“The weakest oil and gas companies, oilfield service companies and banks with heavy energy exposure might submerge beneath the waves before the end of the cycle, never to surface again.”.

Oil and gas companies have paused or curtailed production and halted capital expenditures to conserve cash leading to mass layoffs as the world shut down. Employing cloud platforms to help experts working from home analyze and visualize operations, leveraging edge analytics to analyze the data at the place of data creation itself, and providing augmented wearables for the onsite workforce have become the bare minimums now, and will likely become a permanent fixture in the postpandemic world.
The Midland-Odessa region of West Texas, where Occidental Petroleum Corp. and Parsley Energy Inc. have been dominant players, could be decimated, according to a report from the Brookings Institution.

Lawyers anticipate more trouble ahead. "A lot of this is about learning about how to get through that [initial] hardship," Mehnert said, "but then setting aside a bank, so to speak, of money and resources so that you can look at reskilling, you can look at options.". View in article, Karen D. Hamel, “Avoid fatalities and injuries in the oil and gas industry,” Occupational Health & Safety, February 1, 2020. View in article, The International Energy Agency, Oil market report, April 2020. Additionally, she also serves as the go-to-market leader for Deloitte’s proprietary Visual Decision Xccelerator (VDXTM) tool.

Progressing into the maturity phase of the career, employees typically battle with excessive specialization or role-based silos, and companies building skill-interoperability would make a smoother transition toward agility. The consequences of the pandemic have reinforced the call for long-term decarbonization and a solid energy transition.

View in article.

By doing this, companies can maintain integrity of their assets and gain visibility on their assets’ operating conditions.

View in article, Shell, “Shell signs innovative $10 billion revolving credit facility,” press release, December 13, 2019. More than 4,000 of them are in Houston.

The final challenge is how to engage and retain a tenured workforce. Laid off workers should take an inventory of their skill sets, Spitzmueller said, "and do that in a pretty detailed level for both their technical skills and their non-technical skills.". Duane Dickson has more than 38 years of business and consulting experience in senior leadership positions in major industrial and health care products companies. About 90% of job postings are still for traditional energy cities, with less than 4% in nonconventional locations like Silicon Valley.33 Similarly, less than 15% of postings in 2019 had mathematical or data analytics as the primary skill.34. So when he was, Thousands of laid off oil and gas workers in Houston are finding themselves in similar situations: out of work and trying to figure out what's next as, That's one reason why Lattea said those who are new to oil and gas should consider something else. But for that, fundamental changes will be needed across each element of the income statement and balance sheet—from traditional on-balance sheet budgeted expenses to off-balance sheet outsourcing, and even shifting to pay-as-you-go models. Oil firms operating outside the Permian basin may be particularly hard hit by those prices, according to a survey released on Tuesday by the Federal Reserve Bank of Kansas City, which includes Oklahoma, Colorado, Wyoming, Kansas and parts of New Mexico. Even now we have not had a single lay-off.”  We apologize for the error and urge the Bloomberg wire service to check its facts more accurately before sending out such stories. The coming years are pivotal in determining the path of the OG&C industry at large.

Implementing a new strategy would mean extensive changes in the very foundation of the business.
Most firms surveyed in the report do not expect energy prices to return to profitable levels this year. The next leg of the journey brings together the data from on-field physical assets to off-field remote centers for real-time surveillance and optimization. Companies, however, have to cut these costs deliberately as about 90% of back-office reductions return to previous levels in 3-4 years.45 The transition of support functions to an “as-a-service” model or moving them to the cloud can bring a structural change in the industry’s annual SG&A costs and mitigate workforce cyclicality. Online B2B marketplace platforms such as Knowde, CheMondis, and OneTwoChem are targeting the US$5 trillion chemicals space by providing e-commerce-like web catalogs for buying and selling chemicals and enhancing customer experience by offering samples and providing technical literature on a product.47 The future is wide open for e-commerce platformers to predict supply and demand shifts, integrate with enterprise resource planning platforms of their customers, and reduce delays in shipment and contracting, among others. The oil & gas industry shed 2,500 jobs in the Lone Star State since April 13. The wave of production shut-ins and rising bankruptcies of shale operators is prompting producers to exit pipeline contracts and avoid minimum volumetric commitments, leaving a large debt-funded asset base of midstream companies underutilized.

Mittal has close to 12 years of experience in financial analysis and strategic research across all oil and gas subsectors—upstream, midstream, oilfield services, and downstream. “As that happens, you’ll see continued and sharp declines in frac activity, which will take the frac crew count below 100.”. Earlier this month, Denver-based Liberty Oilfield Services said it is significantly reducing its workforce in the company’s first-ever layoffs.

The next four years will be critical for the services sector, with $32 billion in debt for North American service firms coming due between now and 2024, according to Moody’s Corp.

To avoid, or at least delay, career stagnation among employees, companies should develop the existing workforce.

He previously worked at the San Antonio Business Journal, KGBT-TV in the Rio Grande Valley and Al Día in Dallas. The root cause of the talent challenge is still the “work” and many OG&C companies are yet to make the “workforce” a core business issue. View in article, Schlumberger “Schlumberger announces second-quarter 2020 results,” press release, July 24, 2020. Redraft the future ways of working for the entire organization: Instead of developing a piecemeal digital and automation road map for a business unit, organizations need to redraft the operational vision and ascertain the future ways of working for the entire organization. Basic Energy Services Inc. is trying to get creative, albeit on a small scale, by offering to throw in free rental tools for clients leasing one of its service rigs, Trey Stolz, a spokesman, said. Citi sees a 40% contraction in the U.S. oil services market, the result of the quick drop in global demand, combined with the expectation for a protracted price war. Thousands more oil and gas workers are being laid off as losses mount for an industry that could see drilling activity slashed by 60 percent amid a crushing falloff of demand. What can separated employees do to become more employable in the marketplace?

View in article, IEA, The oil and gas industry in energy transitions. View in article, Rystad Energy, “Remote work technology: The one oil and gas services segment that Covid-19 has benefited,” press release, May 8, 2020. OG&C companies, in return, rewarded them handsomely via large paychecks and lucrative offshore jobs, thanks to high oil prices and margins. “It seems like the perfect storm that has brewed up.”. already exists in Saved items. More than 40% of Midland’s workforce is in high-risk industries, mostly oil and gas, the highest of any region in the U.S., it said.


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