Exxon write downs & layoffs

[wiffleball 4,640]

Oof. Heck of a hit for Houston. 

https://www.cnn.com/2020/12/01/business/exxon-oil-gas-writedown/index.html

 

[MTSkiBum 1,594]

It is ugly, although most of the companies have stopped the major layoffs. We laid off 22,000 people this year. In my group we lost 25% of my coworkers including my manager.

[Cruzer 1,992]

Former XTO co-founder (Bob Simpson) has been laughing all the way to the bank since they sold to Exxon.

Why is he significant? Bcoz he's co-owner of the Texas Rangers - and I hate him.

[Bert 1,091]

13 minutes ago, wiffleball said:

Oof. Heck of a hit for Houston. 

https://www.cnn.com/2020/12/01/business/exxon-oil-gas-writedown/index.html

 

Add them to the list:

https://abc13.com/conocophillips-layoffs-houston-texas-jobs-in-energy-conoco-phillips-lay-offs-job-cuts-at/8420478/

https://www.worldoil.com/news/2020/10/9/chevron-to-lay-off-700-houston-staff-in-drive-to-cut-costs

https://www.bizjournals.com/houston/news/2020/05/06/halliburton-lays-off-1-000-employees-at-houston-hq.html

https://www.chron.com/business/energy/article/Occidental-starting-widespread-layoffs-in-Houston-14959670.php

[wiffleball 4,640]

4 minutes ago, MTSkiBum said:

It is ugly, although most of the companies have stopped the major layoffs. We laid off 22,000 people this year. In my group we lost 25% of my coworkers including my manager.

I heard Disney had massive layoffs. 

 

Did you get to keep your Princess Jasmine costume at least?  

 

 

(JK - Energy too?)  - Wasn't it Exxon that was going to do the huge campus north of downtown ?  Did anybody ever buy their hideous downtown building?  

[wiffleball 4,640]

1 minute ago, Bert said:

Add them to the list:

https://abc13.com/conocophillips-layoffs-houston-texas-jobs-in-energy-conoco-phillips-lay-offs-job-cuts-at/8420478/

https://www.worldoil.com/news/2020/10/9/chevron-to-lay-off-700-houston-staff-in-drive-to-cut-costs

https://www.bizjournals.com/houston/news/2020/05/06/halliburton-lays-off-1-000-employees-at-houston-hq.html

https://www.chron.com/business/energy/article/Occidental-starting-widespread-layoffs-in-Houston-14959670.php

Frickin El Paso was SOOO lucky to have Rich Kinder around years ago. 

[Bert 1,091]

1 minute ago, wiffleball said:

 

(JK - Energy too?)  - Wasn't it Exxon that was going to do the huge campus north of downtown ?  Did anybody ever buy their hideous downtown building?  

Yes they did.  And not that I am aware of.

[Hardcore troubadour 12,646]

But hey, Abbott was just all giddy announcing Hewlitt Packard is coming to town. Moving from California.  Glad  he’s happy rolling out the red carpet for all these liberals in tech. No long game for that guy. 

[Bert 1,091]

1 hour ago, Hardcore troubadour said:

But hey, Abbott was just all giddy announcing Hewlitt Packard is coming to town. Moving from California.  Glad  he’s happy rolling out the red carpet for all these liberals in tech. No long game for that guy. 

What does that mean?

[JustinCharge 2,397]

Disney announced another round of 4000 layoffs the other day.

https://www.usatoday.com/story/money/business/2020/11/26/disney-layoffs-coronavirus-disneyland-still-closed/6432147002/

[JustinCharge 2,397]

San Francisco is looking at big layoffs of bus drivers etc. from its municipal bus service.  I don't know where they could get the money to fix this.  Gas looks to be cheap.  Just $3.79 in the video below.  Maybe raise that to $5 and keep the buses going?

 

 

[wiffleball 4,640]

5 minutes ago, JustinCharge said:

Disney announced another round of 4000 layoffs the other day.

https://www.usatoday.com/story/money/business/2020/11/26/disney-layoffs-coronavirus-disneyland-still-closed/6432147002/

Well that's just Goofy. 

[Hardcore troubadour 12,646]

1 hour ago, Bert said:

What does that mean?

A lot of tech companies are relocating to Texas. Tech is full of libtards 

[Bert 1,091]

2 minutes ago, Hardcore troubadour said:

A lot of tech companies are relocating to Texas. Tech is full of libtards 

True.  They have already destroyed Austin but that is mostly Michael Dell's fault.  It is really a shame because Austin use to be a great little town with a cool vibe and great music.  Now it is like San FranDenveriago.  HP has had a large presence in Houston for many years.  

