ConocoPhillips cuts local oil and gas jobs

I'll bet the guys at the top didn't take a pay cut to help out. Did you know when PNM laid off those 150 workers a year ago, Sterba got a 30,000 bonus for doing a good job getting rid of people?

I am of the opinion that these lay offs by a big company are a mistake. I think they should have taken a hit on profit and earned loyalty from their employees. Hopefully, things will pick up again soon. When they do, and they rehire some of these folks they've laid off, are the employees going to feel loyal to this company? I don't think so. If they hire new people they will also know what happened and not feel much loyalty either, I believe. I hate seeing people lose their jobs like this.

They were making record profits quarterly, which is why the had to go in front of senate on why they need the tax breaks...and so forth.

The President's budget has a massive tax increase for oil & gas producers. Combined with insane regulations, this attack on the energy industry will lengthen the poor economic environment. As IPAA indicates. The oil & gas industry will be crushed. http://www.ipaa.org/news/docs/2009TaxandBudge...

High paying jobs support additional service sector jobs. When will the government realize we need to support all energy development, not just the elusive green jobs ?

I hope that the selection of tose to be laid off was made on the basis of who voted for Obama.

If I owned a business and had to cut - the first to go would be those registered as Democrats. Because the truth is - the Democrat Part is merely an acdeptable name for the Communists in our midst.

When ever I need to purchase any kind of service, I first determine the politics of the venor or suppliper. If they are Comsymps, they will never get their foot in the door.

But American - Not Chinese or Communese.

HOUSTON, January 28, 2009 - ConocoPhillips [NYSE:COP] today reported a fourth-quarter net loss of $31,764 million, or $21.37 per share. This compared with net income of $4,371 million, or $2.71 per share, for the same quarter in 2007. Revenues were $44.5 billion, versus $52.7 billion a year ago.

http://www.conocophillips.com/newsroom/news_r...

This was forth quarter ending in December 2008. All under the Presidency of George W. Bush.

the link is to Conoco Phillips itself.

And for the record Obama has not been President for 3 months yet, he took office on January 20, 2009. The economy and oil field was already going down the capper, due to deregulation by Clinton of the mortgage laws and deregulation by Bush of the Banking laws.

Now we can all complain about everyone everywhere and what a crappy job Obama is doing or we can pull our heads out of the sand and realize, maybe for one freaking second, that it doesn't matter what side the ice berg hit us on, we are going down. It doesn't matter if you are on the left side or the right side, the boat is sinking, whining about the hole in the boat is fairly useless at this point.

CEO's, CFO's, COO's - all yall read this!

http://www.boston.com/news/local/massachusett...

An elderly man suffered a massive heart attack. The family drove wildly to get him to the emergency room. After what seemed like a very long wait, the E.R. Doctor appeared, wearing his scrubs and with a long face.

Sadly, he said,'I'm afraid he is brain-dead, but his heart is still beating.'

'Oh, dear,' cried his wife, her hands clasped against her cheeks with shock.'We've never had a Democrat in the family before!!!'

Regulation and taxes raise the lifting cost. When the market price of the commodity is at or below the artificially inflated lifting cost, work stops. No amount of federal jargon or sniveling will stop reality.
500 plus jobs that I know of, have been eliminated in the extraction industry so far. Times that by a minimum of 50k a year and we already have 25 million a year in salaries gone from the San Juan Basin.
What is sad is that extraction is a primary industry and the new administration is ham stringing it. The only way America will get out of this is through manufacturing and the extraction of resources.
If you are a professor, bartender, IT, nurse, lawyer, waitress, cop, street sweeper or politician, you produce nothing. Granted your service jobs are vital, but you do not create wealth, but just move it around.
Every penny of the stimulus needs to go towards fixing our infrastructure so we can start producing things efficiently again. We must also cut the taxes and red tape on vital industries. We have to do more them just swap our deflating dollar amongst ourselves. What is going on in this Basin just shows how far off the mark this 'newest deal' is.
God help us all, and I hope I am not the only one that can go back to the farm.

howdy wrote:

An elderly man suffered a massive heart attack. The family drove wildly to get him to the emergency room. After what seemed like a very long wait, the E.R. Doctor appeared, wearing his scrubs and with a long face.
Sadly, he said,'I'm afraid he is brain-dead, but his heart is still beating.'
'Oh, dear,' cried his wife, her hands clasped against her cheeks with shock.'We've never had a Democrat in the family before!!!'

Good one!

I hiope wrote:

I hope that the selection of tose to be laid off was made on the basis of who voted for Obama.
If I owned a business and had to cut - the first to go would be those registered as Democrats. Because the truth is - the Democrat Part is merely an acdeptable name for the Communists in our midst.
When ever I need to purchase any kind of service, I first determine the politics of the venor or suppliper. If they are Comsymps, they will never get their foot in the door.
But American - Not Chinese or Communese.

Next time you're out shopping get yourself an elementary school spelling and grammar book and have someone read it to you.

Come on guys learn to read history and pay attention.

OMG: I love that quote.. "We are trying live within our means" Give me a break the oil industry made billions in profits for the last 4 years. How many of us can say that..

Judy wrote:

OMG: I love that quote.. "We are trying live within our means" Give me a break the oil industry made billions in profits for the last 4 years. How many of us can say that..

Bernie Madoff

Before everyone starts rejoicing over the oilfield down turn, check to see how your personal income is tied to the energy industry. I think the only ones that will be immune will be retirees with very secure funds and some government employees.
The rest of us should not be throwing stones.

Obama is wrong. He pumps BILLIONS into the auto industry and then turns around and cipples the industry that powers the autos. Just freekin wrong. It looks like he wants all our oil to come from the middle east. I did not think anyone could be worse on the economy than Bush, I was wrong.

Job cuts are not just happening in your town, it's happening all over the country, even in Canada. Think about all the other people all over the country and what they are going through. It's not just happening to Democrats or Republican, but to everyone alike. We just have to make sure we don't spend like we have money, but to start saving and move on. One company in our town laid off over 200 employees and most of them we good people and well educated. They even laid off managers and supervisors and dropped top managers down to cut cost. Instead of crying and being so negative about the economy, make a negative into a positive. No one else is going to feel sorry for you except yourself. Yes, I am feeling the economy, but what can I say I still have to live and survive. Otherwise the family falls apart and so do you.

The San Juan Basin was one of the most economical places to drill and extract natural gas in the country. This fact absolutely protected this area from gas industry slow downs due to price in the past. So why not know? The answer is
Richardson's Pit Rules which make it unlawful to drill without a closed loop system and carry drill cuttings to Eunice, NM for most areas of the SJ Basin.
This adds $200,000 to the average cost of drilling a well and makes a well uneconomical at today's low gas prices.
To my knowledge, there was not one SJ County Councilman or Farmington Mayor, or City Councilman that went to Santa Fe and protested the Pit Rule.
Fire - Fire - Fire them all!!!

Its a load of BS. They just want more of the same profits from the old $4.00 a gallon prices! They didn't have to lay off anyone back in the days before that record price hike, so why now???? And why aren't the higher up exec.s taking a pay cut? It is easier to lay off the regular joe who is just trying to support their family than the higher ups not being able to afford their luxury mansions! It's all about GREED!!

ChickenStreetJhon wrote:

A small victory for Mother Earth...

PUUULLLEEEZ! Give me a break...tell me you don't drive a car or heat your home with natural gas...idiot...like it or not, we need oil companies....and if you know anything about the oil field they have very stick environmental rules to follow or HUGE fines to pay if not....