January 14, 2015
(Bloomberg) -- The first thing oilfield geophysicist
Emmanuel Osakwe noticed when he arrived back at work before 8
a.m. last month after a short vacation was all the darkened
offices.
By that time of morning, the West Houston building of his
oilfield services company was usually bustling with workers. A
couple hours later, after a surprise call from Human Resources,
Osakwe was adding to the emptiness: one of thousands of energy
industry workers getting their pink slips as crude prices have
plunged to less than $50 a barrel.
“For the oil and gas industry, it’s scary,” Osakwe said
in an interview after he was laid off last month from a unit of
Halliburton Co., which he joined in September 2013. “I was
blind to the ups and downs associated with the industry.”
It’s hard to blame him. The oil industry has been on a tear
for most of the past decade, with just a brief timeout for the
financial crisis. As of November, oil and gas companies employed
543,000 people across the U.S., a number that’s more than
doubled from a decade ago, according to data kept by Rigzone, an
employment company servicing the energy industry....
Regardless of all the happy talk about and in the petroleum industry, there is stark reality to face.
PARIS/LONDON,
April 16 (Reuters) - French oil major Total and British rival BP are
under no pressure to make acquisitions after the recent takeover of BG
Group by Anglo-Dutch rival Shell, they said on Thursday.
Royal Dutch Shell unveiled plans last week to buy BG Group in the
first oil super-merger in more than a decade, seeking to extend its lead
in gas production and close the gap with the world's biggest oil major,
U.S. ExxonMobil .
Speaking at a conference in Paris, Total's chief executive said
Shell's acquisition "made sense" but that there were other ways to grow
in a falling oil price environment.
- See more at:
http://www.rigzone.com/news/oil_gas/a/138144/Total_BP_Feel_No_Pressure_To_Make_Acquisitions_After_Shell#sthash.dKhMESk1.dpuf..
PARIS/LONDON,
April 16 (Reuters) - French oil major Total and British rival BP are
under no pressure to make acquisitions after the recent takeover of BG
Group by Anglo-Dutch rival Shell, they said on Thursday.
Royal Dutch Shell unveiled plans last week to buy BG Group in the
first oil super-merger in more than a decade, seeking to extend its lead
in gas production and close the gap with the world's biggest oil major,
U.S. ExxonMobil .
Speaking at a conference in Paris, Total's chief executive said
Shell's acquisition "made sense" but that there were other ways to grow
in a falling oil price environment.
- See more at:
http://www.rigzone.com/news/oil_gas/a/138144/Total_BP_Feel_No_Pressure_To_Make_Acquisitions_After_Shell#sthash.dKhMESk1.dpuf
PARIS/LONDON,
April 16 (Reuters) - French oil major Total and British rival BP are
under no pressure to make acquisitions after the recent takeover of BG
Group by Anglo-Dutch rival Shell, they said on Thursday.
Royal Dutch Shell unveiled plans last week to buy BG Group in the
first oil super-merger in more than a decade, seeking to extend its lead
in gas production and close the gap with the world's biggest oil major,
U.S. ExxonMobil .
Speaking at a conference in Paris, Total's chief executive said
Shell's acquisition "made sense" but that there were other ways to grow
in a falling oil price environment.
- See more at:
http://www.rigzone.com/news/oil_gas/a/138144/Total_BP_Feel_No_Pressure_To_Make_Acquisitions_After_Shell#sthash.dKhMESk1.dpuf
PARIS/LONDON, April 16 (Reuters) - French oil major Total (click here) and British rival BP are
under no pressure to make acquisitions after the recent takeover of BG
Group by Anglo-Dutch rival Shell, they said on Thursday.
Royal Dutch Shell unveiled plans last week to buy BG Group in the
first oil super-merger in more than a decade, seeking to extend its lead
in gas production and close the gap with the world's biggest oil major,
U.S. ExxonMobil.
Speaking at a conference in Paris, Total's chief executive said
Shell's acquisition "made sense" but that there were other ways to grow
in a falling oil price environment....
...Dudley
said he did not expect companies would rush to emulate Shell's mega
deal immediately but said that the longer oil prices stayed low the more
companies would come under financial stress and become acquisition
targets....