An iconic ice-breaker to any meeting run by the late T. Boone Pickens is a well-timed snapshot of those walking into the beginning of this chaotic week, unaware of the volatility and uncertainty in global oil and gas markets. In any case, the energy world lost an iconic man last week that embodied what it meant to be an American entrepreneur in the energy business. In his farewell letter, thankfulness, humility, and reflection were the overarching themes.
We have many things to be thankful for as Americans, with entrepreneurship being a staple. A point that resonated with the core of our company in this letter is to: “Embrace change. Change creates opportunities.” Even though attacks on infrastructure are never welcome, they are in fact a curveball of technology advancement (2). An already sensitive oil & gas sector was certainly agitated and left investors and those outside of our industry with a nervously sour taste in their mouth. IHS estimated that even though foreign markets are unrest, the ripple effect had little impact on US shale production (3). Furthermore, the pricing outlook for 2020 remains optimistic that US producers can operate in a comfortable range of prices that satisfies producers’ needs.
Nevertheless, facilitating change is still a function of technology application. Becoming a more advanced producer, as a country, for the long term, is only as good as the adoption of technology that moves efficiency forward in a cost-effective way. Function, value, safety, security – you name it, it has to be included to engage sustainability and reduction of energy imports. As we navigate through uncertain times in an opinion-filled world, remaining focused on driving operational excellence is what will polish industry investment grading (4). And as transactions rise and fall, they make way for firms to apply expertise from other projects on new higher value developments (5).
Our sentiment this week is to remain hopeful that the future will continue to progress in a way that provides prosperity to those around the world. Well-intentioned communication combined with the creed that we will all “leave it better than we found it” sets the stage for future generations and security of life as we know it for the incumbent. Whatever pocket of the industry you occupy (or outside the industry for that matter), all of you shape the continual dynamic of energy supply and demand. And love it or hate it, modern energy means the integration of all energy sources, sourced from all over the globe. Work ethic, professionalism, and superior technology applications will always prevail as the benchmark of opportunity, and something the US can be proud of as a top energy producer of the world.
DISCLAIMER: Renegade Services remains a neutral-party to all of other companies referenced in any blog post listed on our website. The opinions in any blog post do not necessarily reflect the views, opinions, or position of Renegade Services at any point beyond our current time of publishing.
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