FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
Such cuts, which are expected to accelerate this year, spell trouble for firms when it comes to restaffing and tapping know-how from prior busts, said some industry executives interviewed by Reuters. “Losing talented people is a concern,” said Kevin Broom, a PESA director who did the analysis. “We’re going to need that knowledge and expertise when demand returns.”
Career website LinkedIn.com has dozens of goodbye posts from workers with 15- to 30-year careers in the oilfield, many with top firms Schlumberger, Halliburton and Baker Hughes Inc. More than two dozen tributes appeared recently from mid- to senior-level Schlumberger executives. Graham was attending a family celebration when his mobile phone buzzed with news that top producers Russia and Saudi Arabia ended a pact that limited their oil production.
Thoughts and prayers
Trump is losing a strategic industry
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