The Apache employee who spoke to Business Insider said his termination was effective immediately, but that he would be paid through the end of the month and offered a severance package.
Oilfield service companies — which are involved in activities like drilling new wells — will be among the first to go, says Marshall Watson, a professor of petroleum engineering at Texas Tech University. Exploration and production companies with "bad balance sheets" will also likely see massive layoffs, says Ryan Todd, an analyst at Simmons Energy. Todd did not mention specific companies.Oil majors, such as ExxonMobil and Chevron, will likely announce layoffs and furloughs, too, Watson said. In fact, he says "the very large oil companies are the ones that start laying off first.
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