the rest of you barely afloat.
Challenge accepted
No matter if he posted it or you did...it’s a dumb comment from someone that doesn’t understand how businesses run.
So..what makes you think severance packages are set in stone? I see them dropping severance to two weeks regardless of years of service. Saves free cash. You might get hired back at a 25% lower salary when business improves. I have seen it before.
Maybe you are an imbecile? HCTs orderbook hasn’t moved at all. All current forecasts from yesterday are showing flat demand through March 2021. I’ve seen the data and been on the calls
Order book strong, that's a load of c-ap, are you not paying attention to what is going on, paralyzed from the neck up!
There go your details
Supposedly Carrolltons order book is still strong. We were told Friday nothing is happening to us yet.
Furloughs.
For North Belt.
No announcement for Carrollton or Duncan yet...must not going to be the same as North Belt.
Details will be out this afternoon.
So again you know nothing. Thanks for the clarification.
Details will follow this week. Be prepared.
Again if you have first hand knowledge share details. But if you don’t and are just spewing fecal out of your mouth then quit it.
Are you a manager or a director or HR? If not then you know nothing about what’s coming or not.
This is not accurate. There are cuts coming, pandemic or not. Everything’s already been submitted.
If the stock gets too low they can’t afford to lay too many people off because they would risk their free cash flow. (No one filling the orders we currently have means no revenue) Overall our balance sheet is ok. Our debt is a bit high but recent analysis shows our likelyhood of defaulting on our debt at less than 10% I can see ya losing a few thousand over the next 6 months but that’s about 10% of our current headcount. It s—s yes but that means 90% will still be here at the end.
When the stock drops, they don't have the money to pay. They can't pull it out of thin air. Simple economics. They will cut YOU before they cut themselves.
So you copy my exact comment and create a new topic for it? Nice!