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by drone
2251 days ago
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Yes, most of the major oilfield service companies have started layoffs, and they're starting to ramp up. During the last oil downturn, 2015-16, it wasn't just the O&G upstream/downstream companies, it heavily impacted manufacturing (Houston is a big manufacturing center) companies, real-estate, etc. We're already starting to see some of this, but it's also getting swept up with the pandemic lockdown, so it's hard to tell one apart from the other ATM, except that oilfield services are shedding employees quicker than other large firms, anecdotally. Edit: it's worth noting that while the last downturn was heavily impactful on the energy, manufacturing, and real estate sectors, the recovery was pretty quick as the overall impact to the economy was about 1.6% down, and the rest of the overall economy was booming. |
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