[wiffleball 4,640]

So much for that Permian Basin Boom. 

 

Retards got greedy and overproduced at that Williston hole. 

 

Peak Oil my arse.

[wiffleball 4,640]

20 minutes ago, Bert said:

True.  They have already destroyed Austin but that is mostly Michael Dell's fault.  It is really a shame because Austin use to be a great little town with a cool vibe and great music.  Now it is like San FranDenveriago.  HP has had a large presence in Houston for many years.  

Excuse me that's SanFranBoulder.

 

Denver was never like Austin or Boulder.

[Bert 1,091]

4 hours ago, wiffleball said:

Excuse me that's SanFranBoulder.

 

Denver was never like Austin or Boulder.

Okay we have different opinions.  Was is the key word.  I've spent a fair amount of time in Denver and working with people in Denver over the last 8 years.  Denver isn't much different than Boulder any more.  

[Bert 1,091]

4 hours ago, wiffleball said:

So much for that Permian Basin Boom. 

 

Retards got greedy and overproduced at that Williston hole. 

 

Peak Oil my arse.

That Permian deal was a horrible thing.

https://oilprice.com/Energy/Energy-General/Oil-Price-Crash-Crushes-New-Mexicos-Hope-For-Free-College.html

 

[MTSkiBum 1,594]

3 minutes ago, Bert said:

That Permian deal was a horrible thing.

https://oilprice.com/Energy/Energy-General/Oil-Price-Crash-Crushes-New-Mexicos-Hope-For-Free-College.html

 

I have a college buddy still working in new Mexico, one of the very few US land rigs we still have a contract for.

 

From your link:

 

Data from the Energy Information Administration reveals that oil production in the New Mexico part of the Permian did not decline by all that much this year. In September—the last month for which there is data—the EIA reported New Mexico had pumped 30.708 million barrels. This is a little more than what the state produced in December 2019, at 30.571 million barrels. 

[Bert 1,091]

7 minutes ago, MTSkiBum said:

I have a college buddy still working in new Mexico, one of the very few US land rigs we still have a contract for.

 

From your link:

 

Data from the Energy Information Administration reveals that oil production in the New Mexico part of the Permian did not decline by all that much this year. In September—the last month for which there is data—the EIA reported New Mexico had pumped 30.708 million barrels. This is a little more than what the state produced in December 2019, at 30.571 million barrels. 

  Exactly.  It is amazing how quickly people forget that the Permian in Texas had all but dried up before fracking resurrected the region.  It is also amazing that people laughing at oil and nat gas write downs will be the same ones decrying the massive profits being made when oil and nat gas rebound.

 

ETA - I also love the, We want to save the planet until we need tax revenue hypocrisy. 

[wiffleball 4,640]

1 hour ago, MTSkiBum said:

I have a college buddy still working in new Mexico, one of the very few US land rigs we still have a contract for.

 

From your link:

 

Data from the Energy Information Administration reveals that oil production in the New Mexico part of the Permian did not decline by all that much this year. In September—the last month for which there is data—the EIA reported New Mexico had pumped 30.708 million barrels. This is a little more than what the state produced in December 2019, at 30.571 million barrels. 

Production<>sales.

 

Sure as F doesn't = profitable sales. 

 

Once you crack her, you can't just ask the Earth to cross her legs.

 

Note that they talked about production. Not sales. Not profitable sales.

 

Again, that's the problem. We did the same thing in 70s. We cracked shale, then overproduced  the out of it. Then saw the market nosedive. Hey does that sound familiar?

Williston didn't suddenly run out of the oil. They just ran out of the low-hanging fruit based upon today's technology.

Just like before, we got better at production at the exact same time we got better at lowering consumption.

Jesus, You'd think these tards would learn a lesson. But it's been the same way since Spindletop.

 

Built one hell of a state though.

 

[RaiderHaters Revenge 3,584]

whats a write down?

 

[Bert 1,091]

Global demand for crude oil (including biofuels) in 2019 amounted to 100.1 million barrels per day and is projected to decrease to 91.3 million barrels per day in 2020. This decrease is due to the economic and mobility impacts of Covid-19, including widespread shutdowns across the world. When compared to the daily oil demand of 86.4 million barrels in 2010, the increasing demand trajectory that occurred in the past decade is nevertheless still clear.

https://www.statista.com/statistics/271823/daily-global-crude-oil-demand-since-2006/

[Bert 1,091]

7 hours ago, RaiderHaters Revenge said:

whats a write down?

