We are all Fracked. Oil and gas firms have been hemorrhaging workers and physical assets essential to drilling operations, which means bringing oil and gas companies back into peak production will not happen overnight when prices do recover. In June, The Wall Street Journal, used data from HIS Energy to estimate that roughly 70 percent of the fracking equipment across the shale industry had been idled due to financial constraints. Also, about 60 percent of U.S. field workers needed to frack shale wells have been handed pink slips since the pricing crisis began two years ago. Many of those workers have moved on to jobs in other industries over the past two years, clearing the job market of experienced hires.
It’s scary to think what a drag and what a headwind finding experienced labor is going to be this time around,” Roe Patterson, CEO of Basic Energy Services, a Texas-based well completion company, told the WSJ.It’s scary to think what a drag and what a headwind finding experienced labor is going to be this time around,” Roe Patterson, CEO of Basic Energy Services, a Texas-based well completion company, told the WSJ.
“It’s scary to think what a drag and what a headwind finding experienced labor is going to be this time around,” Roe Patterson, CEO of Basic Energy Services, a Texas-based well completion company, told the WSJ.
Patterson also emphasized that the state of equipment deteriorates due to wear and tear over time, even when its not in use.