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The Texas Job Recession Is Now Literally "Off The Chart"
The paradoxical, utterly nonsensical "data" releases continue.
On one hand, the government's Department of Labor reported earlier today that in the past week just 265K people were laid off: the lowest number since early 2000. On the other, private data aggregator Challenger reported that in April, there were a whopping 61,582 job cuts, a 68% surge from March, and up 53% from a year ago. This was the highest monthly total since May 2012 and the highest April total since 2009!
Smoothing out the noise reveals that in the first 4 months of 2015, employers announced 201,796 planned job cuts, which marks a 25 percent increase from the 161,639 layoffs tracked in the first four months of 2014. This is the largest four-month total since 2010.
To say that something does not add up here between the public and private data releases is quite evident.
But while there may be massive confusion when it comes to the data propaganda and the clear agenda behind the seasonally-adjusted, policy-specific government data, there is no confusion when it comes to one thing: the job recession in Texas has not been this bad since the last of the second Great Depression.
Recall what we said last month when we "welcomed" Texas to the recession with some 47,043 layoffs through March:
... when broken down by state, things get bad for Texas, very bad. As in recession bad, because with 47K total layoffs, or 10K more than all energy-related layoffs, in just this one state so far in 2015, it means that the energy sector weakness has moved beyond just the oil patch and has spread to the broader economy and related industries in the one state that until recently had the best jobs track record since Lehman.
Fast forward to today when we find that what we thought was bad for Texas with 47K layoff announcements in the highest-paid energy sector, just got far, far worse when in its monthly update earlier today, Challenger announced that just in the month of April another 22,760 jobs were lost in Texas, bringing the total to a whopping 69,803 layoff announcements, and forcing us to literally get a bigger chart so we can accommodate the Texas data.
Challenger's description of recent events is just as dire:
Driving the increased pace of job cutting in April and for the year is the dramatic decline in oil prices, which is forcing producers and suppliers to cut production. Of the 61,582 job cut announced last month, 20,675 or 34 percent were directly attributed to oil prices.
For the year, oil prices were blamed for 68,285 job cuts, or about 34 percent of the 201,796 planned layoffs announced between January 1 and April 30.
“Schlumberger, Baker Hughes and Halliburton have all announced multiple rounds of job cuts in recent months, including April. The largest job cut of the month came from Schlumberger, which announced that it will shed 11,000 workers, in addition to the 9,000 laid off in January,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
“The jobs that are most vulnerable are those in the field – engineers, oil rig operators, drill operators, refinery operators, etc. Managers and executives in the corporate offices are more secure, but the drop in oil prices is leading to increased merger activity, which could put more executives at risk of job loss,” said Challenger.
Most of the oil-related layoffs have occurred in the energy sector, which is the top job-cutting industry to date, with 57,556 planned cuts. That is more than double the second-ranked retail sector, which has announced 26,096 job cuts this year.
The pace of retail sector job cuts is slightly higher than a year ago, when these employers announced 25,224 job cuts through the first four months.
Remember when we mocked all those idiots who claims that the collapse in oil was "unambiguously good"
“Low oil prices should be helping retailers. However, the extra money in Americans’ wallets do not appear to be making it into the nation’s cash registers. Retail sales have been lackluster, at best. Furthermore, consumer products giant Procter & Gamble announced in April that it would reduce its headcount by as many as 6,000 workers over the next two years, following a poor earnings report,” noted Challenger.
Truly confusing... if you are a Keynesian economist. As for the punchline:
“We could be witnessing the after-effect of the severe and protracted recession. Much like the generation that lived through the Great Depression, those who scraped by during the recession are being extra careful with their money. Another factor is that not everyone’s boat is rising with the tide. Many Americans are still struggling to find work and those that do are not earning as much they once did,” he said.
Actually Mr. Challenger, you are wrong: what we are witnessing is not the after-effect of the "severe and protracted recession" - we are witnessing the continuation of the Second Great Depression which never went away, and whose effect has been masked - so far - thanks to $22 trillion in central bank assets, which alone have delayed, not avoided, a historic market meltdown, and as Deutsche Bank's Jim Reid said earlier today, "capitalism has been propped up every time it’s about to go through one of the cyclical creative destruction phases."
For tens of thousands of formerly very well paid workers in Texas, the props have finally come off. They can now hone their BTFD and BTFATH "trading" skill though: the only skill they need in the new centrally-planned paranormal.
Next up: the mean reversion.
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Everything is bigger in ....never mind
My pants.
