Updated: Apr 14, 2020
OG BRIEF #7
March 30, 2020
Coronavirus Claims Record in Unemployment
As coronavirus hits the U.S. economy, a record 6.6 million workers applied for unemployment benefits last week, according to the Department of Labor, nearly five times the previous record high.
Analysts expect the number to rise further as the pandemic protracts, leaving businesses closed, unemployment systems overloaded, and claims still unprocessed.
"Millions of U.S. businesses have announced layoffs or furloughs as their cash flows dry up. Several state and local authorities have ordered nonessential businesses to close in response to the pandemic, bringing the great American job machine to a sudden halt." According to the Wall Street Journal.
As "Stay-at-Home" orders remain in place across the globe, all industries are being affected. We are in a world of unprecedented times. But the good news is we're all in this together.
A Word of Encouragement
Given the current environment, I felt compelled to share some positivity, and words of encouragement that I know I needed to hear when I was laid off in the last downturn.
Dear Anyone affected by layoff, and Whoever needs to hear it:
You are not alone. Stay positive, reflect on learnings, define success, and persist. Sure, it's easier said than done. Never let a job (or job loss) define who you are. Don't let others influence how you see yourself in the mirror. YOU determine how you define success. (You WERE successful to beat all other candidates to earn that job and persisted for as long as you did!) One door closed may lead to a better one opened. In Chinese, the word for crisis 危机, also bears the meaning of opportunity. As the world is facing unprecedented crisis, any true professional should be considerate to understand your situation. (If not, you probably wouldn't want to work for them anyways! Only a fool wouldn't hire you!)
"Stay positive, reflect on learnings, define success, persist."
I highly recommend the book "Winning Smart after Losing Big," by author Rob Stearns who shares inspiring perspectives that helped me redefine success and will teach you to:
Adjust your traditional thinking about suffering a loss.
Separate the act of losing from the consequences of losing.
Recognize when you are losing.
Choose when to lose.
Identify the causes of your loss.
Explore your thoughts and feelings about your loss.
Escape the "loop" of reliving your loss.
Redefine what winning means to you.
Rely on yourself to select the right help.
Create personal independence at the moment when you need it most.
"In Chinese, the word for crisis 危机, also bears the meaning of opportunity."
7 Tips for Navigating Layoffs
Stay positive. Take a deep breath.
Apply for unemployment benefits, if you qualify ASAP.
Leverage, build, and reach out to your network.
Don't be afraid to share your story and ask for help.
Learn something new (free online courses from top universities at edx.org).
Be considerate and sensitive to other's situation.
Never EVER EVER EVER give up!
“Success is the ability to go from failure to failure without losing your enthusiasm." -Winston Churchill
OG BRIEF Podcast
Listen to my story on iTunes or SoundCloud
US Rig Count
According to Enverus "The impacts of the roughly 50% drop in WTI oil prices since the beginning of March are becoming apparent in the rig count. The number of rigs running in the US is down 11% in the last month and down 29% in the last year.
Most public E&P companies have announced revised plans for 2020. While every play is seeing a decline in rigs, the SCOOP/STACK is being hit particularly hard. In the last month, the SCOOP/STACK has seen a 30% drop in drilling activity. Operators reducing activity in the area include Marathon Oil, which suspended its three rigs. Continental will run an average of four rigs in the area for the remainder of 2020 instead of the 10.5 rigs previously planned. Ovintiv is currently running five rigs in the Anadarko Basin but will cut back to two by May."
Please share this with anyone who could benefit, subscribe for Insights and don't hesitate to Contact Me if I can help during this time.