3rd qtr results come out tomorrow let's see how heavy the hammer will be this go round
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I agree. The balance sheet is strong. Parts still could be divested I guess. I think we outperformed SLB and HAL when you read all 3 earnings. The Baker Hughes c-suite is probably the strongest of all of all 3 now.
No one is giving up their salary. Come one. That’s a pipe dream.
More serious is the fact that only the leaders, that are part to blame for some of this fiasco, are still there and will also have the privilege to switch roles. Notice that career paths are given to them. Everyone beneath them are expendables. So it’s not just the big bucks, but special treatment.
All product lines - same story.
They need to grow a pair and execute about 50% of those executive salaries. At the very least that would show some integrity
Simonelli said BKR executed only 75% of its cost reduction around the company. So more cuts can be expected in Q4.
@2tb...
Who you calling lowly field hands?
Everybody kept in the dark. As usual
how do you know a guy from chemical keep on asking the same question? Did they tell you? Or you just guess? This website is anonymous?
“Of course, that’s IF and ONLY IF they get the digital part right”.
- & there’s the Achilles' heel right there.
It really helps if the people at the top, pushing these buzz words, actually know a thing or 2 about what they are talking about, which in this company, they don’t.
It would also help if those people stopped talking as if digital solutions are a new fad, where other industries have implemented them years, even decades ago.
As it is, a couple of tin cans connected by string would be more reliable, & practical, than some of the so called systems we have, cheaper too.
Maybe the guy asking the same question about chemicals is a lowly field hand who works at remote well sites, barely knows any colleagues and whose manager tells him nothing useful. Maybe he doesn’t know the Sugar Land Schmooze routine and doesn’t need some jumped up office dwelling punk condescending to him while he’s fretting about feeding his family.
Another shining example of how Baker treats their foot soldiers.
Always a Chemicals guy in here asking the same question. You must no longer be in Chemicals because everyone in it knows they have been right sizing for some time. Downstream was leaned out a bit more. Polymers was sold so that provided a bit of income to make the balance sheet look more favorable.
Management is the same, so it’s the same thing as years before. When the rigs pick up, more wells to treat. When the economy picks up more refinery units to treat. Margins go up, and Chemicals will be doing fine.
Except the fact that there are more and more smaller competitors popping up and eating up market share.
I don’t foresee layoffs with the recent earnings call looking barely favorable too.
The earning looks good. So no workforce reduction, I guess
There’s been a constant purge of folks, almost weekly. The belief is that things will improve post election, and 2021 will be the year for the great come back. Simultaneously, remote operations will enable the company to drastically reduce headcount, office space. If they manage to get the digital field orchestration part down, they may come out ahead of the competition.
Of course, that’s IF and ONLY IF they get the digital part right. BKR puts emphasis on these projects to overhaul with these oil prices and not when it was $100+ so digital projects get slashed. Then BKR isn’t necessarily a technology company either.
Hope for the best, but even then, if this all pans out like they hope, it only means a lot less field hands.
Any reductions in NAL Upstream chemicals ?
Rumor is 2k headcount reduction for OFS alone