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ProFrac Services, LLC is laying off 157 workers at its Vernal, Utah oil field. The company disclosed this mass layoff in a WARN notice on March 27. The layoffs are scheduled to start May 26, citing a significant downturn. ProFrac also noted a loss of business revenue and internal reorganization. The company told employees they could apply for other jobs and some positions might be retained.
Vernal, Utah
https://www.sltrib.com/news/2026/04/18/vernal-oilfield-plans-lay-off-more/
What triggers and when will Shell nominate a new CEO?
An oil industry CEO is typically fired when they fail to balance the "iron triangle" of shareholder returns, operational discipline, and strategic pivots.
Common Triggers for Dismissal:
Capital Indiscipline: Overspending on new drilling or expensive mergers that don't immediately boost the share price.
Activist Pressure: Investment groups (like Elliott Management) demanding a return to "traditional" business models and simpler corporate structures.
Safety or Environmental Scandals: Major leaks or safety failures that result in crippling fines and "brand-ki-ling" headlines.
Operational Stagnation: Falling behind competitors in integrating new technologies.
Exxon pulls offer to sell two initial Golden Pass LNG cargoes - Reuters
Exxon Mobil (XOM) has withdrawn an offer to sell two initial cargoes of liquefied natural gas from its Golden Pass export plant in Texas that has been in the process of starting up operations, Reuters reported Thursday.
Today Trump acknowledged fuel costs would not decrease until November, if even then.
Halliburton has recently been cutting staff again. Sources indicate these reductions are due to increasing costs and lower crude oil prices. Some workforce reductions occurred over the past several weeks. Three business divisions reportedly lost between 20% and 40% of their employees. Halliburton did not respond or comment on these claims.
https://www.southwestledger.news/news/halliburton-cutting-its-workforce-again
Chevron is laying off 111 workers in North Dakota. These cuts follow Chevron's acquisition of Hess Corp. The layoffs affect 63 employees in Minot and 48 in Tioga. Chevron completed its merger with Hess on July 18. The company cited efficiency and lower oil prices as factors.
Minot, North Dakota; Tioga, North Dakota
https://www.journalnd.com/articles/journal-news/hess-new-owner-cutting-48-jobs-in-tioga-63-in-minot/
U.S. Iran War -
Israel struck earlier today.
This is after the "Ceasefire".
The U.S. Iran War is (far from over due to the ongoing hostilities between Israel-Iran).
At 1:00pm CST (today), Iranian drones struck the Saudi Arabian East-West pipeline.
Reported by oilprice, this (was) the (7-million barrel a day go around) for the Hormuz Strait (which is now essentially closed).
U.S. Economy - LEI - Leading Economic Index (Chart).
Oil Prices are (not) coming down, anytime soon; and it will weigh on the U.S. economy; and consumer spending (70.0% of GDP).
Yep we were at a QBT and just was told we are being let go!…. Wtf? Gas is up, we are ki-ling in sales and all those accounts we worked so hard on are going who?
Does anyone else think with the price of oil being pegged above $100 a barrel for the foreseeable future, ongoing bo----g campaigns of oil infrastructure, and Europe already rationing oil / encouraging as little travel as possible that we might see a softening on the four day RTO?
Wasting gas to drive into the office to call into a remote meeting doesn't make any sense.
Remember when oil execs gave DT $1B… was that in exchange for this war?
Oil booming again following that weird rambling, low energy, slurred speech last night.
So how is the American public going to react when we pull out of the Iran war without opening the straight up. People have hinted that prices will come down. But they won’t because the US is tied to world supply and demand. So now the other countries are physically supposed to solve the problem we created? WTF? No wonder young intelligent people want to leave this country.
Oil crisis, WFH should be considered
$200 a barrel if we don’t act fast and use up our reserves which may be needed for war.
Oil prices, and U.S. jobs created (nationally) -
2025 - 125,000 Total - Revised downwards from 181,000.
2026 - 34,000 Total - Non-Revised.
