A link was sent to me today regarding how well oilfield rentals in Grande Prairie are doing. It seems as the rest of the province drowns in the provincial governments’ inability to show leadership during these uncertain times, our little city isn’t really paying much attention to what is happening we just keep humming along, answering calls, employing people and hoping like everyone else that things will turn around.
Below is the article written by David Yager, MNP, LLP. that gives us some insight into our good fortunes.
Where’s a Good Place to Ride Out the Drilling Slump? Try Grande Prairie – David Yager – MNP LLP
You really know business is tough when success is measured by suffering less than others. But so it goes as the North American oilpatch enters its second year of a precipitous downturn caused by OPEC deciding to no longer support global oil prices by restraining production at its November 27, 2014 meeting. Every oil town from the Gulf of Mexico to the Northwest Territories has been negatively impacted by the collapse in oil prices and the commensurate drop in spending and drilling. Tens of thousands have lost their jobs, house prices have fallen, consumer spending in these communities has plummeted and many companies on the front line- and those which support them – have shut down or gone broke.
To describe the situation as ugly would be flattering. Unless OPEC does something most figure it won’t do on December 4, what you see is what you get for the foreseeable future. Maybe worse…read more>>