Apr 2020 – Present 3 months. r/oilandgasworkers: From roughnecks to refinery engineers and everyone in between, a place to share knowledge, news, and make connections. “Operators from the Bakken, for example, are looking at 75 percent declines while the Permian Basin operators will be closer to 25 percent.”Canadian pipeline operator Pembina made the largest cuts of the six companies, slashing nearly $700 million, or 43 percent, of its nearly $1.6 billion budget. The company said it would cut more if oil prices continue to fall.Sergio Chapa covers the oil & gas industry for the Houston Chronicle and writes for Texas Inc., a weekly Monday insert dedicated to covering the most powerful business leaders in Texas. A typical day at Targa Resources was pleasant, our payroll department worked well together, shared knowledge and processed payroll, entered data, maintained Benefits, auditing. All behavioral questions. Of the top 20 Texas employers who have laid off the most people so far this year, eight were in Harris County. Targa attributed the loss to the historic industry downturn, which forced it to write down the value of $2.2 billion worth of assets. Keeping an image in Dallas was more important than its employees. Shane Ausland. Targa Resources CEO Joe Bob Perkins. Targa Resources Corp. The company also said it is suspending a planned stock buyback worth $1 billion and will sell $10 billion in assets.Two more of the world’s largest oil companies announced cutbacks on Monday.“This will not be evenly disbursed,” West said. That number could fall by 40 percent by the end of June, based on the budget cuts, Evercore said.Source: Simmons Energy; Houston Chronicle ResearchSo far, companies that drill and produce oil and natural gas have cut their budgets by a combined 30 percent, but James West of New York investment banking advisory firm Evercore, says that figure could rise to 40 percent in North America, where the shale industry requires higher oil prices to survive.With oil prices poised to continue falling, experts say there will be more budget cuts ahead and that they could lead to layoffs.Diamondback, the fourth most-active driller in Texas based on drilling permits, ordered its nine hydraulic fracturing crews to take a one-month break. The company already cut one-third of its budget as the oil bust dragged on.In March, the company said it had cut its quarterly dividend by 90 percent, saving $755 million, and $400 million from its capital spending budget.Sergio Chapa covers the oil & gas industry for the Houston Chronicle and writes for Texas Inc., a weekly Monday insert dedicated to covering the most powerful business leaders in Texas. Layoffs. Targa attributed the loss to the historic industry downturn, which forced it to write down the value of $2.2 billion worth of assets.Targa said Thursday that it lost $1.8 billion in the first quarter compared with a $69.7 million loss one year earlier. Employees were blindsided with layoffs, mid-management and lower took a demotion or pay cut all while top management earned their same salaries and payouts.
The company's first quarter revenue of $2 billion was an 11 percent drop from the $2.3 billion of revenue during the first quarter of 2019.Targa said Thursday that it plans to cut up to $630 million of additional expenses: $300 million to $400 million in capital spending, $130 million from its maintenance budget and $100 million of operating expenses, including across-the-board wage cuts. No processes in place. Reaction and panic. Interview Questions. Our accuracy was 99% we took pride in our work, reviewed for errors often, and being proactive was a valuable asset for our department.
Also Monday, French oil major Total said it is slashing $3 billion in capital spending, cutting another $800 million in operating expenses and suspending a $2 billion stock buyback program.“Many rigs that are drilling today have been told that they will be relieved of service once their current wells are finished,” West said.