Houston..we have a problem....

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cajunaggie08
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In reply to Caliber • 3:50p, 9/4/25
AG
Caliber said:
Texag5324 said:
Quote:
Where are all these people going to find jobs? I really feel for all the folks who have worked for years at these large O&G companies only to be let or go a victim of an acquisition. The few jobs that are out there have to be nearly impossible to get with so many in our industry out of work.

Chevron/Hess 20%+ layoff, BP 32% layoffs, and now COP 25% layoff. Its absolutely brutal, it reminds me of 2015 when every oil and gas company was laying off. There will be a lot of people looking for work and not enough jobs for everybody. Theres going to be a mass exodus of talent leaving the industry and will be similar to the dilemma a lot of oil companies were facing 10-15 years ago, they will have older employees and younger employees but no one in between.

Im not even sure recent college grads want to enter the oil and gas industry anymore, its no longer the "sexy" industry.

https://www.reuters.com/business/energy/global-oil-gas-company-layoffs-2024-2025-2025-09-03/


Oil& gas hasn't been sexy for at least a decade already. College recruiting for anything tech related in O&G had been tough for a long time.

its part of why Schlumberger rebranded to SLB. When we were recruiting at colleges we were told to tell students we were a technology company, not a O&G service company. It sort of worked. Students that looked us up would come up all excited about the green technology things that the company was showcasing on the website and in the marketing material. I was a bit too honest and said that while we are working on those things, traditional O&G service and equipment was still responsible for over 90% of our revenue.
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birdman
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9:46p, 9/4/25
I'm sure there are some good workers cut at these companies. Probably some Aggies on this thread. But we don't need to pretend like the majors are lean, efficient machines. You've got a decision maker, and another guy who actually does the work. In between them, you've got 6-7 guys who solely forward emails up/down the hierarchy.

Chevron cutting 25% isn't that dumb. Cutting a uniform 25% from every department and business unit is asinine. Cut 80% from the business units that lose money. Just fire the idiots at the departments that bring in your heavy profit.
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Ragoo
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In reply to cajunaggie08 • 10:35p, 9/4/25
AG
cajunaggie08 said:
Caliber said:
Texag5324 said:
Quote:
Where are all these people going to find jobs? I really feel for all the folks who have worked for years at these large O&G companies only to be let or go a victim of an acquisition. The few jobs that are out there have to be nearly impossible to get with so many in our industry out of work.

Chevron/Hess 20%+ layoff, BP 32% layoffs, and now COP 25% layoff. Its absolutely brutal, it reminds me of 2015 when every oil and gas company was laying off. There will be a lot of people looking for work and not enough jobs for everybody. Theres going to be a mass exodus of talent leaving the industry and will be similar to the dilemma a lot of oil companies were facing 10-15 years ago, they will have older employees and younger employees but no one in between.

Im not even sure recent college grads want to enter the oil and gas industry anymore, its no longer the "sexy" industry.

https://www.reuters.com/business/energy/global-oil-gas-company-layoffs-2024-2025-2025-09-03/


Oil& gas hasn't been sexy for at least a decade already. College recruiting for anything tech related in O&G had been tough for a long time.

its part of why Schlumberger rebranded to SLB. When we were recruiting at colleges we were told to tell students we were a technology company, not a O&G service company. It sort of worked. Students that looked us up would come up all excited about the green technology things that the company was showcasing on the website and in the marketing material. I was a bit too honest and said that while we are working on those things, traditional O&G service and equipment was still responsible for over 90% of our revenue.
SLB was pushing the "we are a technology company" when I was there from the Cameron purchase to 2018. Glad I left.
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bkag9824
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10:38p, 9/4/25
AG
Mid- October marks 14 years at current major. They've been incredibly good to me overall. But the past ~2.5 yrs have been some of the most frustrating professionally and personally.

All our recent re-org town halls have been less than encouraging from a long-term career interest and viability standpoint.

I submitted my EOI last week. Bittersweet but needed.

Time to do something different.
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Comeby!
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In reply to bkag9824 • 11:08p, 9/4/25
AG
Expression of Interest? Evidence of insurability?

I think what you went through the last 2 years is more the norm, unfortunately.
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bkag9824
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In reply to Comeby! • 6:53a, 9/5/25
AG
Comeby! said:
Expression of Interest? Evidence of insurability?

I think what you went through the last 2 years is more the norm, unfortunately.


Expression of Interest

It is the norm moving forward for my company. Was a great run with them.

