[QUOTE=Johnny Canal;150454]What I would really like to know from those who have been down here for a long time and have weathered multiples of these price per barrel downturns, drilling moratoriums, etc., is this:
Is it roughly the same cycle of explosive wages and benefits and then benefits reductions, wage cuts, lay-offs, etc. every time? Is it a get it while it’s hot and damn the consequences down the road (even though we the company have been through this before) mentality?[/QUOTE]
Remove the word “explosive” and the answer is yes. Wages and benefits have always gone up and down with the price of oil. Wages increase, bonuses are paid handsomely, everyone is happy, followed by 401k match gets reduced, wages go down, promotions and ability to pull straight time are nixed.
This is the highest and fastest wages have ever skyrocketed so it would stand to reason it will eventually be followed by the hardest fall. The bean counters on Wall Street would look at our industry and use the term, “Market Correction.”