I got laid-off on Tues. from Serva Group. They laid-off about half of the crew here and have a skeleton crew in Duncan. The company makes fracking equipment....nothing being sold now. A bunch of half-built trailers on the fence.
Things have been very slow for about a month, there was no notice. You could see it coming. I expect to see some of the guys that have been there a while go out the door or even see them close the doors.
Just found out my brother got laid off from Falcon Rigs in Cashion 2 weeks ago. They had something like 22 employees and let 11 of them go.
Baker Hughes closed the Clinton Oklahoma office and laid off all employees on Friday. I heard they had 40+ taxi cabs there to give rides home to employees that drove company trucks.
My SIL just got laid off by Weatherford. 9.5 years in MWD and 1.5 as a directional driller.
Yep. Saw several shuttle vans around.
I really think COP will come out of this stronger because they will be able to do the M&A thing to the better small companies that can't stay in the game. So long term is promising... but short term is going to be painful. Right now COP is hurting since they do the whole exploration and extraction thing. P66, on the other hand, is doing great so far. They are buying their crude for much lower prices so all that matters in the refinery game is the spread and that is good. And it really helps them with their lubes and plastics. Lower primary costs. They did much better last quarter than their earlier guidance.
On the other hand, it seems like P66 is still emotionally connected to COP even though they are two distinct companies now. COP announced a hiring and raise freeze. Which made sense for them. But then P66 announced the same thing. Which doesn't make sense for them since they are doing great!
So Bartlesville is ok for now. I have serious worries about what this is going to do to the Houston economy though.
Gregg
On the other hand, it seems like P66 is still emotionally connected to COP even though they are two distinct companies now. COP announced a hiring and raise freeze. Which made sense for them. But then P66 announced the same thing. Which doesn't make sense for them since they are doing great!
So Bartlesville is ok for now. I have serious worries about what this is going to do to the Houston economy though.
Gregg
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