These last three months might have been the most important learning process in you education. You basically saw the industry hit rock bottom, and now oil is at $41.37. I have had a 30 plus year career in the business and this has been one of the worst times I have ever seen, and the fastest to downfall ever. Two things always stick out to me during these times. One is that it is a very unpleasant ride to the bottom, but the second and most important is that it always comes back, but the comeback can be slower to respond than the fall. If I could ever give you any advice it would be to live within your means (most important), and try to have a year's salary or more set aside to make the rough times. We have seen many of our co-workers leave and we are lucky to be in an industry that has generous severance plans, because many places give you two weeks and that is it. As we try and come out of this downturn just remember what it was like because there will be another. Good luck to all.
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@2vwm+15B2NGkk - The banking statistical data is irrefutable. I understand why you don’t want to believe it, because I don’t either but this problem isn’t gonna magically go away like a miracle. Everyone denied the 2008 collapse was happening until we were in it, this will be no different only we can’t print our way out of it this time. 👍🏻
@2hcx+15B2NGkk I wouldn't have much confidence in the author's for the Atlantic's article. He is a pure academic now and hasn't been in the real world for over 23 years. He is just outside looking in now.
How much money will we continue to print before the tax payers says enough?
It’s almost like issuing millions of shares to pay debts. Water down existing value.
@2kgz+15B2NGkk- You clearly don’t understand the dollar amount, and even if you could print enough money it would completely destroy the value of the dollar, along with our economy. 9 trillion dollars of dollar denominated foreign debt would literally be worthless.
Banks won’t collapse. Government will continue to helicopter money into the system. Fake news.
Optimism without any sense of practicality only sets people up for failure. Most people can’t even begin to fathom what lies on the horizon. All you can do educate yourself.
https://www.theatlantic.com/magazine/archive/2020/07/coronavirus-banks-collapse/612247/
@1wvi+15B2NGkk makes no sense. Go to Glassdoor if you’re so upset.
Don't worry @1wvi, at this rate Oxy will soon be a mom and pop shop again. When multiple companies (Apple, Microsoft, Amazon) are each worth more than the entire US Oil & Gas industry, big oil has a completely different meaning than it did 10-15 years ago. So get off your high horse thinking that big oil requires some sort of advanced skill set. All we've shown in the past 10-15 years is that we are amazing at destroying shareholder value. The skill set has hardly made a difference, whether you're "big oil" like Exxon or Chevron, middle of the pack like Oxy, or small mom and pop.
Sounds like the complainers on this site really don’t belong with a publicly traded big oil company. Perhaps complainers should stick with the Mom and Pop companies that require a completely different skill set than at big oil.
@1obt+15B2NGkk agreed. The other thing is the average talent level is significantly higher. My Oxy experience was what I imagine working at the DMV is like. Don't rock the boat, punch the clock, do the bare minimum, play politics, leave.
Its refreshing to wake up and work with people that don't make you bleed brain cells.
My advice is don't bank on sh!tty company ..Fu@kers will use you and drain you and kick you in you back when they don't need you.
I agree with the earlier post saying if you’re young get out of this business now while you can. Everyone gets let go in this industry... and you will too. It’s part of the deal. This industry does not deserve the employees it has. What other industry lays off 30% of its employees at every downturn. Not acceptable. But standard practice in this industry. Nothing worse than being 50 years old laid off... kids in college... family depending on you.. and having to start over. Also an industry who actively engages in age discrimination. I would not have chosen oil and gas if I knew what I know now. GET OUT IF YOU CAN!
And entertaining.
I'll give you this much, you're consistent and persistent.
How a company deals with its college commits during tough times tells a lot. EM, BP, CVX, Shell all honored their offers. Maybe deferred the start dates a month or so. They understand you can’t completely shutdown bringing in new employees. Oxy nope. Even after only making a few offers because of the APC acquisition. Adjusting the offers down 30% to match current Oxy employees understandable. A week later demonstrating the revised offer letter wasn’t worth the paper it was written on? A true industry lesson.
It's illegal under the anti trust law for us companies to try to manipulate oil prices on a national level.
And where are you from? We don’t regulate the oil industry in The US. Next thing you know the government would take ownership of oil and have an oil minister and national oil company set up. Long live capitalism and control by the people!
My advice is to leave this industry if you are under 40 and can!
My advice is to payoff debt aggressively. Your house, car, student loans... Save $ like your life depends on it. At some point you will be unemployed. Learn to program if you don’t know how to already, especially if your a geo or an engineer. Transitioning was difficult before this, for me it’s proving impossible. Good luck to all.