That you Janet???
Don't mess with....
Oh wait.
To know where oil is going its helpful to know how we got here:
http://debtcrash.report/entry/oil-price-drop-root-cause-analysis
Everything will be okay when Jade Helm comes to town and brings in lots of revenue
If by revenue you mean shiny new military vehicles, some camo, some green, some UN white with a big "UN" painted on the door, then yes.
We are in a DEPRESSION numnuts.
We, global we. No silk purses from sow's ears.
I just realized something: Stasists love statistics.
Texans just need to use their abundant water resources to restart their great farming businesses on fallow land they had raped and chemically desecrated for only 6-8 decades. I'm sure it's pristine, with good top soil and ready to go.
Yee haw!
...
Sequence 16
https://www.youtube.com/watch?v=QKrzijChaYM
Did you call us "numnuts" (sic)? For years we have said the Greatest Depression started in 2008 on ZH. Did not junk you (yet).
Haaah....Obviously to the author, not the community.
Though of course we have our share of numnuts. Sure plenty of folks figure I'm one ;-)
Do not forget the political implications of this. Obama (Dems) will not be blamed. Banks will not be blamed. Perry will be blamed.
Christie down.
Perry down.
How many more until Jebillary is the last man standing?
OK everybody, it's absolutely horrible here in Texas, all the burning, pillaging and raping, along the with dogs and cats living in sin is terrifying. So everybody, especially you Californians, stay far away from our horrible, wretched life of eternal misery....
If you really want to scare the Cornifornians, one word:
Humidity.
If you're looking for a gently used:
Cadillac Escalade
Ford F-150
Ford F-250
Chevy Tahoe
RAM Longhorn
Range Rover Sport
Fifth Wheel
DC9
Head on down to Texas. It's like a whole other country!
F-250 for sure.
" Head on down to Texas. It's like a whole other country! "
That's why the fed's invading it in July.
Actually, it has begun and the score is Texas Rangers 2 Obama Shariaphants 0.
"...like a whole other HOSTILE country."
Interesting isn't it, how under the clownship of Jade Helm Texas, Utah ("Them boys think they can freely trade gold and silver amongst themselves and do an end-around our FRNs. Oh no they di-int!"), and southern Cali (obviously where the left-coast conservatives have circled the wagons) are deemed "hostile"?
MN= 7,xxx. half of them target corp. and target does what? oh, yea the consumer is buying shit left and right. what a crock of shit...
Reporting from Houston.....sure, I'm continually hearing of layoffs.
But I can tell you with 100% certaintly that this graphic is completely transparent to ANYONE driving ANY street in Houston.
It puzzles the shit out of me...Houston is still in total freaking boom town mode. I mentioned last week the 29 (or so) cranes I count just looking out my downtown office windows toward the Galleria. But that's not all...restaurants are still packed, mall parking is the WORST it's ever been....and F-250's are NOT on sale. YET!
The job losses are probably more peripheral and field oriented right now.
It will spiral back to the source sooner or later.
Jobs ? I thought the guy died already. There's no "Jobs" there, unless you're talking about zombies...
The layoffs for now must be in the West and South Texas Permian and Eagle Ford shale areas. Houston and Dallas are still booming. Traffic in the Dallas area is as bad as ever. I noticed the traffic got better in 2009-10 during the depth of the recession. I see no slowdown yet.
Lotsa empty engineers offi ... cubicles in Houston.
I interpret the continuing building boom to be contractual (as in you pay us if we finish, or you pay us if we don't) and healt .... sick care related (one of the last boom industries).
So you're saying you have a fat ass?
No, a massive cock.
Why so curious?
The Dr's question was rhetorical but thx for playing.
You're welcome.
I know why these guys are downvoting you. I would too if I had a small one.
Which explains why he doesn't have an upvote yet.
Yuh-huh, I do so!!!!
Punk.
You wanna go, man!? Bring it!
I'm sure there are 3 women in South Africa who would be more than happy to drain your raisins...
http://www.dailymail.co.uk/news/article-3071749/Man-raped-gunpoint-THREE...
champagne cawks are known to take off! Massive fracking surge.
After being married with children for twenty years I'm bi-curious. It's all the rage these days. Just ask Reggie.
TMI, that is now part of your permanent record.
Lol.... My avatar should probably have kept its mouth closed on that one huh?
Well it is a one-eyed monster, perhaps the Freudian cat was already out of the bag.
