April 2015, Vol. 242, No. 4

Features

Good Labor Hard to Find Especially if Price Slump Continues

Despite a recent bump in oil prices, the industry remains largely in retreat as large companies such as Marathon Oil, Apache and ConocoPhillips continue to announce plans to slash capital budgets. With the oil and gas industry already feeling the drain of skilled workers and executives leaving due to retirements, there is some fear a prolonged decline will hasten further departures of valued personnel. Layoffs throughout the oil patch have already surpassed the 100,000 mark worldwide, according to Bloomberg. “One concern I have is that as you look at this market – whether the downturn lasts six months, a year or three years – the longer it lasts, the more the labor force

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