 

When the undiscounted cash fllows of an asset are less than the book value of the asset the asset is impaired or written down.

[MTSkiBum 1,594]

19 hours ago, wiffleball said:

 

(JK - Energy too?)  - Wasn't it Exxon that was going to do the huge campus north of downtown ?  Did anybody ever buy their hideous downtown building?  

 

The old halliburton headquarters was turned into an amazon distribution center. That building looked like a giant prison. It took a couple years to sell that place.

It sucks because my office is right beside it and being right next to an amazon distribution center increases traffic.

It is also right next to China Town, which for some reason had lots of bad drivers. Even my in-laws hate driving in china town.

[Bert 1,091]

5 minutes ago, MTSkiBum said:

 

The old halliburton headquarters was turned into an amazon distribution center. That building looked like a giant prison.

It sucks because my office is right beside it and being right next to an amazon distribution center increases traffic.

It is also right next to China Town, which for some reason had lots of bad drivers. Even my in-laws hate driving in china town.

I worked in that damn building for 6 months when I was at KBR.  It felt like a prison.  Of course it was a lot better than the Clinton drive facility.  

[wiffleball 4,640]

Where was The Halliburton headquarters? I thought that was the Clinton Dr facility? Last I heard, that was a Superfund cleanup.

 

Not the Kellogg building downtown right?

[Bert 1,091]

16 minutes ago, wiffleball said:

Where was The Halliburton headquarters? I thought that was the Clinton Dr facility? Last I heard, that was a Superfund cleanup.

 

Not the Kellogg building downtown right?

Halliburton has buildings all over Houston.  They were in a building next to BMC on the beltway.  In 2012/2013 they kicked KBR out of the building that Skibum mentioned.  They now have most of there people at their facility on the Beltway near JFK.

The Clinton Dr. facility was an old Brown and Root facility.  KBR had a bunch of people there and at the old Kellogg building downtown.

Clinton Dr. is basically a superfund site.  They sold it to a real estate developer that was going to tear down all the buildings, clean up the site and build a town home community with shops and parks and what not.  I don't know what happened but all the buildings are still there.  

[MTSkiBum 1,594]

26 minutes ago, wiffleball said:

Where was The Halliburton headquarters? I thought that was the Clinton Dr facility? Last I heard, that was a Superfund cleanup.

 

Not the Kellogg building downtown right?

 

Their old HQ was at the corner of Rogerdale and Bellaire.

[MTSkiBum 1,594]

5 minutes ago, Bert said:

Halliburton has buildings all over Houston.  They were in a building next to BMC on the beltway.  In 2012/2013 they kicked KBR out of the building that Skibum mentioned.  They now have most of there people at their facility on the Beltway near JFK.

The Clinton Dr. facility was an old Brown and Root facility.  KBR had a bunch of people there and at the old Kellogg building downtown.

Clinton Dr. is basically a superfund site.  They sold it to a real estate developer that was going to tear down all the buildings, clean up the site and build a town home community with shops and parks and what not.  I don't know what happened but all the buildings are still there.   

 

We have at least 15-20 offices in the Houston area, if not more.  Our HQ is in Sugar Land and ideally i can work there one day and have a 5 minute commute.

[Bert 1,091]

1 minute ago, MTSkiBum said:

 

We have at least 15-20 offices in the Houston area, if not more.  Our HQ is in Sugar Land and ideally i can work their one day and have a 5 minute commute.

That is sweet!

[drobeski 3,061]

I warned but didn't matter.  Idiots still vote for the dirtbags who did this to them. 

[Jetdoc 20]

3 hours ago, MTSkiBum said:

 

We have at least 15-20 offices in the Houston area, if not more.  Our HQ is in Sugar Land and ideally i can work there one day and have a 5 minute commute.

I have some friends that work in that office and they said that they only allow the higher performers to transfer into that office.

[MTSkiBum 1,594]

6 minutes ago, Jetdoc said:

I have some friends that work in that office and they said that they only allow the higher performers to transfer into that office.

I am focked then .

 

[Bert 1,091]

23 minutes ago, Jetdoc said:

I have some friends that work in that office and they said that they only allow the higher performers to transfer into that office.

You still in the energy industry?

[Jetdoc 20]

20 hours ago, Bert said:

You still in the energy industry?

Yep, still trudging along in this pipeline company.