View Poll Results: How have you been affected?

Voters
24. You may not vote on this poll
  • My Company has done layoffs/cutbacks

    7 29.17%
  • I know of others who have been laid off or have had cutbacks.

    7 29.17%
  • No Layoffs or cutbacks at my company

    10 41.67%
  • Haven't heard of any lay offs or cutbacks.

    0 0%
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Thread: How many of you have been affected by this downturn in the O&G sector?

  1. Default How many of you have been affected by this downturn in the O&G sector?

    I know a lot of people that have been laid off or have had their wages cut because of this downturn.

    Have you been affected or know of someone who has been affected by this downturn?
    Brad S Taylor
    RE/MAX Realty Professionals
    Email: bradtaylor@realtybybrad.com
    Website: www.realtybybrad.com
    Mobile: 403.703.1508
    Office: 403.259.4141

  2. Default

    It's a strange one so far. My sister and her husband were in O&G. She bailed when they had kids, they saw the writing on the wall, he got promoted to an American position, and moved to the US about a year ago. Nothing like buying what would be a $2 million house here, for less than 1/4, pool, golf course.... And having nice weather almost year round.

    My brother has been managing a large project, and saw the writing on the wall, hussled his ass, and made himself useful. They made a job to keep him despite cancelling the next 250 million $ project. He's taking a gamble now, applying for a higher level job, which has more chance of being cut, but is a stepping stone to corporate. If it fails, US for him as well.... Or start an equipment company if the downturn is ugly and things get cheap.

    I'm surprised by the speed of the layoffs.

    I'm not sure if ill be tuning at all this year, or just a select few, but I have never had this high of a call volume for all of January and February. My suppliers like Mopac etc all say this I the busiest they have seen it this early in the season.

    I suspect it just hasn't trickled down in the real world.

    And I saw the other day cnrl reported a record profit quarter. That's seems strange.

  3. Default

    You won't see the real impact of company profits or results till 2nd quarter. O&G firms haven't posted results since doing their cutbacks, so anything you are seeing now was from last years projects.

    2nd quarter results is where you will see shit hit the fan.
    Brad S Taylor
    RE/MAX Realty Professionals
    Email: bradtaylor@realtybybrad.com
    Website: www.realtybybrad.com
    Mobile: 403.703.1508
    Office: 403.259.4141

  4. Default

    Quote Originally Posted by bradt View Post
    You won't see the real impact of company profits or results till 2nd quarter. O&G firms haven't posted results since doing their cutbacks, so anything you are seeing now was from last years projects.

    2nd quarter results is where you will see shit hit the fan.
    Why the switch for you, Brad? Tired of it, laid off, needed a change?

    I need a change! haha.

  5. Default

    Quote Originally Posted by Tomak View Post
    Why the switch for you, Brad? Tired of it, laid off, needed a change?

    I need a change! haha.
    Things were so slow last year that I had nothing to do, I was going mad. I took a package last year and decided to make a career change. My Wife works for a Midstream company and is doing very well, so we decided it was worth diversifying, she stays in O&G and I branch out to the other big player in Calgary, real estate, haha.
    Brad S Taylor
    RE/MAX Realty Professionals
    Email: bradtaylor@realtybybrad.com
    Website: www.realtybybrad.com
    Mobile: 403.703.1508
    Office: 403.259.4141

  6. Default

    Diversity is nice!

  7. #7

    Default

    No layoffs at our company but huge cutback in capital spending. The vast majority of our capex goes directly into the economy so if we're any gauge, things are going to be tough.
    Tunnel Ram Scam: "actually dons language arts is horrible no way he could edit anything"

  8. #8

    Default

    I'm in the O&G Engineering racket and we had several major projects get cancelled right after the X-mas holidays. We tend to get hit first when things get slow because we are working on projects that are 3-12 months out. The vendors and contractors are still working on projects that we handled last year so they will be feeling the effects in Q2-Q3 as mentioned above. So far we have done wage cuts, rate reductions and layoffs. We are fairing better than some and have enough work to keep the core people going but I am hearing stories about small shops that are close to shutting the doors.

    Oil is at $47/bbl today, and I have heard through the grapevine that one of the larger producers in town is going to announce large layoffs today. Oh well, it couldn't last forever.

  9. Default

    Talking to a realtor the other day, rumour was over 40 sets of keys to blackfalds homes have been dropped off for the banks to deal with. Can't verify of course but thats typical of the ft mac funded area...
    I operate PitStop Parts & Performance in Rimbey...

    2008 C63 AMG Sedan 12.7's Stock on Street 18's
    2004 Cobra Silver 2.3L Whipple, SRA Swap, 530RWHP. 11.7's SOLD
    2011 Mustang 5.0L GT Kona Blue 6spd 3.73's etc...11.7's@119mph 1.6 60'
    1988 Red LX 5.0L 100 shot 11.79@116mph - SOLD

  10. Default

    Quote Originally Posted by krueton View Post
    I'm in the O&G Engineering racket and we had several major projects get cancelled right after the X-mas holidays. We tend to get hit first when things get slow because we are working on projects that are 3-12 months out. The vendors and contractors are still working on projects that we handled last year so they will be feeling the effects in Q2-Q3 as mentioned above. So far we have done wage cuts, rate reductions and layoffs. We are fairing better than some and have enough work to keep the core people going but I am hearing stories about small shops that are close to shutting the doors.

    Oil is at $47/bbl today, and I have heard through the grapevine that one of the larger producers in town is going to announce large layoffs today. Oh well, it couldn't last forever.
    Yeh I just posted another thread on Crude Oil prices, it took a major plunge and broke the bottom resistance, which is never a good sign.
    Brad S Taylor
    RE/MAX Realty Professionals
    Email: bradtaylor@realtybybrad.com
    Website: www.realtybybrad.com
    Mobile: 403.703.1508
    Office: 403.259.4141

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