Oil slump takes a toll on petroleum engineering grads _ energy _ dallas news

In 2011, when the Dallas native enrolled at Texas A&M and picked what was then one of the most lucrative college majors, oil prices were soaring above $100 a barrel and energy companies were recruiting petroleum engineers as early as their freshman year.

Four years later, with a degree in hand and oil prices tanking to an 11-year low, Farren had to turn to his Plan B — graduate school, a part-time job at a Plano oil company and hopes of a rebound.

The boom-and-bust cycles in the oil business can be brutal for those wanting to make it a career. Kd 7 electricity socks Recent graduates entered the field when colleges boasted near 100 percent job placement rates and six-figure jobs awaited the top of the class.

Today, the biggest colleges in Texas have enrollment caps in place and advise petroleum engineering majors to consider other disciplines, take entry-level jobs to stay in the industry, or go to graduate school until conditions improve.

The few universities that put enrollment caps in place before the price collapse, such as Texas A&M and the University of Texas at Austin, had been getting as many as 15 applicants for each available spot, said Jon Olson, chair of UT’s petroleum engineering department.

Those who research the industry realized several years ago that increased demand could oversaturate the job market, especially if there was a steep drop in oil prices.

2010 “was when we collectively in the U.S. Electricity freedom system started talking about it,” said Lloyd Heinze, a professor at Texas Tech who has collected data on petroleum engineering programs since the 1970s. Gas unlimited houston texas “But a university is a large boat, and it’s hard to turn very fast.”

“That gives you an idea of what happens when universities think there’s a job market there,” Heinze said. K gas constant “We’ve collectively probably produced way more students in the last five years than we should have.”

“Taking classes revolving around oil, I just fell in love with it,” he said. Gas monkey live “I find myself picking up books about oil and gas and reading them. 93 gas near me And I’m a slow reader, so that should tell you something.”

Companies were courting freshmen and sophomores for internships, and Farren worked them during the summers. Electricity vs gasoline Typically, companies offer interns who are entering their senior year full-time positions at the end of the summer.

The June before his senior year, the price of oil peaked at $115 a barrel. 3 main gas laws By December, it had fallen to less than $70. Electricity how it works Now it’s just above $37.

The first jobs to go were those closest to the rigs, the actual hands-on work in the field. K electric company But it wasn’t long before employees with the least seniority were cut. Bad gas 6 weeks pregnant And there are no employees with less seniority than those who haven’t even started working yet.

“One of my good buddies had a full-time offer that got rescinded,” Farren said. C gastronomie traiteur avis “That was a real eye-opener for me. Electricity water analogy animation That’s what got me thinking, ‘Whoa, we’re in some bad times.’” Few industries like this

The last comparable slump was in the mid-1980s, when crude oil prices fell more than 46 percent between January and March 1986. Gas cap light Students then faced similar job shortages.

“There’s not many industries like this,” said Mike Minarovic, a 1987 UT graduate who now manages an oil and gas company in Houston. Gas key staking tool “The price of an F-150 truck doesn’t go down 50 percent in 12 months. 76 gas station jobs The lows are low and the highs are high.”

In the long term, enrollment caps and high grade-point average requirements will help reduce class sizes. Electricity song omd Heinze’s data shows that enrollment tends to lag oil prices by about two years.

“We tell students in times like this you just have to work at it a lot harder,” Hill said. Gas leak los angeles “You can’t just wait on campus for jobs to come to you, like you maybe could a few years ago.”

Last year, about 80 percent of Texas A&M graduates were placed in full-time positions or in graduate programs, Hill said. Gas prices in texas 2015 That percentage, while lower than petroleum placement in the past, was still higher than the national employment rate for college graduates, which was 69.4 percent in 2014.

But in a December poll in a Texas A&M senior seminar, only 50 percent of those graduating have job offers, and 10 percent plan to go to graduate school, Hill said.

At Texas Tech, Heinze estimated the numbers are even lower. Gas natural fenosa “I’d be surprised if more than 25 percent of them have a job,” he said. M gasol Upswing on the way?

The consensus among petroleum engineering professors, professionals and students is that the industry will be back on the rise by the time this year’s freshmen graduate. Gas hydrates are used Some experts cautiously predict prices to climb into the $60 range by 2020. Gas prices going up to 5 dollars By then, Heinze predicts that class sizes will have shrunk to a reasonable level.

The demographics of the industry also ensure that companies will hire in the future as engineers brought on before the 1980s price crash begin reaching retirement age.

“I’ve heard from friends still in school that it seems like a lot of the companies that go to A&M now to recruit are mostly looking at freshmen and sophomores for internships,” Farren said. Electricity lesson plans year 6 “They’re not looking at the juniors or seniors as much. Electricity edison So those guys are just stuck in the middle.”