Post: #1

I work for one of the Bigger drilling companies in Nd and I just received news that my rig is stacking out. Rigs in Nd and Texas are stacking out left and right. The oil industry is on a downward spiral and it looks like it might not bounce back for awhile. Does anyone know of any Industries people from the oil fields could transition to? Fracking? Well testing?

Post: #2

(01-08-2015 02:18 PM)rome26 Wrote:  I work for one of the Bigger drilling companies in Nd and I just received news that my rig is stacking out. Rigs in Nd and Texas are stacking out left and right. The oil industry is on a downward spiral and it looks like it might not bounce back for awhile. Does anyone know of any Industries people from the oil fields could transition to? Fracking? Well testing?

Fracking goes hand in hand with drilling unless they started to do well refracs. It might last a bit longer since sometimes the wells dont get fracked right away (rig drilling multiple wells on pad so they wait for rig to leave, scheduling, or waiting for results to see what method works better), testing might last a bit long cause they test after a post from clean-out, but thats bitch work, rig in and out in one day versus chilling or location for a week testing a well. Are they offering rig watch or is the rig getting stored for good?
production side will stay since they are still pumping, so think pump maintenance, service rigs will still work.

Post: #3

While I'm enjoying cheap oil I hate to see all the guys who left family/friends behind to work their asses off and try and make some money in the oil fields lose their jobs. Best of luck to all you guys.

Post: #4

I may return to the Permian Basin and open a refugee house for laid off rvf members.

Post: #5

Wait, you mean speculation-driven bubbles in natural assets end? Well, fuck my ass.

...on a serious note, what exactly do you do? There must be a few transferable skills in there.

Post: #6

Hate to hear it. Off the top of my head, id say go over to PA and see if you can get in on the gas fracking. But if oil stays low, natural gas will soon follow. What was your job on the rig?

Post: #7

I was a floorhand.

Post: #8

They aren't offering rig watch. My toolpusher told me they are going to rate who is the best at their job and those people may get to work, but with other toolpushers out of work they might get first dibs on any jobs left.

Post: #9

Latest rig count 61 less than last week

http://finance.yahoo.com/news/comes-bake...20963.html

Post: #10

I just moved downstream so my job is secure. There are two job fairs coming up in Texas.

http://www.thequarterroll.com/Job-Fair/o...b-fair.htm

This is why you always stack cash in the oilfield. $10k and unemployment checks will go far in the DR or Phil's. Might as well relax and weather it out somewhere nice.

Post: #11

Fishing boat work?

Post: #12

(01-09-2015 03:22 PM)Aliblahba Wrote:  I just moved downstream so my job is secure.

Houston? Port Arthur? Louisiana?

Post: #13

Do downstream jobs pay well? I just heard about working at a workover rig and someone told me they are harder work than drilling.

Post: #14

My job encompasses the whole stream actually. The science applies to all aspects of the hydrocarbon as it travels down the pipe.

Get your core skill set tight and morter with education/certs, then you'll be able to move anywhere in the process.

Post: #15

What education/certs do I need to allow me to move around to most jobs in the oil industry?

Post: #16

(01-11-2015 04:05 PM)rome26 Wrote:  What education/certs do I need to allow me to move around to most jobs in the oil industry?

I'd like to know too.

Post: #17

I thought the title of this thread at first was a metaphor for your stomach getting bigger..

Post: #18

Work over rigs tend to be labor intensive, as you are pulling all the production pipe, but normally see shorter schedules.. (I.e. 1 week on, 1 week off) This will also see a slowdown however as more marginal low production wells are shut in. But a more secure place to be right now than drilling rigs.

Post: #19

An estimated 40% of rigs in the U.S. are going to stack this year. Budgets have been slashed and when the allotted funds for drilling runs out, they will stop. People are already leaving the Permian Basin.

This will be a buyers market in a few months. Almost no one I know saw this coming, and are upside down in debt. It will be a buyers market and I'm poised to take advantage. There will be a flooded market on trucks, guns, RV's, and hungry girlfriends. Gonna buy all I can and move the merchandise to other regions in the south to sell.

Post: #20

(01-18-2015 01:48 PM)Aliblahba Wrote:  An estimated 40% of rigs in the U.S. are going to stack this year. Budgets have been slashed and when the allotted funds for drilling runs out, they will stop. People are already leaving the Permian Basin.

This will be a buyers market in a few months. Almost no one I know saw this coming, and are upside down in debt. It will be a buyers market and I'm poised to take advantage. There will be a flooded market on trucks, guns, RV's, and hungry girlfriends. Gonna buy all I can and move the merchandise to other regions in the south to sell.

I've been wondering how to capitalize on this downturn for a bit now (in Alberta at least). I've met tons of people who make tons of money but still live paycheque to paycheque whether it be through trucks, partying, buying shit etc.

Tons of layoffs up here so far so these young guys are going to be desperate for cash. Good for buying stuff I want, but does anyone have any idea what kind of profits could be made from this or where the best money would be?

Post: #21

I thought you were talking about your chest

Post: #22

The deals to look for are guys wanting you to take over payments on big ticket items. I estimate dudes will be willing to let go of a $40k truck with only $15k left on the loan. Throw him a couple grand to sweeten the pot and sign over the loan. Pay off the first two purchases to have equity and start asking the bank for money if need be. Sit on your pile of goods until the oilfield picks up, or take your inventory to other markets where buyers have more capitol.

We could set up RV parks for passive income and travel like rockstars.

Post: #23

Not a bad idea if you know quality and run the numbers on it, but I think the real way to go here is to buy depressed oil stocks. When the price of oil picks up (eventually) the stocks will follow. Since I'm located in the Bakken I look for companies operating in this area (CLR, Hess, Oasis) that seem to have the balls to ride this out.

Post: #24

I work in well testing, and can honestly say it will be hard to get a job with no well testing experience. Maybe as a shop hand or helper, but you won't make great money. Also the market for top hands is going to get crazy. The bigger debt leveraged companies will start cutting pay/hours causing some of the more experienced guys to look for new jobs, and the smaller guys who have to cut pay/hours will also lose their most experienced hands as they will also be looking to get a raise and find someone with lots of work. I'm in the second category. My company has already started implementing "cost lowering measures" such as making us pay a monthly fee for driving or trucks home from a job for a couple of days, cutting hours from 24 to 21 a day, not matching 401ks, etc. They say they have cut management salaries, but I dunno if that's true. They say our clients demanded a 30% cut in price which I don't doubt, but as our company is not publicly traded and isn't leveraged on debt, it feels like they are cutting our pay to keep their profits up. They had planned to sell this year and I imagine they are trying to keep the books looking good so the big companies looking to acquire new assets in the down turn will look at them. Either way I'm still working right now, but I'm looking for a better gig. We have already lost several of our most experienced hands to other companies who are swamped with work, and aren't cutting hands pay.

Post: #25

Hess oil was cheap in December but it's going back up now.