Thread regarding Baker Hughes layoffs

Have to also remember that there are 1000’s of drilled but not completed wells not requiring a rig!

Rig count is no longer a good measure of activity as there are many completions being performed with long horizontals using fewer rigs. Perhaps a better measure would be the feet of pipe laid.

It's not been bolm though for over 6 years the industry has never recovered from.the last downturn that cost 400000 jobs , huge cuts to salarys , pension, contracts and work and this one is just starting.
Already company's going bankrupt, hundreds of thousands more already paid off, house prices in freefall and no work for next 2 years.
In 3 months when furlough is finished another 50000 in Aberdeen alone will go in 1 month then will be that again the test of the year as the oil capital has zero to offer.

The oil patch is historically up and down, up and down, boom vs. depression. Those trying to make a career in the oil patch, especially service companies will receive a rude awakening. Make your money and get out of Dodge fast. Do not stay around and watch you and your friends decay financially.