Oil and Covid unemployment thread

[52-80 19,282]

A gigaton of you work directly in or around oil.  What's happening in your neck of the woods?  Friends brothers mothers neighbors getting shit canned?

I'm seeing colleagues and acquaintances and 2nd and 3rd order networked people dropping out of employment every single day.  I didnt live through the 80s market, but this is an exodus that seems a magnitude worse than '08.  This time it really seems irreversible in terms of the culture of the high flying days

[Archer 474]

12 minutes ago, 52-80 said:

A gigaton of you work directly in or around oil.  What's happening in your neck of the woods?  Friends brothers mothers neighbors getting shit canned?

I'm seeing colleagues and acquaintances and 2nd and 3rd order networked people dropping out of employment every single day.  I didnt live through the 80s market, but this is an exodus that seems a magnitude worse than '08.  This time it really seems irreversible in terms of the culture of the high flying days

My LinkedIn has been a bloodbath, lots of tenured people saying they have been let go. 
 

My wife is considering voluntarily leaving the industry to diversify our income streams. Hasn’t decided but seems to be leaning that way. Would be nice if it wasn’t the worst job market since the ‘30s. 

[tx 3 putt 77,961]

She needs to stay at her job as long as possible. They’ll have 500+ applicants when they post her job. Most will be very over qualified 

[Sgt Hulk 14,095]

just stay at home and protect me please

[52-80 19,282]

On 5/12/2020 at 10:54 PM, Archer said:

My LinkedIn has been a bloodbath, lots of tenured people saying they have been let go. 
 

My wife is considering voluntarily leaving the industry to diversify our income streams. Hasn’t decided but seems to be leaning that way. Would be nice if it wasn’t the worst job market since the ‘30s. 

There's the bittersweet upside that every peer that leaves means more security  for the remaining cohort, and every higher rank that leaves means more future opportunity. 

 

I've had more coworkers and ex bosses accept 'voluntary' resignations and early retirements this week. 

[52-80 19,282]

2 friends lost their job.  1 found another within a month.  but another one got dropped this week... he accepted a foreign assignment just months back, apart from his family, and thought it would keep him relatively safe.  it didnt.

[Nice Guy Eddie 13,559]

On 5/13/2020 at 4:15 PM, 52-80 said:

There's the bittersweet upside that every peer that leaves means more security  for the remaining cohort, and every higher rank that leaves means more future opportunity. 

 

I've had more coworkers and ex bosses accept 'voluntary' resignations and early retirements this week. 

Worked in big oil for a short period (7 years) about a decade ago. Rarely saw someone leave of their own accord in terms of retirement especially when times got bad, which happens every decade. Sure there were a few rare occasions when a 65 year old truly retired on their own timeline but I regularly saw 55+ shown the door. Every re-org equaled a couple retirement lunches were coming up.

Now the Severance deals were usually very sweet except many didn’t want to be looking for a job at 58. The smart ones knew it was a strong possibility and planned for it.

[52-80 19,282]

1 hour ago, Nice Guy Eddie said:

Worked in big oil for a short period (7 years) about a decade ago. Rarely saw someone leave of their own accord in terms of retirement especially when times got bad, which happens every decade. Sure there were a few rare occasions when a 65 year old truly retired on their own timeline but I regularly saw 55+ shown the door. Every re-org equaled a couple retirement lunches were coming up.

Now the Severance deals were usually very sweet except many didn’t want to be looking for a job at 58. The smart ones knew it was a strong possibility and planned for it.

Many of the ones I've seen around that age went out kicking and screaming and embittered.  They worked through pretty good boom times and should have been grandfathered into early-paying pensions, or otherwise have had ample opportunities for savings.  I really feel bad for the ones who were not financially prepared.

[Nice Guy Eddie 13,559]

10 minutes ago, 52-80 said:

Many of the ones I've seen around that age went out kicking and screaming and embittered.  They worked through pretty good boom times and should have been grandfathered into early-paying pensions, or otherwise have had ample opportunities for savings.  I really feel bad for the ones who were not financially prepared.

Im with you in that I shook my head at seeing how long term employees could be treated for really doing nothing other than (probably) having a high salary. The one criticism I have of those employees is that they must have been blind to seeing what was a strong possibility. Big Oil almost always pay well and has great retirement benefits. Employees should not squander those opportunities with a plan to catch up financially closer to 65. Be prepared to leave at 55, and you hang on past 55 that’s just a bonus.

[Okie State 3,867]

Im with you in that I shook my head at seeing how long term employees could be treated for really doing nothing other than (probably) having a high salary. The one criticism I have of those employees is that they must have been blind to seeing what was a strong possibility. Big Oil almost always pay well and has great retirement benefits. Employees should not squander those opportunities with a plan to catch up financially closer to 65. Be prepared to leave at 55, and you hang on past 55 that’s just a bonus.

That's what I'm doing. I told my wife we're saving all we can now because we don't know how long it will last and I don't know where else I could go and get the same benefits or better.

[Goofyboy 3,326]

I’m hanging on by a thread. I’m basically part time now. We lost a big project and a whole bunch of people got laid off. My department is down to bare bones. Unfortunately, I don’t really have a choice but to ride it out.

[52-80 19,282]

Was passed an email implicitly asking for endorsement of a guy I worked with.   His supervisor is basically drumming up support so his contract won't be cut.  Harsh

[Archer 474]

On 6/8/2020 at 6:25 AM, Okie State said:

On 6/8/2020 at 6:14 AM, Nice Guy Eddie said:

Im with you in that I shook my head at seeing how long term employees could be treated for really doing nothing other than (probably) having a high salary. The one criticism I have of those employees is that they must have been blind to seeing what was a strong possibility. Big Oil almost always pay well and has great retirement benefits. Employees should not squander those opportunities with a plan to catch up financially closer to 65. Be prepared to leave at 55, and you hang on past 55 that’s just a bonus.

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That's what I'm doing. I told my wife we're saving all we can now because we don't know how long it will last and I don't know where else I could go and get the same benefits or better.

Absolutely this. 
 

We are saving and investing to get some secondary income for when this ends I only need to replace 50% of my income not 100%. 

[Patricio Swayze 17,058]

I worked for a major engineering firm in their energy division. Been laid off since March when the client pulled the plug on a FEED we were doing for a a floating production unit. Have a couple of irons in the fire, but it slow as fuck and I am sick of this shit. And this industry.