This is a Litmus Test. They will do this to every facility in the future and there will be multiple rounds. That way in 6-9 months when oil starts to rebound they can recover faster. Side effect is lots of people will quit too so win win for them
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I prefer bleach whitening strips over litmus.
They aren’t gonna lay off more than 50% of the company. There is still work. Several PSLs still have to provide a service. Wells will still be completed, tools will still be built. Now if you work in Houston in an office capacity and if you are involved in fracking then ya, they might lose 30-40% of those people. But there will not be an across the board 50% lay off.
Furloughs are a blessing. I know it will be hard for some to see it this way at this moment, but it is so, so, much better than the alternative. Oil and stock prices tanked overnight at the same time that the economy is being crushed by a fear response to the uncertainty surrounding corona. To be able to keep your job and maintain some income at a time like this is something for which we should all be appreciative.
I'm thinking if oil stays this low for long, layoffs are a real possibility.
Another possibility is that only certain people come out of the furlough within/after sixty days and the rest stay furloughed for even longer.
I really do think that's a possibility since they wouldn't want to piss off too many of their directors, managers and other 'critical' employees.
Don't give people false hope. They'll probably lay off too like usual.
That makes total sense. Keep everyone "employed" but save the cash by essentially cutting everyone's pay in half.