I have been let go in mid March and my thoughts are still with the co workers that I enjoyed working with excluding the dead weights. Is Apache doing additional layoffs among their office employees with today's price crash to $2/barrel?
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The bust that hit in April 1982 lasted 16 years. Don’t think this one will be even close to that because of how rapidly horizontal shale plays deplete. Supply will drop much faster than in the 80s, and demand will rise faster as well. But plan on a year or two.
You can count on more layoffs. They are just getting warmed up.
There will be numerous more layoffs regardless of the price of oil. Remember, this company was already heading into the drain prior to COVID and low oil prices. This just further increases the amount of layoffs that are coming. Expect low prices for a long time and they won't survive much longer. More than likely they will file bankruptcy and the executives will make out like fat cats, just like Whiting! They don't deserve to be in business much longer anyways with the greed and how they treat there employees.
The crash isn't what it looks like. It's only on may contracts which last a few more days. June contracts are still in the 20's. It crashed because there's no more room to store oil this month.