AM I NEXT? NO LOVE AT ENERVEST

Houston, Texas-based EnerVest, a private equity firm that specializes in shale drilling and owns and manages petroleum assets for itself and other clients, has announced that it will be laying off 111 employees at its Houston headquarters commencing June 28, 2001

According to a company spokesperson, “These layoffs have been caused by unforeseeable business circumstances outside of the Company’s control, including the COVID-19 pandemic and related decreases in customer demand."

These have been challenging times for the industry, and in an effort to right-size our company and ensure a successful future, EnerVest made the difficult decision to separate 111 employees from our Houston office."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT OVINTIV

Denver, Colorado-based Ovintiv, one of the largest producers of oil, condensate and natural gas in North America, is continuing its investor-directed divestiture program to reduce outstanding debt. The company recently sold its Eagle Ford operactions, including 42,000 acres with 437 producing wells, to Denver-based Validus Energy for $880 million.

The divestiture will impact apprximately 95 employees, about half the workers at the company's Karnes City, Texas facility communcing July 31, 2021.

According to a company spokesperson, "The Eagle Ford announcement continues our track record of unlocking value from non-core assets." The company has said it expects to achieve its $4.5 billion debt target in the first half of 2022, which could mean additional asset divestitures in the near future.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SEADRILL

Hamilton, Bermuda-based Seadrill, deepwater drilling contractor for the oil and gas industry thatoperates semi-submersible platforms, jackup rigs and drillships, has announced that its Houston, Texas-based subsidiary will be laying off 162 employees as it idles its West Neptune drilling rig located in the Gulf of Mexico. A process known as "cold-stacking."

According to a statement issued by the company, "The inability to secure additional work for the West Neptune in the face of the current market and other conditions is sudden, unexpected, and outside of Seadrill’s control."

Previously, Seadrill announced that it would 168 workers from the West Auriga Rig and 135 from the Sevan Louisiana Rig in 2020 due to a lack of work. The company is, again, involved in bankruptcy proceedings.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?