I think the current hot word is trance-gender ;-)
You're right, that is all the rave nowadays...
https://www.youtube.com/watch?v=TiIaD1FNKcU
Yes, Dr., the NSA now has a record of your bi-curiousity; and will use that as an excuse to "relocate" you to the nearest FEMA camp.
I'll see you there.
You mean to say he is now on yet another list. We are all on at least one list that I can think of. What difference does it make at this point just which list they use to haul you away for execution or re-education? Dead is dead.
So you two now have a date, how sweet and just think, you met on ZH.
I just wonder how this can be solved?
-------------
Ted Cruz for President T Shirt
I actually applud this...this will stem the flow of tards coming from CA. Keep the lyaoffs coming!! Send this info to all your retarded cali friends....high unemployment in TEXAS!! YES!!
Plenty of illegals want those Texans jobs. Maybe Texans would get serious versus their obsession with ball games and football like retards.
They've ramped it up with cartoon contests.
Money just keeps getting tighter and tighter for us plebs. Any gas savings was taken by Obamacare sending healthcare prices skyrocketing and I just had to buy an updated a/c system mandated by an international treaty forcing the replacement of one refrigerant with another that turns out is no better for the environment and will also be mandatorily phased out. Ramen is on the menu for the next 2 months. Seems all the government does now is figure out how much extra money people will have so they can figure out some way to take it, leaving everyone perpetually treading water.
They got economic Jaded Helmed. The real fireworks start in July.
Especially when they ram through the TPP (Trans-Pacific Pact), still under top secret wraps for Congress critters.
You think just because they are not allowing ANY details of a world encompassing trade deal to be disclosed to US that somehow that is not good for us?
Shame on you. We all know that they have OUR best interests in mind, after all, we VOTED for them, and this is a representative republic.
Didn't you learn anything in school?
;)
pods
For the first time in my adult life, I am really proud of my country, because it feels like hope is finally making a comeback.
Hope, I thought El Presidente gave us that seven years ago. I guess it's Hillary's turn to bring us hope.
Paramount brought us Hope and Crosby too!
https://www.youtube.com/watch?v=V_w3UG6C_Mo
Didn't you learn anything in school?
I'll assume you meant public skool, pods. And, speaking of.....Here's an excerpt of an email I just got from my school's principal...sent out to all parents.
Please use this calendar when planning family vacations. Regular school attendance is a critical element to school success. As a reminder, students are allowed no more than ten days of unexcused absence in a school year. When students are absent for more than the allowed days, they may be dropped from enrollment. Last year with our transition to the year-round calendar, we were flexible with this standard as many families already had plans made prior to receiving their track assignment.
Thank you for supporting regular school attendance!
This twat has no issue with receiving my tax money, but heaven-forbid we take our kids on vacation and bring their schoolwork with us. Fuck you and your collectivist shithole of a school. How about worrying about the success of the individual student? Oh, wait...
No, the real fireworks start in September when Jade Helm is supposed to "end". July and August is just staging to get systems in place. Once shit hits the fan Texan's (the average Texan) will be grateful that the MIC just happens to be there to "protect "them. El Presidente should have the race wars going in full swing by then.
And what are the mystic militarists of the Middle East going to do with that September Blood Moon?
Hey...isn't the next FOMC supposed to be in September? What a coincidence!
Do you mean Economically Jihaded?
My favourite drawings at the Muhammad cartoon festival in Texas were the two chalk outlines out front.
I tip my hat to Texans, for having the balls to hold the Festival. Maybe it'll become an annual event, just to dare the Jihadists (Cowboys vs. Aliens) for a Texas style Roast & Toast.
If the Admiral saw me polishing my Phaser, I'd be in trouble. But a retired Kirk is not the same as the one on active duty, don't ya know.
I always tip my hat to those who insult others for no conceivable reason. Je suis asshole, pardner!
They were exercising their right to free speech. A cartoon is not 'Hate' speech, it's - at worst - a caricature or satire. That they probably had a few very good Police snipers was coincidence, those guys love a good cartoon, lol.
But, seriously, FOUR people downvote you for that?! I assume you were half-kidding, we're not curing cancer here, it's a topical website that takes the piss. You and I (and everyone with half a brain) knows an annual event would spark up the interests of fundies everywhere - on both sides of the religious spectrum. FFS, I thought ZHers were smarter than that.
There is no such thing as "hate speech" outside of the so-called justice system. But there is such a thing as being just plain stupid.
