Prior to the global price plummet of oil and natural gases, business was booming for the US energy industry. Many of the US oil companies including Kimray where forced to lay-off workers as revenues started shrinking fast. Kimray was amongst few of the last oil companies that sought to employee lay-offs.
Officials for Kimray stated that the company follows a transparent management philosophy. The company disclosed the figures to the employees and has urged them to contribute in evaluating future possibilities. Therefore, the workers of the company are kept well-informed and not given an immediate notification regarding the lay-off. Last years, Kimray dropped nearly 350 workers.
In the first half of 2016, the oil prices hit a record low dropping down to almost $26 a barrel, however, eventually climbing up to $55 per barrel in December. The recent pact between OPEC and other major oil producing countries to cut down on global crude oil production saw the prices recover.
In addition, the oil and gas production gained traction in the third quarter of 2016 as recovering prices and lower cost of production started proving profitable for SCOOP and STACK play in Oklahoma. Similarly, the industry reinstated even quicker in southeast New Mexico and Permian Basin in west Texas. The revival triggered a demand for workforce across all the sections of the energy industry in the US. Hence, Kimray and other oil companies have recently started calling back their laid-off employees or hiring new once. Kimray has currently reemployed nearly 100 employees and is planning to create few more positions.
While the company remains positive about the market, it also moves forward taking calculated steps as downturns are always possible in the industry. The industry is never without shortcomings, but looking at the near future any unexpected market impediment is most unlikely. Meanwhile, the company is cautiously managing recruitments and is injecting workforce in areas needing labor and production. The positions that are created are aimed at manufacturing and assembly.
Summary: As oil prices recover Ex-employers get a call-back from Kimray Inc.