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Casper businesses were the hub for Wyoming’s oilfields during the boom years. Today, they are rewriting business plans, reassigning machines for jobs outside the oil patch and experimenting with new product lines.
The position is a new one Paul Hastings, he said, which already has a robust oil and gas practice.
About 56 percent of 920 global energy executives surveyed believe too many companies are short-sighted about making quick cutbacks, said the “A New Reality” report from DNV GL, a leading technical adviser to the industry. Nearly three quarters of those surveyed said a new phase of budget management is needed to prepare to succeed in a sustained period of low oil prices.
While Schlumberger’s CEO said he wants the industry to rebound soon, he said the longer the downturn lasts “the stronger we will emerge relative to our competition.”
The monthly numbers fell in line with the near-zero growth rate that economists had been predicting.
The oil crash has triggered the largest job cuts in oil field services, and Schlumberger has now eliminated about 34,000 jobs globally — a more than 25 percent reduction since its peak of nearly 130,000 jobs in 2014.
Domestic gas prices have fallen 27 percent since this time last year, squeezing cash flows for shale gas drillers like Southwestern.
U.S. Steel is considering temporarily mothballing the pipe-making plant during the ongoing oil and gas slump. The facility is located in northeastern Texas in Morris County, which has a population of less than 13,000 people.
The Louisiana Workforce Commission tells The Advocate the layoffs at the facility started Monday.
Shell had already announced some 7,500 in layoffs last year.