Heads Begin to Roll
Oil company headcount and oil prices go hand in hand. After the hiring spree of the last few years these oil news headlines don’t come as much surprise, but our hearts really go out to those starting off 2015 with this challenge.
~This comes after Haliburton axes 1,000 and says 2015 will be “tough”.
~For those who have been around long enough, this might sound like the 1980’s. This WSJ article talks about how it is different this time.
~EKTi Sr. Associate Alec Schrader (Retired Shell Oil Company 35 years, PhD in Industrial and Organizational Psychology) will be weighing in on the effectiveness and cost efficiency of layoffs in the long run (spoiler alert: they aren’t) with a series of articles coming soon.
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OPEC Steps In, Or Not…
If you’re a producer and wondering when OPEC is going to step in and stop the madness, you might not want to hold your breath.
“After all, Wood Mackenzie released on Friday its conclusions from a survey of 2,222 oil fields world-wide. Its analysis found that at $50 a barrel—around where Brent crude trades now—only 0.2% of oil supply faces negative cash flow. At $40, that rises—but only to 1.6%.”
~The API Weekly Bulletin reports there’s a lot of oil.
Looking Past the End of Your Nose
If you’re able to keep an eye on the horizon, you’ll see that ExxonMobil’s 2015 Outlook for Energy (released Jan 9) highlights a 35% increase in energy consumption by 2040.
~Prahdeep Anand, friend of EKT Interactive and really smart fellow, contributed this month’s World Oil January Executive Viewpoint highlighting 5 tips on how E&P operators can navigate these challenging times.
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