This article was featured in PESA’s Spring 2015 Newsletter
Prepare for Downturn with Increased Efficiency
The 2015 Mid-Continent/Rockies District Meeting was held on March 3, 2015, in Denver, CO. and featured two industry speakers with extensive expertise in the oil & gas sector. Fernando Aguilar, President & CEO of Calfrac Well Services, described the current downturn as a very complicated year across the industry and stressed the need to prepare for and introduce measures for the down cycle including budget reductions and consolidations. John M. Daniel, Director, Co-Head of Oil Service Research of Simmons & Company International, presented modeling a 676 oil rig count increase from the 2015 trough at the end of Q2’15, with lower service costs in what he described as necessary to meet the “call on US crude.” Down cycles bring opportunities and a chance to refocus on optimizing all phases of the value chain by improving processes and seeking opportunities that support the long-term vision.
PESA Vice Chairman Saeid Rahimian, President & Chief Executive Officer – Energy Group at Gardner Denver, Inc., chaired the meeting.