New Layoff target is 90% , employee count to level off at 4 figures (under 10,000). More likely to end up closer to 5,000
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I don’t think it will be 90 %...but it will be bad. We don't want anybody to lose their jobs in any industry. But with oil prices this low (between $40 and $50 per barrel is pushing it as a profitable model for a lot of companies), you can bet that hundreds of thousands of people will do just that in this volatile sector. Industry-wide bankruptcies are likely to pile up...
The OPEC+ production cuts of 9.7 million barrels per day (bpd) scheduled to start May 1 will not help the demand problem which has collapsed by 30 million bpd – 3 times the supply cuts. That’s 30 milllion barrels per day that is not being consumed. We have a while before demand equals old supply levels
It's unclear when demand might return and storage tanks are filling up fast. Cushing is estimated to have only two weeks left of storage left. There are Crude tankers sitting of the coast for storage waiting to be offloaded. I think there will be 30-40 percent reduction across the entire oil industry
We aren’t going to lose 90% of the company. The big layoff phases are almost completed. We had too many field people for this current market. Those reductions are almost done. Next will be Corporate and Mfg. Corporate has a lot of fat they can cut. Question is will they. Mfg won’t lose a ton because most of the Mfg plants with the exception of Singapore Lion and DMC are already pretty lean. But there will be some cuts. Going forward it’s gonna be piece meal. We have already reduced our headcount by almost 3,000 people this year. The market will recover by Jan-Feb next year after the election is figured out and the economy starts opening back up to ore Covid levels. When that happens we can’t do anything if we reduced our headcount by 90% my guess is when this all is over we will have reduced headcount by about 20% globally.
There is going to be zero service work in the US for several months. I know this is a joke post, but the reality may not be far from the truth. There may be some middle east work and a bit of deepwater work, but not much else.
You are an id–t!
‘Specifically’ what location are you referring to when you state 10k or 5k be ‘clear’ please for entire audience. Thank You. .👍.
We are all under a lot of stress for multiple reasons not just work. Please stop posting information that is not factual. I came to this site for facts not b—s—.
You are so full of BS. Quit posting fake news. Our active projects in the Middle East alone account for more than 5,000 people who are actively working and bringing in revenue.