Will the distrust that management has created with its employees cause a brain drain when the price oil goes back up and things turn around? I would think yes, especially since 30% pay cut is so far below market. I for one have a year left of my MBA and plan on leaving oil and gas no matter how much money is thrown at me when things turn around. Between climate activists and the instability of oil companies this doesn't seem like the type of career I want to raise a family in. Way more politics than I would have ever imagined for a career that I would have thought was more laid back than the likes of commercial real estate,
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Agreed. It is never a bad idea to further your education if you are able to do it.
Don’t listen to the troll below. Maybe it’s toilet paper in oil and gas, but that’s definitely not the case if you want to pivot outside of the industry. I have several friends that left the industry to go into tech, supply chain or investment banking after getting their mba. Seems like all are doing very well now.
Good luck with that MBA champ. Toilet paper unless you are already in a management position. A thirty percent pay cut still puts you above most people in the US.
The question is will it fail! There is no mistake that the company made its biggest blunder ever by purchasing Anadarko. Just wasted money and talent down the drain. Praying for all the OXY and Anadarko employees who have to pay the price for bad decisions at the top.
It will be an uphill battle for our industry. if Democrats wins, frac ban will be the final nail in the coffin.
I feel 30% less productive. Maybe i would just reduce myself a couple of hours a day 🤣
I completely agree that oil and gas isn’t what it once was. No wonder graduates are going into tech and real estate so they don’t have to deal with this 30% pay cut stuff and constant fear for their job. Going to be hard to attract future talent for sure, with people already in the industry leaving and not coming back.
Brain drain is guaranteed. Same thing happened after 2015/16, although this time likely will be much worse.
Run when you can. Because, others that can will and those that aren't worth a damn and can't will remain, dragging the average down further.
The brain drain has already started even though nobody has left the company. I feel like mine has been drained by approximately 30%.