The DOW is below $8000, Microsoft laying off 5000, Intel 6000, Boeing 4500, just to name a few around the Pacific Northwest. Around the country there're massive layoffs. What's so good about this economy you say? Well, you'll be surprised to find out that not everyone is upset about the economy. Academia, namely research instutions are feeling pretty upbeat. The reason is simple: Better graduates apply to graduate school in tough times, which literally translates to competent workers for a fraction of their worth. At least that's the vibe I'm getting from the professors around here. I won't tell you where I go but you can guess, it's a well funded private instutition in the Midwest that is nearly immune to this economic downturn. Moreover, government agencies are still funding projects left and right, mostly defense projects... not the NIH though.
Anyhow, this might be the best time to return to school and get more training while one waits for the storm to be over. Personally, I'm glad that I'm in school in these times. But in every situation, there're winners and they're losers; The graduating class of 2009 is going to have to scavenge for work. I wish them the best of luck!
Showing posts with label tough times. Show all posts
Showing posts with label tough times. Show all posts
Thursday, January 22, 2009
Monday, January 19, 2009
Tough Times?
We've all seen the news of X, Y, and Z companies laying people in these "tough economic times," but, I had not seen any petroleum operating companies announcing layoffs; until now.
Conoco Phillips has announced 1300 layoffs.
NY Times Conoco Layoffs Brief outlines Conoco's 1300 layoffs (does not say in which sectors, upstream, downstream, projects, corporate, etc.) and puts a number on their global capital spending (12.5 billion, i.e. not that much money). Considering how CoP Ferndale has been considering a new coker for years, recent estimates of which put it at 800 million to 1.2 billion, 12.5 billion TOTAL capex budget is peanuts.
Heresay indicates that layoffs may be in BP's future as well, particularily in the projects sector.
While at first, this might seem bad for people working for an engineering contractor, but they were phrased in such a way as project work gets removed from BP staff, it gets moved to contractor staff, i.e. the contractor shuffle. So, initially, engineering contractors might actually see an UPSWING in work. I wouldn't ocmplain.
-JE
Conoco Phillips has announced 1300 layoffs.
NY Times Conoco Layoffs Brief outlines Conoco's 1300 layoffs (does not say in which sectors, upstream, downstream, projects, corporate, etc.) and puts a number on their global capital spending (12.5 billion, i.e. not that much money). Considering how CoP Ferndale has been considering a new coker for years, recent estimates of which put it at 800 million to 1.2 billion, 12.5 billion TOTAL capex budget is peanuts.
Heresay indicates that layoffs may be in BP's future as well, particularily in the projects sector.
While at first, this might seem bad for people working for an engineering contractor, but they were phrased in such a way as project work gets removed from BP staff, it gets moved to contractor staff, i.e. the contractor shuffle. So, initially, engineering contractors might actually see an UPSWING in work. I wouldn't ocmplain.
-JE
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