To those of you just laid-off. Most particularly younger folks. i would urge you to find s new career before its to late. This industry will break your heart and morale. This industry goes through busts like no other. You will be 55 and laid-off with really no prospects. No one will hire you hire you. Just when you need to save for retirement you will be looking to collect unemployment. Take it from someone who knows. Find another industry.... For your own good.
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Now days it's not what you know it's who you blow. It's like going to Vegas it's a risk we all take
Its really about half and half, there are good hard working peoplestill working. There are also a ton of ass kissers, who have taken credit for their employees ideas, and would throw their mother under the bus to look good. All in all have made good friends and co workers, wishing the best for the good employees......
Every industry has cycles. If you work for someone else layoffs will come and go. If you have your own business its easy to go bankrupt. Bottom line....sh-- happens. Dont get to down and dont get to high (unless you are smoking weed)
This is a problem that is not unique to the O&G industry. Happens in all areas. I have seen it happen in other jobs - education, higher education, banking, financial, telecommunications, engineering, utility companies, mining operaitons. It is really that there isn't loyalty to employees anymore. It is all about the dollar. The best recommendation is to save from day one. Start early.
The last 10 years of your career are vital to your retirement. You will find out.
If you worked in this industry until you are 55 you should not "need to save for retirement." You should have been doing that 30 years ago when you first started working.
For those who are entrepreneurs go for it! If you are able to find private equity money, prospective acreage, and you believe there is s recovery insight then yes! Keep in mind the last time the industry "busted" to this extent was the late 1980's. It did not recover until around 2005. Ever notice that there are precious few folks in this industry between 35 to 50.
It depends on your tolerance, if you can tolerate risk, if you play it safe, if you have discipline, if you know how to save, O&G might be a good profession for you - if you need stability and have low risk tolerance - stay away and run as fast as you can...
When it rains, it pours....
Actually why not take your skill set and start a oil company at this time. There is no better time to buy low and sell high.