And the sad part is so does most of the people that work for them... I have seen patch workers sell off everything just to pay the bills because they got overextended during the good times.
And the sad part is so does most of the people that work for them... I have seen patch workers sell off everything just to pay the bills because they got overextended during the good times.
Truer words have never been spoken. It's why I've never understood why we try to base a state's economy off of it...
Trust me, with that many years of service in the oil related industry, I suffered with everybody to a certain extent. Once you get burned, you should be smart enough to rat hole enough for the next cycle. Sadly, a lot of people in my day, and today's population live for the day.
The drill bit company I worked for went from 350 employees to 45 in a year. I was one of the 45 left. I don't get burned twice.
I knew a lady at Kerr McGee that was laid off and rehired 5 times in a 30+ year career there. It's almost comical because you see guys driving brand new diesels that will never pull more than a bag of dog chow home.
Layoffs in the oil patch are a part of working there for the most part.
In my time we had 5 major layoffs. The company really took care of those that had to go. Wiping their tool bill's away, paying for further education to find other jobs in different fields, (gov required now if I'm not wrong, but not in that day) and putting them on the list to be the first hired when the patch came back.
In my time we had 5 major layoffs. The company really took care of those that had to go. Wiping their tool bill's away, paying for further education to find other jobs in different fields, (gov required now if I'm not wrong, but not in that day) and putting them on the list to be the first hired when the patch came back.
Yeah it's about like the shady sh*t a lot of these execs pull. After a few years in the industry, when I got laid off by one and finally decided I had enough of the oil companies, the bs and out right fraudulent way they run their companies and frankly being tired of 3-4 dollar a gallon, I decided to rid oil from my life the best I can. Got rid of the race cars and bought a hybrid. Built the most energy efficient traditional style house I knew how using Made in Oklahoma ICF blocks and brick, installed a made in Oklahoma closed loop geothermal system with a desuperheater, and sprayed some made in oklahoma non-oil based foam insulation all through out the house. When NG spike and people complain, I just kick back in my 90 dollar/mo to heat and power 2550sq/ft house after driving home from a 60 mile round trip burning just a little over a gallon of gas to do it. Of course now, the electric car carries me on the same trip for about $1.89. Bought rural property specifically so I could put together my own wind and solar and with some time and effort, I will be as close to off oil/gas as my rather traditional lifestyle will allow. And when the next big boom hits, I'm good because I already know what my energy will cost me!
im typing this as i sit on a rig south of Alex, OK...been in the patch for just over 4 years and have to agree with everything said above. 99% of the rough necks out here live paycheck - paycheck with the lowest paid, wormiest dude on location making $65k/year or more working a week on, week off schedule. Not many vehicles parked out here that cost less than $30k 
lots of stories about wild days off at the bars with equally wild tabs . We all make enough out here to save and take some time off when things go bust but sadly few do. huge lack of financial education and understanding in this country with no place being more visible than the oilfield. "Feast and Famine" as dennishoddy said. Not trying to hijack the thread but The book "rich dad poor dad" should be mandatory reading in all our school systems, for sure changed my life for the better.
lots of stories about wild days off at the bars with equally wild tabs . We all make enough out here to save and take some time off when things go bust but sadly few do. huge lack of financial education and understanding in this country with no place being more visible than the oilfield. "Feast and Famine" as dennishoddy said. Not trying to hijack the thread but The book "rich dad poor dad" should be mandatory reading in all our school systems, for sure changed my life for the better.
I'll be buying and storing one of them cheap oil rigs soon.
I've seen a lot of KM employees get laid off before Anadarko Petro bought them.
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