Change is needed, it's difficult, never clean. But it's the way they're going about it that makes it so unpleasant and not worth sticking around another 18-24 months until the next significant reduction.
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Ducks4brkfast
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In reply to bkag9824 • 8:27a, 9/5/25
AG
bkag9824 said:
Comeby! said:
Expression of Interest? Evidence of insurability?

I think what you went through the last 2 years is more the norm, unfortunately.


Expression of Interest

It is the norm moving forward for my company. Was a great run with them.

Change is needed, it's difficult, never clean. But it's the way they're going about it that makes it so unpleasant and not worth sticking around another 18-24 months until the next significant reduction.


For an internal position? Or to put them on notice you're leaving?
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txaggie_08
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In reply to bkag9824 • 8:32a, 9/5/25
AG
Is this at COP where they're giving people the option to volunteer for a severance prior to the upcoming layoffs?
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bkag9824
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In reply to Ducks4brkfast • 8:46a, 9/5/25
AG
Willing to voluntarily leave with severance.
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bkag9824
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In reply to txaggie_08 • 8:46a, 9/5/25
AG
No
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gougler08
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8:52a, 9/5/25
AG
SHEL did it last time around as well (voluntary severance)
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Sims
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In reply to bkag9824 • 8:55a, 9/5/25
AG
Before you go, throw some more 0's on the end of the Q3 LLFE RFPs.
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Furlock Bones
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9:54a, 9/5/25
AG
"Saudi Arabia is increasing production to recapture market share."

Bullish signal.
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PeekingDuck
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In reply to txaggie_08 • 10:34a, 9/5/25
AG
CVX, I'm guessing. They are going through a very odd process. I'm not sure if it is better or worse than the normal layoff path.
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nosoupforyou
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10:43a, 9/5/25
AG
What is Chevron doing with non core Hess? I was told yesterday that they have dropped quite a few people in the Bakken.. wonder if they are looking to offload that asset?
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bkag9824
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In reply to PeekingDuck • 11:20a, 9/5/25
AG
PeekingDuck said:
CVX, I'm guessing. They are going through a very odd process. I'm not sure if it is better or worse than the normal layoff path.


It's been an incredibly disjointed and non-sensical re-org process. Why you would ever split your enterprise-wide selection events, thereby preventing employees who are strong candidates for on and offshore roles from being considered in both rounds, is beyond me.

Thanks McKinsey.
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bkag9824
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In reply to nosoupforyou • 11:23a, 9/5/25
AG
nosoupforyou said:
What is Chevron doing with non core Hess? I was told yesterday that they have dropped quite a few people in the Bakken.. wonder if they are looking to offload that asset?


They'll hold on to Bakken for at least a bit to hopefully squeeze some cash out of it. Most of the Hess layoffs supporting Bakken were/should have been back-office support that is already going through a massive consolidation.

*I have no direct insight into their strategic plans for much of any assets. Comments are only my WAG.
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Dr. Doctor
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In reply to cajunaggie08 • 11:49a, 9/5/25
AG
When I was at KBR, before I left, they were saying that.

"We're a tech company and going green!"

I told my manager, "then why are 95% of our projects O&G and grey?"

I also didn't understand why they were moving from EPC to 'technology'. They wanted the multiplier on the share price, but....the projects were all high single to low double digit profit vs. ACTUAL tech company's mid double digit margin.

It was like moving from the middle of the pack 'attractive person' to the ugliest 'hot' person. You might have had a chance to 'instantly passed over'.

~egon
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MAROON
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In reply to bkag9824 • 3:17p, 9/5/25
AG
bkag9824 said:
PeekingDuck said:
CVX, I'm guessing. They are going through a very odd process. I'm not sure if it is better or worse than the normal layoff path.


It's been an incredibly disjointed and non-sensical re-org process. Why you would ever split your enterprise-wide selection events, thereby preventing employees who are strong candidates for on and offshore roles from being considered in both rounds, is beyond me.

Thanks McKinsey.

Bunch of book smart no-nothings. Most have never had a real job in their lives. You want to consult? First go get 25 years of real experience then come consult. Rolling out of grad school to consult is the biggest farce ever.
What do you boys want for breakfast BBQ ?.....OK Chili.
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cajunaggie08
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In reply to Ragoo • 4:54p, 9/5/25
AG
Ragoo said:
cajunaggie08 said:
Caliber said:
Texag5324 said:
Quote:
Where are all these people going to find jobs? I really feel for all the folks who have worked for years at these large O&G companies only to be let or go a victim of an acquisition. The few jobs that are out there have to be nearly impossible to get with so many in our industry out of work.

