Y'all ready for sub $1.50 gas prices and a recession? Iran is back in the Oil Game!

Some say an adjustment has already been made in current pricing.

Also, keep in mind that there are so many factors moving forward such as US oil exports, China economy, Middle East unrest, etc etc

Q3, Q4 2016 is still a reasonable estimate for when things could get better ($60ish plus oil price).

 

Being diversified help. Long-term gas contracts overseas help as natural gas prices are higher there and it's fixed income.

Capex is being slashed big time and cash neutrality while reducing operational expenses is the name of the game at the moment. Things will eventually pick up one way or another.

 

It's the English flag...St. George Cross.

 

That is the Provincial flag of Alberta - where I am right now, working in the oil & gas industry. The economy is dominated by oil & gas here, so times are tough.

FWIW, my opinion is we will see a decent recovery in the price of oil by mid next year. Capital spending will fall off a cliff in January 2016, and the decline in unconventional/shale production is rapid when drilling stops - hence, the supply from North American sources will drop off.

 

I was let go. Partly my fault for choosing to accept a position in June for a struggling BU.

If you know which company did layoffs today, you'll know who my former employer was. I'll give you a hint. It's a mid-size company that acquired Texas assets this year.

 

Sorry to hear that man. Hope you find something soon

 

Sorry to hear that Sammy.

Citgo has been aggresively pursuing me, but I am hesitant to move into Oil and Gas, because I fear layoffs.

 

Yep O&G is not a good industry to be in right now. I am glad that I chose to enter into a different industry coming out of college.

 

If you don't mind me asking what do you do?

 

Sorry to hear that.

I am guessing its noble. I heard their severance is pretty good.

 

Yeah Noble Energy (not Noble drilling). The severance could be worse. It's just hard to start all over but I have no choice but to be resilient.

 

Thanks for the support. Gotta keep my head up.

 

I don't know, but you can't use cheap fuel without storing and transporting it; and between KM, Enterprise, Plains, Spectra, Transcanada and ETE/Williams Houston runs a crap-ton of those too.

 

Sammy, what sort of work do you do, if I may ask? Maybe someone here can give tips on potential employer prospects.

 

CPA / Accounting, currently working strictly in Internal Controls w/ general business process improvement.

 

Sorry to hear that sammy. Keep ya head up. Things always get better with a positive outlook.

 

I have international accounting and finance experience along with domestic revenue accounting experience.

These things make you second guess yourself. I'm trying to remain positive in a tough environment.

Again.. Thank you all for the support.

 

Sorry to hear about your situation sammy.

I too am considering an opportunity for a company that deals with natural gas. Is that just as bad?

 

I'm looking for a job in accounting as well. Currently do the Corporate Accounting/Financial Reporting.

Not sure natural gas is as bad. But depends on what they do (transportation, processing, etc.).

I would think Citgo would be OK. The parent company won't let them fail, and a huge part of what they do is on the down stream side, which is doing well right now, right?

 

They are a refinery; they are doing very well. Profit margins (crack spreads) are still very high for refineries, any many have hedged their positions to lockin and protect pricing.

It's tough to hear about the layoffs and I wish everyone the best. Don't get discouraged, O&G companies are still hiring.