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The Water Cooler
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Oilfield Layoffs
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<blockquote data-quote="tulsamal" data-source="post: 2706550" data-attributes="member: 571"><p>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. </p><p></p><p>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!</p><p></p><p>So Bartlesville is ok for now. I have serious worries about what this is going to do to the Houston economy though.</p><p></p><p>Gregg</p></blockquote><p></p>
[QUOTE="tulsamal, post: 2706550, member: 571"] 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 [/QUOTE]
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