Those of us that have been in this industry for decades know that this is how the cycle works, and we've been through layoffs many times and have always landed on our feet. Be grateful that you had a chance to work in this industry that pays better than most and has excellent benefits. When prices are so low, businesses in all industries have to cut back to stay in business. Oil and gas will come back again, so stay positive and keep up the networking. Whatever you do, don't burn bridges! You may be working with those people again somewhere else.
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Those of us who have been in this industry for two years hopefully will realize never to work O&G again. To spend an entire career waiting for the next round of layoffs every seven years is crazy. I joined the O&G industry and got burned...glad I wasn't in it for decades. Never again. Thanks APC for me showing me the way.
I would not encourage my kids to be in this business. The downsides are so severe, and so long, that you really have almost no chance of getting rehired. Much more severe than any other industry. So you are in your 50's and starting over. Financially a disaster.
A common myth is that the oil and gas industry pays high wages. This may be true for run of the mill HS graduates and drop outs, but for those with engineering backgrounds it is certainly not the case. This is especially true when you factor in the 24/7 never truly "off" aspect of a lot of energy jobs.
Look around on various job sites and you will see a lot of other industries pay much better for someone with comparable skills and qualifications.
Not everyone lands on their feet, and many won't be back (like the previous busts). Don't fool yourself: the extreme cyclicity of the oil business isn't comparable to most other industries. Oil drew America's best and the brightest, but I can't imagine that will happen again. Not when there are so many opportunities in other industries with much brighter long term prospects.
Huh what if it's like Coal biz. They are going after a model where they can make money at 30 USD pb.
The more education you have tougher, a PHD can't take PE skills anywhere else.
Hahahaha! no really, that is good advice, thanks.
At least we have this board for entertainment in the meantime.
7 years?! I can't make my severance last 7 years! It wasn't THAT "awesome." HOW THE F--- am I supposed to afford my BREAKFAST KIPPERS?!! I'm going to SUE, GODDAMMIT!!
I just puked
And the preachy attitude of the APCers continues. Yuck
Yes. I worked as a waiter at Bennigans from 86-2003 before I was rehired. Don't worry, the cycle shouldn't last more than 7-8 years.