Oil & Gas - A Slap in the Face
@HoustonHusky and our other O&G OGs: too early to give up on a career looking for black gold, or not enough runway left to start a career now?
https://www.nytimes.com/2021/01/03/business/oil-industry-careers.html
Comments
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I'm not in O&G although I might as well be the last few years...
Right now it is brutal on graduates...my nephew's fiance just graduated and got hired on at one of the big oil firms after college but almost all the folks hired on with her were delayed and then un-hired. At UT the Petroleum Engineers always had a bit more status than the Chemical Engineers but that has now switched...a bunch aren't going to get hired for what they were trained for. Add to that a bunch of the smaller oil guys are doing "mergers of equals" which is basically cost/people reductions and its not good out there for those folks.
But with oil it is always give it a year or two...all the banks are saying oil is going even higher this year, but the same analysts are also saying nobody will fund oil guys. Which is true right now if you talk to the banks, but if WTI goes over $60 and maybe even $55 you will see a flood of money go into the oil patch because interest rates are nothing.
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Don't really miss O&G - it was fun when I was in it. Pretty interesting stuff. Lots of crazy deal structures. But, goddamned...what a fucking rollercoaster.
Too old for that shit now.
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"It's feast or phantom."PurpleThrobber said:Don't really miss O&G - it was fun when I was in it. Pretty interesting stuff. Lots of crazy deal structures. But, goddamned...what a fucking rollercoaster.
Too old for that shit now.
I used to know a guy who butchered that and other colloquial phrases. Strangely, his version still kind of works. -
I guess the real question is, did the article get it right by suggesting (albeit through anecdotal opinions) oil has a limited future in the long run? I mean, the reference to solar was stupid as far as my understanding of the subject goes; that particular technology doesn't run efficiently or powerfully enough to displace fossil.HoustonHusky said:I'm not in O&G although I might as well be the last few years...
Right now it is brutal on graduates...my nephew's fiance just graduated and got hired on at one of the big oil firms after college but almost all the folks hired on with her were delayed and then un-hired. At UT the Petroleum Engineers always had a bit more status than the Chemical Engineers but that has now switched...a bunch aren't going to get hired for what they were trained for. Add to that a bunch of the smaller oil guys are doing "mergers of equals" which is basically cost/people reductions and its not good out there for those folks.
But with oil it is always give it a year or two...all the banks are saying oil is going even higher this year, but the same analysts are also saying nobody will fund oil guys. Which is true right now if you talk to the banks, but if WTI goes over $60 and maybe even $55 you will see a flood of money go into the oil patch because interest rates are nothing. -
Watch Dallas the TV show
Boom or bust is the story of oil -
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In the very early 80's when I had moved to Seattle to take over flooring bidness one of my first buildings was built for ENI which was one of the many tax shelter oil and gas entities set up. About a 4 story Bellevue building. The head man had a shower in his office which to a small town kid in the early 80s seemed pretty impressive.
Tax code changes, oil goes bust taking Savings and Loans with them and McCain and the rest get the taint of scandal.
The next main tenant for the building was Asymetirix where I met the Paull Allen mob
Tech of course had its own boom and bust but Allen was a winner
Lot of VC went into edifices of nothingness
And Dallas is the best show ever -
Victoria Principal's nudes still hold up to the test of time.RaceBannon said:In the very early 80's when I had moved to Seattle to take over flooring bidness one of my first buildings was built for ENI which was one of the many tax shelter oil and gas entities set up. About a 4 story Bellevue building. The head man had a shower in his office which to a small town kid in the early 80s seemed pretty impressive.
Tax code changes, oil goes bust taking Savings and Loans with them and McCain and the rest get the taint of scandal.
The next main tenant for the building was Asymetirix where I met the Paull Allen mob
Tech of course had its own boom and bust but Allen was a winner
Lot of VC went into edifices of nothingness
And Dallas is the best show ever
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Wigwam or you are lying...PurpleThrobber said:
Victoria Principal's nudes still hold up to the test of time.RaceBannon said:In the very early 80's when I had moved to Seattle to take over flooring bidness one of my first buildings was built for ENI which was one of the many tax shelter oil and gas entities set up. About a 4 story Bellevue building. The head man had a shower in his office which to a small town kid in the early 80s seemed pretty impressive.
Tax code changes, oil goes bust taking Savings and Loans with them and McCain and the rest get the taint of scandal.
The next main tenant for the building was Asymetirix where I met the Paull Allen mob
Tech of course had its own boom and bust but Allen was a winner
Lot of VC went into edifices of nothingness
And Dallas is the best show ever