Higher Energy prices will remain for months (or longer) even if the U.S. Iran War ends (in the future) due to numerous factors including (the already damaged Energy infrastructure in the Mideast) with Iran remaining in control of the Strait of Hormuz.
LNG not so much in the U.S. but that also applies as well.
It will (not if) affect numerous product pricing, and supply chains; in virtually every industry.
The global energy system has entered a prolonged period of disruption following the Iran war, with no quick path back to normal conditions.
Damage to infrastructure, shuttered wells, and tangled supply chains have created lasting shortages of oil and natural gas. Even if the conflict were resolved immediately, the loss of production capacity and logistical breakdowns mean elevated energy prices are likely to persist for years rather than months.
Several top energy executives have voiced concern about the severity of the situation:
The effects are spreading unevenly across the world, beginning in Asia where countries are already cutting energy use through emergency measures, and gradually moving toward Europe and beyond. A significant share of global oil and gas supply has been taken offline, forcing governments and industries to adapt through rationing, higher costs, and reduced activity. Unlike previous crises, this disruption involves physical damage to key facilities, making recovery slower and more complex while also contributing to rising inflation in major economies.
Industry leaders warn that markets may be underestimating how severe and long-lasting the situation could become, especially with critical chokepoints like the Strait of Hormuz affected. While energy companies are currently benefiting from high prices, the underlying instability is unsustainable. Attention is shifting toward faster-to-deploy sources like U.S. shale, but emergency reserves are being depleted quickly, suggesting a future defined by tighter supply, structurally higher prices, and ongoing uncertainty in global energy markets.
https://www.barrons.com/articles/oil-shock-chevron-energy-stocks-4f65c8b1
Oil is going up again, and that hits way more than gas. It drives up the cost of literally everything tied to construction. Steel, concrete, transportation, labor, all of it gets more expensive fast. It’s not crazy to see 25-50% increases when energy spikes.
And we’re in the middle of committing billions at peak pricing to a new HQ… right as commercial real estate is weakening and companies everywhere are cutting office space.
That’s the part that’s hard to ignore. This isn’t just a bad look, it’s bad timing. You’re locking into a massive, fixed-cost project while the market is moving the other way and the cost to build it is actively rising. (Again)
We could easily be talking about hundreds of millions more than originally expected just because of where energy and inflation are heading.
We’ve seen this pattern before. Big bets. Late timing. Expensive outcomes. Yet another blunder… It’s beyond being bad luck. This is an ongoing pattern of failure.
I like it better here when we're hiring.
Gas prices are going insane. We're wasting valuable oil going back and forth to the office. We did it during covid, same thing should be done now.
You would be smart to quit your Oracle job in California and move to find a job in either St Louis Missouri, Detroit Michigan or Cook County Illinois which is Chicago. Gas in all three cities is cheaper but you’re going to have to dodge all the bustin caps going along with the natives. As far as schools go, forget it.
It's my first job and I'd hate to lose it before I even properly started.
LOL..
RTO ages like fine wine.
https://www.yahoo.com/news/articles/people-urged-home-global-oil-091037252.html
Per Barrons, Chevron has moved into top 20 valued American companies bc of Iran and analysts say oil will be in triple digits for years.
All that value will trickle down to us lowly ants, right?
Right?
Have you seen the latest Drudge Report? Telegraph report?
Employers are being asked to have their employees telecommute due to Global Oil Crisis.
Oil may go as high as 180 a barrel.
https://www.theguardian.com/business/2026/mar/12/shell-ceo-pay-jumps-despite-slump-in-oil-firm-profits-wael-sawan
https://www.barrons.com/articles/berkshire-deal-for-occidental-chemicals-unit-is-a-winner-51a720f0?siteid=yhoof2
OxyChem valuation up ~$3B since Oxy sold. Deal was done in tax inefficient manner. Oxy retained Environmental liabilities. Oxy didn’t try to sell to any other buyers and only negotiated with BRK. They have Vicki pegged as their mark.
