DJ up 192!
I would rather see $100 oil! Wardens company is going to reduce their United States Based work force by 15% over the next 6-9 months. Largely taken care of by current vacancies not being filled, buyouts and scheduled retirements but you know how those deals end up. Also seems like a large chunk of the 15% (350 or so people) will be taken out of the main U.S. office in Houston which has about 2/3 of the people. She would gladly take a nice socialist buyout as she only plans to work 1-2 more years anyway.
All part of working in the oil fields, she has been at it for over 35 years and seen many a company come and go and many reductions in force and pay cuts too. 2 years ago it was bonus's of more than a years pay and today it is layoffs.
It's amazing the oil industry isn't more stable - I get that it's a commodity, but the amount of countries that produce it and their varying costs can make it an ugly industry. Lots of jobless people out in western ND now too that want that $100/barrel too.
Warden is in Austin but works 100% on Bakken Resources and interestingly June was the largest Bakken Production month in history but drilling has slowed down to a crawl. 2 years ago her company was spudding 18 wells/month and now it is like 4 or 5 at most. BAkken wells are rather short lived compared to conventional wells so they are seriously depleting the current resources without bringing new production online. She works on the production resource side though which is currently very busy. $100 oil and they will be begging to hire experienced people again.
Ohh wow, that's pretty cool she works with the Bakken stuff. I just did a case study on a group out there and how they are finally getting some real efficiency with drilling and the extraction. I guess this stuff they are pulling out is beyond nasty, barely considered crude with it's mineral content.
