Norm S had two plants to close this year so its not over for the former R&M knob.
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It's going to be the roughest part of the road in 2016, but it's going to get uglier. I was told in a meeting that NOV is taking this time in the down cycle to correct a lot of the wrongs it swept under the rug in the high times. We all know what they are and we looked the other way when oil was $100. It's clean up time, for one reason or another and no matter what we think ties had to be cut and low bloom fruit had to be cut. That does not mean I agree with this but it is a decision of the upper levels in each segment. The old adage of keeping your head down and don't make waves is in play. If and when the price ever recovers be prepared for massive hirings and the cycle to continue. It's the O&G industry and how it works
it ends when the company is shut due to lack of skilled staff
It ends next year, when the oil glut disappears, the market stabilizes and the price recovers. Will be a long process till then.