This is why Oxy stock is sitting in the mid 50’s with oil at $100/bbl compared to significantly higher when Vicki became CEO and when Oxy acquired Anadarko. Buy high, sell low is not a winning strategy.
As CVX price and bbl go up with the multiple conflicts, will that save us from additional layoffs?
Or is this short term?
SAVE YOUR MONEY! STAGFLATION - High Oil Prices, AI taking over jobs, Layoffs will occur earlier than later. Corporations will feel the pain with increase in inflation. Markets will decline for months. Just because the war stops doesn't mean things get back to normal right away. It will take years to recover and go back to normal. USA debt increases from $38 Trillion to $40 Trillion soon.
Many companies will pull forward their layoffs that were planned for later on the year (in the second half of 2026) to the first half of 2026 due to oil price increases and the cost of war, inflation causing everything to go up.
Save your money. Forget the vacation and brand name anything. Save enough money to pay your bills and put food on the table. AI was already taking jobs and now higher cost of OIL will also do the same.
Earnings Tuesday night. ORCL is at $152.56. Do we short ?
Bear Case:
Oil might open at $115 a barrel tomorrow morning
$300 by weeks end is now a possibility.
The us economy is not designed for $150
DJI might open 1K down premarket
We may, just may, see the The Fourth Turning (1997) by William Strauss and Neil Howe prediction of social separation of those of living above and those living below their means.
Bull Case:
Then again, it may all pass by 4/1/26. We return to normalcy.
No Clue how it turns out !
Place your bets .....
The west coast refineries run a lot of Middle East crude slates, their on hand stocks are probably good for a week or so depending on where they on the resupply cycle. Assume there is some business continuity plan for supply disruptions.
With the big jump in oil price, I expected stock price of the oil majors (particularly the ones that don’t ship through the strait) to jump proportionately. They are actually flat or slightly down. Thoughts?
How will the global supply situation affect our business? With refining already facing tough margins, will this have a trickle down effect for jobs?
Trump Pushed for Lower Gas Prices and Got Them. The Oil Industry is Paying the Price.
Jake Conley · Breaking Business News Reporter
Updated Thu, February 26, 2026 at 3:45 AM MST
During his State of the Union address on Tuesday night, President Trump touted an energy industry strengthened by the success of his "Drill, baby, drill" policy, a dual mandate of more hydrocarbon drilling and lower gas prices.
A year into Trump's second term, oil and gas production is at or near all-time highs, and gasoline prices average below $3 per gallon nationally.
But for the US oil and gas industry, the president's ambitions have come at a cost.
"Capital efficiencies and returns drive our investment decisions," said an oil and gas operator responding to the Dallas Federal Reserve's fourth quarter energy survey.
"If economic conditions worsen, drilling and completion activities will cease in 2026."
The US produced 13.78 million barrels per day of oil in November, according to the most recent government data, just barely off the record high recorded in October. Daily dry gas production also hit its highest level on record in November after advancing nine straight months.
At the pump, where crude oil accounts for roughly 50% of the cost of a gallon of gas, Americans are seeing the lower prices Trump campaigned on.
But that record production and those low pump prices have come just as the global oil market has entered a period of deep oversupply of between 2 million and 3 million barrels per day — fundamentals that saw crude oil prices drop roughly 20% through 2025. Prices are up through the start of 2026, driven by geopolitical factors and an improved demand outlook. But they remain several dollars per barrel lower than they were a year ago, and as one respondent to the Dallas Fed survey said, "actual industry costs continue in one direction: up."
"Decreasing oil prices are making many of our firm’s wells noneconomic," another respondent noted. The same dynamic is playing out in the natural gas sector, where the energy product is "becoming an expense to operators," one survey respondent said. "Last month, we paid our gas purchaser to take our gas because prices fell below contract price, and we paid the difference to the purchaser. Never in my 50 years in the oilfield has this ever happened."
Activity in the oil and gas sector — which measures a variety of metrics such as employment figures and capex spending — has now declined for three straight quarters, according to the Dallas Fed, even as production has increased.
