Oil/Gas Operations to Decline

Posted in the Elk City Forum

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Watchin

AOL

#1 Oct 10, 2008
With all the oil and gas company huge stock declines, you can be sure there will be changes locally, none of which will be pleasant.

Chesapeake CEO required to sell essentially ALL of his stock in company today to keep company afloat. You can bet layoffs are coming.

Comments/insight anyone?

“Come on, I'm the THRILL.”

Since: Oct 08

Location hidden

#2 Oct 10, 2008
I don't really care.. I want me $2 a gallon gas!!
Watchin

AOL

#3 Oct 25, 2008
$2 gas is here, jobs to leave next, housing bottom to fall out soon. It would be interesting to get some intelligent comments on this topic. Intelligent comments/insight anyone?
uknowme08

Vici, OK

#4 Oct 26, 2008
A lot of the young people working around here and are making a fortune right now don't remember the 80s, I do. I don't think its gonna get that bad, but I am betting we are going to see a major slow down around here. Just some free advice to those people, if you work in drilling or any related work, sell all your excess's, 4 wheelers, hot tubs, harleys, guns, anything you absolutly don't have to have or are making payments on. If this thing turns around you can always buy it back later, if it don't you will lose it later along with your good credit. There was a time in the 80s when you could buy all this crap around here for a dime on the dollar, and it could happen again. Everybody get ready for another wild and crazy ride.
gettin ready

Elk City, OK

#5 Oct 26, 2008
We watch our finances pretty closely, but with my hubby in the oilfield and with the (as mentioned before) the Chesapeake CEO being required to sell his shares I am being cautious. It's going to cost a bit, but I'm putting my kids in daycare and going back to work. That way, if something happens, we do still have an income coming into the household. I personally do not expect anything to happen to my husband's job, but even though I wasn't very old in the 80s when the bust came, I've heard about its repurcussions and I want to safeguard my family as well as possible. Plus, it never hurts to have extra income coming in.
Itold You SO

Elk City, OK

#6 Oct 26, 2008
THE CITY TAXES WILL EAT UP YOUR EXTRA INCOME.
STAY HOME WITH YOUR KIDS THEY WILL BE MORE IMPORTANT. HANG ON IT ISNT GOING TO PRETTY>
Elk Citian

Oklahoma City, OK

#7 Oct 26, 2008
uknowme08 wrote:
A lot of the young people working around here and are making a fortune right now don't remember the 80s, I do. I don't think its gonna get that bad, but I am betting we are going to see a major slow down around here. Just some free advice to those people, if you work in drilling or any related work, sell all your excess's, 4 wheelers, hot tubs, harleys, guns, anything you absolutly don't have to have or are making payments on. If this thing turns around you can always buy it back later, if it don't you will lose it later along with your good credit. There was a time in the 80s when you could buy all this crap around here for a dime on the dollar, and it could happen again. Everybody get ready for another wild and crazy ride.
I agree. People back then believed that the boom was going to last forever, and when the bottom fell out in the 80's, they were completely unprepared. I also think that people (especially those in the oil field) need to watch their spending, and not buy so many extravagant things. I can remember that I was in a jewelry store in Elk City during the last boom in the late 70's and a couple (who looked like they were homeless) came in and pulled out several hundred dollar bills and bought a couple of Rolex's; they obviously were working in the oil field. I would just like to tell everyone working in that business to be very careful; IT WON'T LAST FOREVER.
Itold You SO

Elk City, OK

#8 Oct 26, 2008
MOST OF THEM HIGH DOLLAR JOBS ARE BEING
LOST, THEY ARE JUST ONE DRUG BUST FROM BEING UNEMPLOYD LOSING IT ALL<<<<<< <<<
Again

United States

#9 Feb 6, 2012
Here it comes again!
Front Desk Girl

Yukon, OK

#10 Feb 6, 2012
Not yet. Right now we are more likely to see a flood of people from other states (where drilling has been halted) coming here looking for oil field jobs. Soon after that, it will likely bust.
DTM

Woodward, OK

#11 Feb 6, 2012
Chesapeake is just moving into strategically different locations. All there rigs in Penn., Texas, and North La were drilling for natural gas. Those are now being moved into northern Penn.,South Texas, and Oklahoma to drill for oil. We have around 15 rigs from Woodward to Alva and we are adding three more by the end of the month. This is not counting what's in the Anadarko basin which covers all of western Oklahoma. We have 51 rigs running right now, so relax and keep saving your money....
really

United States

#12 Feb 6, 2012
Front Desk Girl wrote:
Not yet. Right now we are more likely to see a flood of people from other states (where drilling has been halted) coming here looking for oil field jobs. Soon after that, it will likely bust.
I hope your right! But, think about why drilling has slowed up North and other places. Save, save, save! Santa could be running short this year!
Front Desk Girl

Yukon, OK

#13 Feb 6, 2012
Think of it like this, if you are selling Skittles and M&Ms, and the price of M&Ms drops, wouldn't you then decide to put more effort into the Skittles business? This is basically what Chesapeake is doing. Luckily in this we are able to produce Skittles, M&Ms and many other types of candy. Which is why the boom isn't busting here quite yet.
really

United States

#14 Feb 6, 2012
Front Desk Girl wrote:
Think of it like this, if you are selling Skittles and M&Ms, and the price of M&Ms drops, wouldn't you then decide to put more effort into the Skittles business? This is basically what Chesapeake is doing. Luckily in this we are able to produce Skittles, M&Ms and many other types of candy. Which is why the boom isn't busting here quite yet.
LOL! I like that reply!
DTM

Woodward, OK

#15 Feb 7, 2012
Lmbo.... So which do you like better skittles or M&M's?
gto

Fort Worth, TX

#16 Feb 7, 2012
If you look at the history of Chesapeake and the financial decisions they have made in the past I wouldn't use them as a determining factor on oilfield future , I work in the woodford and we are not slowing down at all , that's not to say it won't slow down a little especially as a result of the mild winter . Saving your money and being sensible is alway the best practice now matter what your profession.
meeee

United States

#17 Feb 7, 2012
DTM wrote:
Lmbo.... So which do you like better skittles or M&M's?
don't matter, just as long as one or both is selling and i can pay my bills!
Willie

Fort Worth, TX

#18 Feb 7, 2012
gto wrote:
If you look at the history of Chesapeake and the financial decisions they have made in the past I wouldn't use them as a determining factor on oilfield future , I work in the woodford and we are not slowing down at all , that's not to say it won't slow down a little especially as a result of the mild winter . Saving your money and being sensible is alway the best practice now matter what your profession.
But the woodford is slowing down. Don't know who you work for but Cimarex is dropping 3-4 rigs. The woodford is mainly gas at $2 you can't make your money back.
Curious

Elk City, OK

#19 Feb 7, 2012
LOL this started in 2008 people. It will slow down some when the presidential election comes around it does every time go figure.
gto

Fort Worth, TX

#20 Feb 7, 2012
Lol I should have looked at the date because shortly after was a slow down , I work for a service company that has been in that area for the last three years , there is talk of slowing a little but I don't think the effects will be felt till 2013 and hopefully a strong winter in 2012 will change that

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