To understand what I mean consider hosting such an event yourself using your own name and not an anonymous handle. Involve you friends and family in the event. Beat the drum loudly and draw as much attention to yourself as possible.
What would be the purpose? How could it lead to anything good for anyone involved?
Pamela Geller, the organizer of the Texas contest has been supportive of Anders Breivik who killed 77 Norwegians at a summer camp in 2011. Hell, even the ADL calls Pamela Geller a "bigot." While I understand that you have a right to be supportive of such people is that the face you show to your family, friends and neighbors?
Texas about to be double fucked.
Oil country.
I just watched the Texas Chainsaw Massacre, it's so unrealistic.
Chainsaws usually run out of fuel after 2 victims.
Chainsaws work better on Miami Beach.
https://www.youtube.com/watch?v=RxvrY2zh_gM
Brian DePalma genius channeling Hitchcock. Al was pretty good too.
We should probably import some cheap labor from down south of the border. That will help fix the employment issues.
Texas needs 20 million more illegals. As long as the Cowboys make the playoffs then those sheep are happy and proud. Just like the military boys. Not living up to their Constitutional oath since 1861.
Shiiiit, Texas was only 'annexed' in what, 1844?
Nueva Espana, baby.
Sorry. My mistake. I was referring to the US Military as being euro-peon bankster stooges since before the Civil War when the North and "Union" Army went along with the genocide of 1.1 million American men for the Red Shield klan.
These Euro-peon bankster families are all dual shit-i-Zens.
The patient has been terminal since 2008 and now the drugs are having little impact. The patient is now unresponsive. We're just at the point in the TV drama where the alarms on the medical equipment start going off...
2001
You're right, 2008 was like the dramatic, controversial medical procedure that was the last ditch effort. Just waiting for docs to take off bloody gloves, call time.
Forgot V Fib and more endless flogging
No lay-offs at our fast-growing company in Dallas. This is BS...we are always hiring!
Just wait...
We just hired 12 new employees last week and our revenue is up to $300M and counting. Im not sure I understand whats going on in Texas.
Your bullshit for one.
Ok, its the oil industries and we're a total different company doing alot of credit reports for consumers.
They say that "Everything is bigger in Texas"
Including your chances of getting laid off, it seems.
Ah, yes, the "Everything is fine from where I'm sitting so, thus, there are no problems anywhere" defense.
Go fuck yourself.
I dunno, I live/work around the southern end of mid cities DFW, and I see ZERO evidence so far things are slowing down. All of a sudden commercial for sale signs are popping up everywhere, and construction is going gangbusters.
Yeah, these guys above are clusless whats going on in Texas. They are trusting the media too easy - lol
So... you have four food trucks now?
deleted - question answered whilst typing
The Burger King on N. Industrial?
You probably hire loads of illegals. F you.
MAGNIX works for the Contractor for the State of Texas that processes Unemployment Claims. THAT's why MAG-DIK is busy.
So, Mr. MAGNIX: Your job is akin to the Gravedigger in an epidemic: some day soon, someone will dig your grave for you.
Shit, DOW is spending 25 B in our back yard.
Then throw in the Tenaris, LPG, etc..
Most of the laid off probably already went back home. At least that is what it looks like around here.
They just want to fuck with Texas, always the liberal democrats last swing right before they hit the ground. It usually does not work out very well for them.
This time is not different...
You should not extrapolate the health of a larger geograhy based upon your observation of your backyard. If thats the case, the entire world is full of dog $hit and weeds.
...and shallow graves...
apparently.
dont forget about the jobless moving here too!
add a little cherry on top for that ... Though Austin still bustling .....
No, Austin is dead...things are looking bad here. Austin and the sorrounding areas are screwed....layoffs in mass
Lots of good gubmint jobs in Austin and dopers.
My parents retirement community is loaded with 40 years old living with their parents.
Forward bitchez!
That's funny (ironic and ha-ha) that baby boomers are seeing their adult offspring move back in with them because baby boomers helped royally fuck up the world for their adult offspring.
They really did. No way around that fact.
Oil industry= Services = Jobs add the cuts to rigs and shutdowns and you will see a higher number, although this data may be exceptionaly high. Id like to see there models and formula.
Well, yes, the oil business imploded. This is news? At least you can rely on the numbers. They got it cleaned out and can start again with a clean
slate. Better than screwing with the numbers incessantly or pretending it didn't happen.
Percentagewise, the USA now has fewer than in any recent times employed and fewer than in any recent times unemployed.
Isn't mathematics magic?