The effect is not confined to smaller independent oil and gas drilling firms, which are highly exposed to oil price fluctuations.
Even as Exxon Mobil (XOM) and Chevron (CVX), the country's largest integrated oil and gas operators, increased their production and beat analyst estimates on top-line revenue, both companies recorded year-on-year declines in annual profit as the oil glut depressed prices, shrinking their margins.
One sign that business is struggling in the US: Oilfield services firms such as Halliburton (HAL) and Calfrac Well Services (CFWFF) are increasingly sending their fracking equipment overseas, where demand is stronger, according to data from Primary Vision, first reported by Bloomberg.
The fracking bo-m of the early 2000s made the US the world's largest producer of oil and gas, but the shale industry has been struggling amid declining commodity prices. Nearly one-fifth of the fracking equipment deployed in Texas's Permian Basin has now been shipped overseas, the Primary Vision data shows.
"I think there's incentives to move equipment outside the US, which we're doing in some cases," Halliburton president and CEO Jeffrey Miller said during the company's fourth quarter earnings call in January. "I think the bias is towards, there's not investment in the [US] market in terms of more equipment and equipment is wearing out, which we know, and equipment, in some cases, is moving outside the US."
For the broader energy industry, the picture isn't all gloomy.
The US is about to enter the heavy driving season, when gasoline demand spikes, driving crude oil prices up, and January jobs data far exceeded expectations in another sign of transportation demand.
The federal government's Energy Information Administration now expects natural gas production to grow as new pipelines come online in the Permian basin, with prices expected to increase and incentivize more activity.
Yet, the count of drilling rigs in the US has decreased by roughly 7% year on year, according to data collected by the drill-field services firm Baker Hughes in late February. For US oil and gas upstream producers — the centerpiece of Trump's "Drill, baby, drill" ambitions — more drilling and lower gas prices may push their business the wrong way.
https://finance.yahoo.com/news/trump-pushed-for-lower-gas-prices-and-got-them-the-oil-industry-is-paying-the-price-100021352.html
Anything to do with oil seems to be going quickly to Venz. A race for the money. Chevr. already in the game.
Continental needs real production uplift that does not have political risk such as Venezuela or Turkey. What’s next for Continental?
What happens when Hamm retires? Will the new team sell and/or move to Houston?
Is anyone hearing that more layoffs are on the horizon because of cheap oil hitting the markets?
Sorry to say, well drilling gas virtually stopped and jobs are gone. We are in a recession! Cheap Gas isn’t good for oil companies
Expect a lot more layoffs soon. Hearing tons on the street. It will recover in time like it always does, but prepare for some rough years ahead
New business line announced! PSMS for the win! How many people and hours are spent on PSMS? We should have a separate job code for PSMS. The PSMS monstrosity just keeps growing bigger and bigger and bigger.
Low oil prices and slower activity are starting to raise concerns about potential layoffs, but for now, major job cuts don’t appear likely unless market conditions continue to deteriorate after the first quarter.
https://www.beaumontenterprise.com/business/article/permian-basin-jobs-outlook-21293090.php
Story by Jennifer A. Dlouhy and Kevin Crowley
(Bloomberg) -- When Exxon Mobil Corp. Chief Executive Darren Woods told President Donald Trump Friday that Venezuela is currently “uninvestable,” he was echoing warnings already issued by oil industry leaders and analysts.
Indeed, some of his peers had tried to dissuade the White House from even holding the meeting, according to people familiar with the matter.
While Trump wants US companies to invest at least $100 billion rebuilding Venezuela’s beleaguered oil sector following the capture of President Nicolás Maduro, some executives worry conditions won’t permit a speedy turnaround. They also don’t want their companies cast as opportunistically dividing up Venezuela’s vast crude reserves, believed to be the world’s largest, the people said.
