70% drop off in a single year. Oil And Gas Rig Count Falls For Ninth Straight Week. Thousands more to get paid off this year.

Oil And Gas Rig Count Falls For Ninth Straight Week
By Julianne Geiger - May 29, 2020, 12:23 PM CDT
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Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 17, falling to 301, with the total oil and gas rigs sitting at 683 fewer than this time last year—a near 70% drop off in a single year.

The number of oil rigs decreased for the week by 15 rigs, according to Baker Hughes data, bringing the total to 222—compared to 800 active rigs in play this time last year

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Sad to read this new and the dire outlook stemming from the dwindling number of projects. Sad to those that were told to stay home and prayers also to those that remain in the industry. Unfortunately, less personnel and functional teams that also support our folks and our customers also mean more opportunities for error, poor quality, and safety risks. Crossing my fingers, legs, and nuts that we survive this.

Just not enough work to go round. Every company slashing heads and costs trying to get the few contracts available.
This downturn has not even really started and already some companies have cancelled most there work for 2 years.
Most of these rigs won't go back to work for years if at all.
Companies are cutting so much staff that the few we have left will be back expected to work 24/7 so no life at all what's the point.
Time to change careers as the oil industry had its day 5 years ago.

https://news.yahoo.com/oil-gas-rig-count-falls-172356655.html

Thread regarding Baker Hughes layoffs

70% drop off in a single year. Oil And Gas Rig Count Falls For Ninth Straight Week. Thousands more to get paid off this year.

3 replies (most recent on top)

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