Since Buffett is doubling down on P66 would you read this as an indication of him believing that a rebound in #oilandgas is around the corner?
Posts mentioning hashtag #oilandgas
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Layoffs took place in 2015 and we have started with layoffs for 2016
The whole #oilandgas industry is in pain
I think the OP is referring to the rumor that additional 2000 people will be eliminated (on top of 4000 announced today) - BP is not the only company downsizing right now, just look at the posts here under "LATEST POSTS" above, almost all entries are for #oilandgas companies
Current layoffs and prospects for 2016
The whole industry is hurting, so nobody should be surprised. people expected that prices will bounce back in 2016, that seems unlikely now, so all #oilandgas companies are reacting right now and cutting again. keep in mind, the capital budgets are in already, we know what's there, we know what's labor demand going to be so it's ok for managers to move right now, cutting now is better than cutting later if they already know that their capex will be lower. that's why you see a huge wave of cuts now, there will be more to come in Dec 2015 and Jan 2016, possibly feb 2016 and things will stabilize at that point. We will have a very bumpy 2016 here in Houston (and in other areas that heavily depend on #oilandgas)