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Thread: Haliburton

  1. #1

    Default Haliburton

    Reports starting to bubble up on the Internet that Haliburton is laying off all 800-850 employees in El Reno and shuttering that facility.

    That's a ton of well-paid jobs for a town the size of El Reno and of course, this is within the OKC MSA.

  2. #2

  3. #3

    Default Re: Haliburton

    Terrible news. I know a couple of people affected by this.

  4. #4

    Default Re: Haliburton

    That's going to sting. That's Halliburton signaling they don't believe the stack is coming back anytime soon.

  5. #5

    Default Re: Haliburton

    That's awful news. The loss of such a large, well-paying employer will send shock waves around that area. It also signals what the other oil and related companies are experiencing right now. Probably won't be the only major layoff in the coming months...

  6. #6

    Default Re: Haliburton

    El Reno only has a population of around 18,000.

    I realize that many employees did not live there, but still, this is a massive blow to that community with tons of trickle-down effects.

  7. #7

    Default Re: Haliburton

    Wow - Merry Christmas, huh?Pete is so right, you have to worry about the trickle down.Sad.

  8. #8

    Default Re: Haliburton

    Quote Originally Posted by Mr. Blue Sky View Post
    Wow - Merry Christmas, huh?Pete is so right, you have to worry about the trickle down.Sad.
    This is going to be a hard hit. Even though production was in high gear this year. I’m sure the tariffs China just issued won’t help. Everyone around here can deny all they want but this trade war was the worst idea of the decade. Thats the problem with highly volatile commodity markets like Oklahoma. Not to mention you don’t have well educated populations outside of the major cities. This just leaves a lot of wholesome folks stranded on Christmas.

  9. #9

    Default Re: Haliburton

    Trade was is a piece but not a big one.

    Oklahoma wells produce too much gas and NGLs and those prices are in the tank for the foreseeable future, as in 5+ years. There simply isn’t enough oil in the ground to drill.

  10. #10

    Default Re: Haliburton

    Quote Originally Posted by gopokes88 View Post
    Trade was is a piece but not a big one.

    Oklahoma wells produce too much gas and NGLs and those prices are in the tank for the foreseeable future, as in 5+ years. There simply isn’t enough oil in the ground to drill.
    doent change the fact that our rural communities are so vulnerable to what’s arguably the most volatile commodity in the nation. This is why we don’t feel the national recessions so much. But this here is gonna hit a lot of Christmas trees in the rural communities

  11. #11

    Default Re: Haliburton

    Can anyone put the number to the actual financial hit the layoff might bring? I think if it was revealed it might help us see how difficult the layoff is.

  12. #12

    Default Re: Haliburton

    Quote Originally Posted by bucktalk View Post
    Can anyone put the number to the actual financial hit the layoff might bring? I think if it was revealed it might help us see how difficult the layoff is.
    A rough estimate (per Marketwatch) shows that Haliburton realizes average revenue of $399.92k per employee. 800 ee's x $399.92k/ee = $320,000,000 in annual revenue. Obviously that is very rough as it assumes that all employees are equally productive. The actual numbers for the El Reno yard were likely far below the Haliburton average since activity levels were down. https://www.marketwatch.com/investing/stock/hal

  13. #13

    Default Re: Haliburton

    Quote Originally Posted by bucktalk View Post
    Can anyone put the number to the actual financial hit the layoff might bring? I think if it was revealed it might help us see how difficult the layoff is.
    What do you mean by "actual financial hit" to the city of el reno? okc? State?

  14. #14

    Default Re: Haliburton

    El Reno operations will be shifted to their existing facility in Duncan

    https://www.koco.com/article/hallibu...-Fmt20XmZ2adk#

    This quote nails it and why additional closures and consolidations will occur in Oklahoma:
    “Halliburton confirms it is relocating the majority of its operations in El Reno to its Duncan field camp in December. We made this decision in response to reduced activity levels in Oklahoma and the greater Mid-Continent area.

  15. #15

    Default Re: Haliburton

    Everything follows the rig, and we went from 150 rigs to 50 in about 18 months.

  16. #16

    Default Re: Haliburton

    Its not like all these jobs were right there in El Reno. Many of these employees were spread out across the state and even into Texas and Kansas. Still a big hit though.

  17. #17

    Default Re: Haliburton

    Quote Originally Posted by gopokes88 View Post
    Everything follows the rig, and we went from 150 rigs to 50 in about 18 months.
    And the rig follows producer capex spending.

  18. #18

    Default Re: Haliburton

    Quote Originally Posted by RedDollar View Post
    And the rig follows producer capex spending.
    And producer capex spending follows the size of the credit facility.

  19. #19

    Default Re: Haliburton

    Per this article the Duncan location will be seeing reductions in staff numbers as well:

    “ DUNCAN, Okla. (KFOR) – Officials with Halliburton say more layoffs are coming for Oklahomans working at the company’s Duncan campus just three days after shutting down their El Reno location “due to local market conditions.”

    No official number has been given for the reduction in force at this time.

    Although the company said Tuesday that it would be moving most of its Oklahoma operations to the Duncan site and offered some El Reno employees the chance to relocate, the company says a RIF is unavoidable.

    “We value every employee, but unfortunately we are faced with the difficult reality that reductions are necessary as we work to align our operations to reduced customer activity,” said Erin Fuchs with External Affairs.”

    https://kfor.com/2019/12/05/duncan-h...ampus-closure/

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