Chevron/Hess 20%+ layoff, BP 32% layoffs, and now COP 25% layoff. Its absolutely brutal, it reminds me of 2015 when every oil and gas company was laying off. There will be a lot of people looking for work and not enough jobs for everybody. Theres going to be a mass exodus of talent leaving the industry and will be similar to the dilemma a lot of oil companies were facing 10-15 years ago, they will have older employees and younger employees but no one in between.

Im not even sure recent college grads want to enter the oil and gas industry anymore, its no longer the "sexy" industry.

https://www.reuters.com/business/energy/global-oil-gas-company-layoffs-2024-2025-2025-09-03/


Oil& gas hasn't been sexy for at least a decade already. College recruiting for anything tech related in O&G had been tough for a long time.

its part of why Schlumberger rebranded to SLB. When we were recruiting at colleges we were told to tell students we were a technology company, not a O&G service company. It sort of worked. Students that looked us up would come up all excited about the green technology things that the company was showcasing on the website and in the marketing material. I was a bit too honest and said that while we are working on those things, traditional O&G service and equipment was still responsible for over 90% of our revenue.

SLB was pushing the "we are a technology company" when I was there from the Cameron purchase to 2018. Glad I left.

I came from the CAM side too. I laugh at the fools who drank too much blue kool-aid. The only reason I'm still around is I havent been laid off yet and I havent found someone willing to pay me more. Its been a frustrating 7 years having SLB policies be shoved on us without any room to maneuver and complaints falling on deaf ears, but it pays the bills for now.
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LoudAg
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3:36p, 9/10/25
AG
Heard a rumor that Exxon is looking to buy Permian acreage.
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nosoupforyou
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In reply to LoudAg • 3:42p, 9/10/25
AG
LoudAg said:
Heard a rumor that Exxon is looking to buy Permian acreage.


Hmm - love the tease - let see how long it takes to hit!

Can they possibly handle buying another big company or would this be just a smaller PE backed company?
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txaggie_08
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In reply to LoudAg • 3:49p, 9/10/25
AG
Take over Diamondback and they'd practically own the entire Midland Basin.
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Less Evil Hank Scorpio
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4:08p, 9/10/25
AG
FANG is currently divesting some non core stuff in the Williston. Wonder how much that helps them become a nice tidy pure play acquisition target.
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jetch17
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4:17p, 9/10/25
AG
FANG would lock up the MB, i figure maybe theyll go Permian Resources or something similar?
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txaggie_08
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In reply to Less Evil Hank Scorpio • 5:09p, 9/10/25
AG
What in the works do they have in the Williston? Should he practically nothing unless endeavor owned some non-op there.
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TxAg20
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5:26p, 9/10/25
AG
Rumors have been floating about Exxon buying Diamondback for a few months. Seems like the Exxon buying Pioneer rumors took a few years to come true.
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Less Evil Hank Scorpio
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In reply to txaggie_08 • 10:23a, 9/11/25
AG
txaggie_08 said:
What in the works do they have in the Williston? Should he practically nothing unless endeavor owned some non-op there.


Yep it's almost all former endeavor stuff. It's only about 4k net acres but some of it has some hair on it so I imagine they don't want to deal with it. Good NRIs though.
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LoudAg
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11:23a, 9/18/25
AG
Hearing rumors about Connoco and Exxon both being interested in FANG
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txaggie_08
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In reply to LoudAg • 11:26a, 9/18/25
AG
Of course they are. Those are the two most likely buyers.

I think their biggest hurdle right now is whether either one of them are willing to pay the premium necessary to get FANG to sale.
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jagvocate
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In reply to txaggie_08 • 1:44p, 9/18/25
AG
XOM would never overpay for a flashy acquisition
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txaggie_08
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In reply to LoudAg • 8:04a, 9/20/25
AG
The XOM rumor has definitely been making the rounds the last few days
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DripAG08
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1:02p, 9/22/25
AG
The FANG / XOM rumors are getting warmer by the minute....
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txaggie_08
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In reply to DripAG08 • 1:11p, 9/22/25
AG
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Comeby!
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10:25p, 9/22/25
AG
I remember my XTO days. XOM buying us was an old break room joke….then they did. Smoke, fire and all that.
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