Mathematics is slave to definitions.
Imagine what the numbers would look like if the shadow of the crisis hadn't passed? /s
Will Californicators now flee one shit kicker desolate water less mexican infested hell hole and go back to their gaybo water less mexican-zio infested hell hole (though Pelosi's vineyards have plenty of water)?
mean reversion...how appropriate
where is the Lone Ranger and where is Kyle Bass?
How can the Bush clan and Cheney's ghost allow "lone star" to become "no star" ?
Chuck Norris and Lance Armstrong to the rescue. The Alamo stays Texan.
When an episode of Walker Texas Ranger was aired in France, the French surrendered to Chuck Norris just to be on the safe side.
The french surrendered the yellow jersey to Lance 7 times; who'd have thought he cheated. Deflate gate in the air.
Chuck is 75 years old and I guess it would be inelegant not to surrender to him. Safe side before he falls off the twig!
ONLY ONE MORE WORD NEEDS TO BE ADDED TO THIS EXCELLENT ZEROHEDGE PIECE - "AMEN"!!!!!
CAPS LOCK IS SHORTHAND FOR AWESOME!
thoughts for a TV series...bring back Wagon Train...except they'll be driving east not west...RAM 1500s instead of wagons.
i wonder what the MIC employment looks like plus the indirect jobs because of the MIC? - must be huge and may be the only real support for the entire system left
Only 80 layoffs in North Dakota?that can't be correct
Which makes me believe the whole article is bullshit.
Wow.. As someone who lived in Texas, before I decided to move out of the US, that's quite something.
As someone who lived in Texas, did you hear they're going to build a Ray Charles art gallery right next to the Gearge Bush library?
I have not.
I feel a punchline coming.
Synergy, they both love to paint and have the same vision of America's future.
I think that was it.
Have the bankers and financiers figured out how to print oil? For some reason, I really don't worry about Texas.
Construction jobs seem safe from what I can see out the window.
Sky cranes everywhere on the Houston horizon.
Have the frackers figured out how to have positive free cash flow at $100 oil yet? Continental Resources burned through $756 million cash in Q1 and that's with the massive 60% cut in capex. They're supposedly one of the better frackers out there. When their hedges roll off in 2016, half of these fracking zombies will finally die off for good or be eaten up by the remaining zombies.
Suddenly, instances of stolen auto rims are way up in the Lone Star State.
Texas - where the land is as big as the women's asses.
Must be something in the water.
Now it will spread from the center outward to the coasts. And then, back inward again. Just like all other recessions do. Look out for this Tsunami! That's a big wave!
CNBC headline on Yahoo Finance. Beavis said "reforms" and "mitigate".
New crisis possible, but not like 2008: GeithnerFormer Treasury Secretary Tim Geithner tells CNBC a financial crisis will happen again at some point, but reforms undertaken after 2008 can serve to mitigate the damage.
So you know that every SINGLE word out of this guy's mouth is UTTER bullshit. Time to worry.
Telling CNBC? Might as well wish for a reach around from the tooth fairy while blowing Santa Claus
By "reforms" he means Jade Helm.
More layoffs coming from HAL in 2nd Quarter, that is on top of the 9000 they laid off earlier this year.
Capex from customers is lower than predicted.
80 layoffs in North Dakota?
uhm, methinks the data is a tad suspect.
I think it's because the data are based on Company Headquarters location, not where the jobs were actually cut. So since Schlumberger and Baker Hughes are both from Houston, the cuts are announced there but don't all happen there.
Being from Montana originally, I find their numbers suspect as well. My parents say that the bust has come to the boom in the East rigtht as this new building frenzy is going on to accomodate the new workers in those tiny farming communities.
Why Texas, are they getting punished for being to patriotic? I mean, don't the gov and corporate control, happiness and sorrow..
Are these cuts based on the company headquarters location? I think that all the services companies mentioned have headquarters in Houston and so while they announced the cuts, not all are in Texas. OCICBW...............
So, in the next couple of months, the rest of the nation will be back to 2008 employment levels. And it won't be on the backs of an unsustainable housing sector bubble, an unsustainable financial sector bubble, and happened despite a net fall in government employment.
I'll take that employment data all day and twice on Sunday. Why everyone compares today's data with the 2008 fiction is beyond me. You all can pine for those days. I certainly won't.
