Category Archives: oil and gas jobs

National Oilwell Varco to consolidate Houston facilities, cut jobs – HBJ

National Oilwell Varco Inc. (NYSE: NOV) plans to cut more Houston jobs as it consolidates locations, the Houston-based company told the Texas Workforce Commission.The oil field equipment and services company will relocate work from its SHP facility at 1530 W. Sam Houston Parkway in west Houston to its FM 529 facility in northwest Houston, according to a Worker Adjustment and Retraining Notification letter sent to the TWC. The entire SHP facility will be consolidated with the 529 facility, the letter stated.

Source: National Oilwell Varco to consolidate Houston facilities, cut jobs – Houston Business Journal

Baker Hughes to cut pay in effort to avoid more job cuts – Houston Business Journal

Houston-based Baker Hughes Inc. (NYSE: BHI) plans to begin a temporary furlough program for some employees.“In response to challenging industry conditions, Baker Hughes has implemented a temporary 5 percent pay reduction for certain U.S. employees during the last 14 weeks of 2016, while providing those employees four additional paid holidays,” according to a statement provided by a Baker Hughes spokeswoman. “These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”

Source: Baker Hughes to cut pay in effort to avoid more job cuts – Houston Business Journal

Depleted crews, idled rigs lie in shale oil’s path to revival | Reuters

Two years ago, Reg MacDonald’s 20-day drilling classes were packed to capacity, with nearly 40 students eager to land lucrative jobs in the booming oil and gas industry. Now he is lucky if he gets half a dozen to enroll.The latest rout in oil prices has been the last straw for many workers just getting back on their feet after the last downturn in 2008, said MacDonald, president of Maritime Drilling Schools Ltd in Nova Scotia, Canada, which trains both entry-level and experienced workers for oilfield jobs all over the world.”It’s not stable. It’s too cyclical. You get ahead and you lose,” said MacDonald, who has been in the industry since the mid-1970s.Supply outages brought oil prices close to $50 a barrel that many U.S. shale producers say they need to lift output, and drilling has picked up in some of the best oil patches.Conversations with larger producers, contractors and suppliers suggest, however, that any recovery will look very different from the 2009-2014 shale boom that nearly doubled U.S. crude output and turned it into one of leading global producers.

Source: Depleted crews, idled rigs lie in shale oil’s path to revival | Reuters

Oil crunch to put pressure on pay – Houston Chronicle

After riding high for years on more than $90 to $100 oil, the value of stock-based compensation for the oil bosses who run major companies is sinking alongside crude prices. U.S. oil ended its first trading day in 2015 at $52.69 a barrel, less than half its peak in June and its lowest point in 5½ years.This year, executive compensation experts say, U.S. oil companies will likely have to defer bonuses and freeze or cut salaries for their top brass. Already, one high-paid energy executive is taking a 10 percent cut in his base salary.In some cases, pay reductions for the top brass will firm up balance sheets; in others, they will signal executives are taking the industry downturn seriously and are aligned with their shareholders’ interests, the advisers say. Thousands of stock options on the books now have no value at current share prices.Top executives are paid base salaries and cash bonuses, but the bulk of their compensation is often in stock options and awards.

via Oil crunch to put pressure on pay – Houston Chronicle.