Woods not only attended the meeting of roughly 20 oil industry executives, he spoke his mind. But Trump didn’t appear to appreciate the candor. By Sunday evening, the president was telling reporters he “didn’t like” Woods’ remarks and was inclined to keep Exxon out of Venezuela, saying, “They’re playing too cute.”
“Woods thought he was speaking the truth — and he probably was — but he didn’t read the room,” said Andrew Logan, oil and gas senior director at the CERES climate advocacy nonprofit, who speaks regularly with oil industry investors. “He wasn’t in a position to say that without blowback, and blowback is what he got.”
It was a fresh reminder of the potential pitfalls for the leaders of any company — or country — when summoned to Trump’s White House for a meeting. The president is fond of opening some sessions up for public viewing, giving him a platform to extract concessions from gathered executives or government leaders.
Oil executives, however, have reason to be cautious about Venezuela.
Any bid to significantly boost the country’s recent oil production of nearly 1 million barrels per day — much less reach 1970’s peak of close to 4 million barrels daily — would likely require tens of billions of dollars. Companies would have to rebuild or replace abandoned rigs, leaky pipelines and fire-ravaged equipment. Even beyond the physical challenge, industry representatives say they want to see political and legal reforms enabling them to move money in and out of the country as well as on-the-ground security before they make any big commitments.
“The industry was unified on Friday — with the meeting with the president — that there are going to be certain prerequisites that have to happen before there’s continued investment in Venezuela,” Mike Sommers, CEO of the American Petroleum Institute, told reporters Monday.
Exxon’s arch-rival Chevron Corp. remains, for now, the only major international oil company operating in Venezuela.
Exxon executives were taken aback by the media’s reaction to Woods’ comments — according to a person familiar with the company’s thinking — given he also told Trump the company was planning to send an assessment team if invited by the Venezuelan government. In addition, Woods expressed confidence the Trump administration could deliver the legal and regulatory reforms needed for any future investment.
Despite Trump’s negative response, administration officials took note of the changes Woods recommended, said people familiar with the matter who asked not to be named because the conversations were private. A White House official pointed to the president’s Sunday remarks when asked to comment. Exxon declined to comment beyond Woods’ remarks on Friday.
Woods has become more strident in his public comments in recent years, speaking forcefully in pursuit of his policy goals even when it risks unpopularity with politicians, the media and investors. It’s a departure from former CEO — and Trump’s former secretary of state — Rex Tillerson, who tended to be more conservative in his approach to the company’s image.
“They’re gone from seeing silence as a source of strength to seeing silence as weakness,” Logan said. “It’s been a dramatic shift.”
When Europe was considering new climate and human rights laws last year, Woods was among the first high-profile CEOs to attack them directly. He also pushed back on Trump’s plan to pull the US out of the Paris climate agreement, arguing it would forfeit the chance to press for “common sense” carbon-cutting policy on the world stage.
Most strikingly, Woods took Chevron to international arbitration after its competitor agreed to buy Hess Corp., a deal that would secure a 30% stake in Exxon’s prized oil development off the coast of Guyana, next door to Venezuela. Exxon lost, as most analysts expected, but the case left Chevron in strategic limbo for more than a year. Woods defended his decision to pursue it, saying his company would always seek to protect shareholder rights.
For now, there are no signs the Trump administration will actively dissuade Exxon’s involvement in any Venezuelan reconstruction, should the company choose to pursue it.
As one of the Western oil majors with experience in the country — having left after billions in assets were seized by the government — Exxon is viewed as well-positioned to help. Most of Venezuela’s oil is heavy and sour, making it technically challenging to produce. That could constrain some of the independent oil companies that were more bullish at the White House meeting.
Trump told reporters after Friday’s meeting that “we sort of formed a deal.” But pressed to identify any specific commitments, Energy Secretary Chris Wright pointed to Chevron’s plan to increase its Venezuelan production by roughly 50% over the next 18 to 24 months as the “one specific pledge” from an oil company.
https://www.msn.com/en-us/money/companies/exxon-s-truth-telling-on-venezuela-shows-risk-of-crossing-trump