Numbers coming out of ND are always a joke. Remember how they stalled on well data forever just as the decline rates began to show?
lot of misery. Hopefully many realized they were in a cyclical business and were saving a lot of money.
s/
This is the "headscratcher" from all the Harvard Ejumucated fools running monetary policy for President Peace Prize
1. Savings from cheaper gas at the pump went to pay down excessive credit card debt rather than new toys
2. Have to make their Obamacare nut. The high cost of "Affordable Insurance"
Cue Charlie Sheen
We just fired 2 guys, because of PLA laws.
The states with PLA laws pretty much make employee turn-over every 4 months mandatory (everyone is sharing the same job) and taking turns filling the positions.
2 great workers, that we are not allowed to hire on our next project. . . pretty stupid system.
Unions should not control who gets to work, or when they get to work.
It should only be used as wage bragaining/a lobby to push for higher wages.
And insurance should not be mandatory, each employee should make enough to buy their own insurance... this creates competition and a market place and drives the costs of things like insurance down to the floor.
Government is just a waste of time and effort, get it out of business.
The problem with socialist states like new york is, that no one has a right to work, you do not have a right to compete in the marketplace with your skills for a job with others.... you are forced to join a union and wait in line on a "work list" until a union boss sends you someplace. . . then you get fired after the job is done (if they keep you that long) even if the contractor that hires you likes to work with you and you work well as a team.
Its very invasive and slows down everything and makes everything so inefficient and just increases poverty . . . most of these unions guys are broke! but people keep pushing for unions lol . . . the only people in a union that make any money are the administrators and union heads. . . everyone else is a slave to those guys . . . and thats not even counting the health these union workers sacrifice . . . they cant even afford quality food to keep themselves healthy (something that is important when you do actual work for a living).
Unions did for workers what the patrior act did for the country, workers seeking security and protection ended up locked up in this monster of a system that pretty much deprives them of the ability to go out and compete in the marketplace.
Collective bargaining sucks because the only ones you endup bargaining with are your union bosses . . . to split whatever the group hive creates and when you give someone else the authority to deligate where the $$$$ from the hive goes, you shouldn't be surprised when the union head lives in a mansion driving a 90,000$ sports car, while all the workers in the union cant even afford a fucking Metro Card.
Unions and the labor movement are one of the only reasons we had living wages from the 20s to 60s in America. They pushed back against industry and capital.
Unions are the reason why worker's rights are generally respected in Germany, at least thats my impression (lived and worked over there for some years).
I'm sorry if America has done unions wrong, and if the union boss has actually skimmed all the funds and turned the union into its own de-facto corporation.
But please don't dismiss the organization of labor, its one of the only reasons why our grandparents and their parents didn't have to live in a zero-hours, no benefits, no safety net world. The social capital resulting from that is what fueled the American boom.
From the 20's to the 70's Unions did a good job even with all the fraud involved.
Then the corporations basically bought them out. For example, the corporation I work for pays all the union hotel fees, food, entertainment and wages when bargaining. The union 'leaders' can't wait for bargaining time to soak up the money. The contract language is now so ambiguous that the company can get away with just about anything. The only remaining thing that a union employee has is seniority. Anything else is laughable.
Things are not good in the Lone Star state. Prepsite.org: Texas Terror http://www.prepsite.org/2015/05/texas-terror.html?spref=tw
Don't look now but Texas is getting 'messed with'!
I wish they would lay me off. House/everything is paid for, don't owe anyone a dime (zero debt) and would much rather be fishing anyways.
Grimaldus
+100....
Same here,,, I go to work out of habit, not because I want to. The company ruined the 'fun' years ago... Probably the same for most.
"We Jade Helmed some folks"
Texas must be destroyed so there's no place remains from which to reboot the country.
This is just beginning. Almost all "fake" rigs, which did not produce anything or employed anyone, have been officially shut down months ago. That's why there were no layoffs last year.
Meanwhile they over-produced remaining wells running double or triple optimal output just to pay coupons on their junk bonds and in the process destroying their capacity to extract oil for extended period of time typically 1.5 years and reduced it to average of 9 months.
What we see now is beginning of drop in production due to drying out of production wells and associated layoffs, which will lead to utter crumple sometime this fall when their hedges expire and they will likely massively default regardless of oil price due to huge inventories, and collapsed demand. Unless they will be bailed out by FED which will put their junk bonds on FED’s balance sheet.
The true story about shale oil and gas as a ponzi scheme that was never about oil and jobs but about greedy Wall Street banksters can be found at:
https://sostratusworks.wordpress.com/2015/01/15/the-shale-game/